Fixed Deposit

General Understanding

How does a Fixed Deposit (FD) work?

A fixed deposit is a tenure-based investment that offers assured returns at fixed deposit rates. You can choose a term ranging from 12 to 60 months and select how you wish to receive your payouts—monthly, quarterly, annually, or at maturity. Since FDs are not market-linked, your FD interest remains constant throughout the tenure.

What are the benefits of opening an FD with ICICI HFC?

An ICICI HFC fixed deposit provides high, fixed returns through the power of compounding. It offers flexible tenures, AAA-rated safety, and additional FD interest for senior citizens and ICICI Group employees.

How do I choose the right tenure for my FD?

Select your FD tenure based on your financial goals. A short-term fixed deposit gives you better liquidity, while a long-term FD deposit helps you build savings and earn higher returns.

How is the maturity amount calculated?

Yes, you can open multiple FD accounts simultaneously to manage different financial goals and take advantage of varying FD interest rates.

How many years will it take for my FD investment to double?

The growth of your FD investment depends on the applicable interest rate. As a rule of thumb, divide 72 with the applicable rate to calculate the period in which your FD amount will double. For example, if the interest rate on your FD is 7.60%, then the number of years in which your FD investment will double is 9.47 years (72/7.60).

You can use our online FD calculator to calculate the growth of your FD investment.

Is FD transferable and negotiable?

No, FDs are non- transferable and non-negotiable.

Opening & Account Setup

How can I open an FD without visiting a branch?

You can easily open a fixed deposit account online through the ICICI HFC website without the need to visit a branch.

Can I open a joint FD with ICICI HFC?

Yes, individuals can open a joint FD account with a maximum of three persons under modes such as Either/Survivor or Former/Survivor.

How can I add a nominee to my FD account?

Nomination is mandatory while filling out the FD Nomination Form during the application process.

Can I open an FD in the name of a minor?

Yes, a fixed deposit can be opened in the name of a minor, with the guardian signing the FD Application Form on their behalf.

Documentation

How many documents are required to open an FD?

To open a fixed deposit, you’ll need your PAN, Aadhaar, and a valid address proof. Additional FD documents are required for NRI, Trusts/Society/Corporate customers.

How do I submit proof of identity and address documents?

You can upload your documents online or submit them at the nearest ICICI HFC branch.

Is a PAN card necessary to open an FD?

Yes, providing a PAN card is mandatory to open a fixed deposit account.

Interest & Payouts

How is interest paid on a fixed deposit?

In a cumulative deposit, the FD interest is paid at maturity. In a non-cumulative deposit, it is credited monthly, quarterly, or annually based on your chosen plan.

How can I receive monthly or quarterly interest payouts?

Select a non-cumulative plan. The interest will be directly credited to your registered bank account at regular intervals.

How can I calculate the interest earned on my FD?

Use the ICICI HFC FD calculator to check the interest amount based on your deposit amount, tenure, and fixed deposit rates. The amount displayed is an indicative amount. The actual amount is subject to TDS and shall vary.

How do I choose between a cumulative vs a non-cumulative FD?

Choose a cumulative plan if you prefer long-term capital growth, or a non-cumulative one if you want regular income from your FD interest.

When do I become liable for TDS?

• Under the new tax regime, which is the default for resident individuals, you are liable for TDS unless you submit the appropriate form:
• Form 15G: If you are under 60 years of age and your total income is ≤ ₹4,00,000 (applicable to individuals, Hindu Undivided Families (HUFs) and trusts).
• Form 15H: If you are a senior citizen (60 years and above) with a total income of ≤ ₹12,00,000.
• To avoid TDS deductions, ensure you submit a valid form before the start of interest payments—whether monthly, quarterly, or annually—for each financial year.

Managing Your FD

How can I withdraw my FD before maturity?

Premature withdrawal is allowed after three months. However, penalties apply—

• For 3–6 months, you may earn savings account interest or no interest.
• After 6 months, the applicable rate may be 1–2% lower than the contracted FD interest.

faq-table

How is premature withdrawal handled?

Premature withdrawals are subject to scheme-specific penalties as per RBI regulations.

How can I track my FD maturity date?

You can check your FD maturity date anytime through your eFDA or through the ICICI HFC FD portal.

Are there any special interest rates for senior citizens?

Yes, senior citizens enjoy an additional 0.35% on FD interest rates, making it one of the best fixed deposit rates for senior citizens.

How do I change the address, bank account details, etc. during the term of deposit?

An application requesting to update the address, bank account details, etc. may be submitted to ICICI HFC along with the proof of a document, like new residence proof, cancelled cheque'. All the account holders should sign the application.

Can a loan be obtained from ICICI HFC against the security of the FD?

Yes, loan facility is available at the discretion of ICICI HFC, which can be availed only after three months from the date of deposits and up to 75% of the deposit amount subject to certain terms and conditions as mentioned on the FD Application Form. Interest on such loans will be 2% above the deposit rate. Please note that this facility is available only to individuals (other than minors and NRIs) and HUFs.

Can a depositor do a premature withdrawal of FD in case of critical illness? What is critical illness?

Yes, the depositor can do 100% withdrawal of FD in case of Critical illness. Critical illness is defined as click here.

Digital & Support

How can I manage my ICICI HFC FD online?

You can access and manage your fixed deposit account anytime through the ICICI HFC FD Portal.

How is the maturity amount calculated?

Your maturity amount includes the principal plus the interest earned. In a cumulative plan, interest is compounded and paid at maturity, while in a non-cumulative plan, payouts are made periodically. You can use the ICICI HFC FD calculator to estimate your total returns.

How can I download my eFDA of my ICICI HFC FD?

Your eFDA is sent to your registered email address and can also be downloaded from the FD Portal.