Overview – Fixed Deposit
Saving money every month but just letting it lie in your bank account?
Make your money work for you with ICICI HFC Fixed Deposits. Start small with as less as ₹ 10,000 and enjoy high interest rates that grow your savings! ICICI HFC offers you flexible tenure options of anywhere between 12 to 120 months and allows convenient withdrawals so you always have access to your money. Watch your wealth grow safely and you rest assured with the highest credit ratings in the industry:
- Highest Degree of Safety: FAAA/Stable by CRISIL
- Highest Degree of Safety: MAAA/Stable by ICRA
- Highest Degree of Safety: AAA/Stable by CARE
Unlike some other investment tools, Fixed Deposits are not market-driven. If you invest in a fixed deposit, you would get an assured return at the end of the maturity period.
Key Features & Benefits – Fixed Deposit
Grow your wealth with attractive interest rates that are among the best in the industry and are independent of market influences. Get regular interest payments on monthly, quarterly, annual or compounded basis and achieve your financial goals- be it stress-free money management on a day-to-day basis or building a retirement fund. We also offer 0.25% higher rate of interest for senior citizens to ensure you have a comfortable retirement.
It is always better to avoid breaking your FD so your money can keep growing. But if you need to fulfill urgent or immediate financial needs or need to make a major purchase, worry not. Enjoy convenient withdrawals with our flexible tenure options. Choose a term of anywhere between 1 to 10 years depending on your needs.
Quick and convenient
It is simple to open an ICICI HFC Fixed Deposit as the process starts online. If you want some guidance on the process, walk into any of our 140+ ICICI HFC branches and meet our friendly experts who will answer all your questions.
Small and regular payments
You can start investing with as little as ₹ 10,000 and can choose to make deposits on a monthly, quarterly or annual payment plan. FDs are a convenient way to make saving a habit in a safe and secured manner, while earning high returns.
At ICICI HFC, we assure you of the highest level of security for your money, always. Our Fixed Deposits have the highest credit rating from the country’s most reliable credit-ranking agencies. ICICI HFC Fixed Deposits have been rated as AAA Stable (highest degree of safety) by reputed credit rating agencies CRISIL, ICRA and CARE.
Loan Against Deposit
In case you need a lumpsum payout, you can get a loan against your FD of up to 75% of the amount deposited and pay interest of 2% higher than the interest on your deposit.
How to apply Online
You can apply for an ICICI HFC Fixed Deposit online from the comfort of your home. Just follow the simple steps mentioned below, and you can start earning high interest in no time:
- Click on the “Apply FD” link on our website and enter the site as a “Customer”
- Choose the best suited FD plan for you.
- Update your bank details for interest and maturity payment.
- Complete the form by entering basic details about your family details and upload the KYC (Know Your Customer) documents
- Make the payment and generate an Application Form for yourself
- Submit the application form & KYC documents to your nearest branch
- Once we receive your physical Application Form, a Fixed Deposit receipt will be sent to your registered mobile number within 3 working days
- Additionally, a physical copy of the receipt is also sent to your communication/correspondence address
If you would like one of our experts to answer your questions and guide you through the process, you can also walk into any one of our 140+ ICICI HFC branches and meet a friendly face.
Eligibility - Fixed Deposit
If you are planning to invest in an FD with ICICI HFC, you must be one of the following entities:
- A resident Indian citizen
- Non-Resident Indian and Person of Indian Origin
- Hindu Undivided Family (HUF)
- Public or private firm, company, and foundation
- Other entities like Association of Persons, Societies, or Trusts
Depending on the frequency of deposit you choose, your minimum deposit amount will be:
- Annual/Cumulative Income Plan - ₹ 10,000
- Quarterly Income Plan - ₹ 20,000
- Monthly Income Plan - ₹ 40,000
Number of depositors:
- Minimum: 1
- Maximum: 3
- Minimum: 1 year (Resident Indian)
- Maximum: 10 years (Resident Indian)
- Minimum: 1 year (Non-Resident Indian)
- Maximum: 3 years (Non-Resident Indian)
*Within these time limits, the tenure of deposits may differ from scheme to scheme.
Rates & Charges for Fixed Deposit
Interest rates applicable from May 12, 2020 subject to review subsequently.
|Base Rates for Fixed Deposits < ₹ 20.0 mn|
|Effective May 12, 2020|
Monthly Income Plan
|Quarterly Income Plan||
Yearly Income Plan
|>=12 to <24||7.00%||7.00%||6.75%||6.80%||7.00%|
|>=24 to <36||7.20%||7.46%||6.95%||7.00%||7.20%|
|>=36 to <48||7.25%||7.79%||7.00%||7.05%||7.25%|
|>=48 to <60||7.30%||8.14%||7.05%||7.10%||7.30%|
|>=60 to <84||7.35%||8.51%||7.10%||7.15%||7.35%|
|>=84 to <108||7.50%||9.41%||7.25%||7.30%||7.50%|
|>=108 to <120||7.60%||10.37%||7.35%||7.40%
|0.25% additional interest for senior citizen and ICICI Group Employees|
|# The yield mentioned is calculated using the first month of each tenure grid.
** In case of a cumulative deposit, interest is compounded before deduction of Tax.
|Special Scheme Rates for Fixed Deposits < ₹ 20.0 mn|
|Effective May 12, 2020|
|Monthly Income Plan||Quarterly Income Plan||Yearly Income Plan|
|** In case of cumulative deposit, interest is compounded before deduction of Tax.
For deposits >= Rs. 20.0 million, rates would be offered by Treasury on a daily basis.
Although FDs come with a fixed tenure, you can easily withdraw from it in case of an emergency by paying a minimal fee. Here are the charges at which you can make premature withdrawals from your FD.
- No premature withdrawal is allowed in the first 3 months of deposit.
- On withdrawal between 3-6 months, maximum interest allowable to individual depositors will be 4% while no interest will be payable to Non-Individual.
- On withdrawal between 6-12 months, you will earn 2% lower than the minimum rate at the time of FD creation
- On withdrawals made after 12 months and up to the date of maturity, you will earn 1% less than the rate the company would have paid had the deposit been accepted for the period for which such deposit has run.
Note:- Premature termination of FD is allowed in case of death of the depositor
- The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance.
FAQs for Fixed Deposit
1. How is the FD interest paid?
You have the option of opening a fixed deposit in auto closure/auto-renew mode under either of the non-cumulative or cumulative schemes. Under the non-cumulative scheme, interest would be paid on a monthly, quarterly or annual basis. In cumulative deposits, interest is accumulated with the deposit amount, which again is eligible to earn interest on annual compounding principle. The principal, as well as the accumulated interest, is paid to the customer only upon maturity or premature withdrawal.
2. Under what regulations are the FDs accepted by HFC governed?
The public fixed deposit schemes of ICICI HFC are governed by regulations issued by the National Housing Bank ("NHB"), the regulatory authority of HFCs. The applicable regulations include the National Housing Bank Act, 1987, Housing Finance Companies (NHB) Directions, 2010, guidelines circulars and notifications issued by NHB from time to time.
3. How do I approach ICICI HFC to open an FD account?
You can open an ICICI HFC Fixed Deposit from the comfort of your home on our website by clicking here. You may also call us at our 24 hours Customer Care Centre or walk into any of our 140+ ICICI HFC branches.
4. Will I get the FD receipt?
Yes, ICICI HFC will issue an FD receipt acknowledging the money deposited by you has reached us.
5. At what frequency will I receive interest on my FD?
Interest is paid as per the FD income plan selected by you while depositing money with ICICI HFC. For the non-cumulative scheme, the interest on FD is paid on a monthly/quarterly/annual basis based on the monthly/quarterly/annual income plan opted by you. For the cumulative scheme, the interest is compounded to the deposit amount on an annual basis on March 31st, every year and the accumulated interest will be paid on maturity along with deposit amount.
6. What is the start date of interest on FD?
For all deposit products interest will accrue from the date of realisation of the Cheque / Demand Draft/credit of funds in the company's account, subject to receipt of FD Application Form and other KYC documents to the satisfaction of ICICI HFC.
7. Can different FD accounts be opened in the name of a single depositor?
Yes, the single depositor may open several deposit accounts, however, the interest income will be clubbed.
8. Can I have an FD account jointly?
Yes, if you are an individual, you can open an FD account in joint names with the clause "First Depositor or Survivor(s)"1, At ICICI HFC, you can make deposits in joint names with a maximum of three persons.
9. Can the FD be made in a minor's name?
Yes, the guardian of the minor can sign on his behalf on the FD Application Form.
10. What is the mode of getting payment on redemption?
The redemption payment will be in the form of Fund Transfer (NEFT / RTGS) / Demand Draft or any other mode as ICICI HFC may deem fit. Direct credit option may also be used if you have an account with ICICI Bank Limited.
11. How do I go about making a premature withdrawal from my FD?
You would have to submit a request for premature withdrawal of the deposit signed by all the depositors along with duly discharged FDR with a revenue stamp of requisite value signed by all the depositors to the nearest ICICI Bank branch/ ICICI HFC Corporate office.
12. Is FD transferable and negotiable?
No, FDs are non- transferable and non-negotiable.
13. 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.
14. 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, canceled cheque'. All the account holders should sign the application.
15. When do I become liable for TDS?
If the aggregate interest income that you are likely to earn for all your deposits is greater than ₹.5,000/- in a financial year, you become liable for TDS, subject to submission of Form 15G (For entities other than Companies/Firms)/15H (For Senior Citizen who is of the age of 60 years or more) or a certificate for lower/nil deduction of TDS issued by Income Tax Authorities u/s 197 of the Income Tax Act, 1961. Interest earned from deposits held by minors is also subject to TDS if the income exceeds the above-specified exemption limit. The credit for TDS can be claimed by the person in whose hands, the minor's income is included. In the case of NRIs, no exemption is available i.e any amount of interest earned during the financial year by NRI shall attract TDS. For availing the benefit of the Double Taxation Avoidance Agreements (DTAA) i.e lower rate of TDS then NRI depositors shall be required to provide Permanent Establishment (PE) declaration, Tax Residency Certificate (TRC) of the country of their residence along with a Declaration Form available with NRI FD Application Form. No TDS shall be deducted if the NRI depositor provides us with a certificate for lower/nil deduction of TDS issued by Income Tax Authorities u/s 197 of the Income Tax Act, 1961.
16. When is TDS deducted?
TDS is deducted every time the Company pays or credit interest during the financial year. In addition, TDS is also deducted on interest accrued (but not yet paid) at the end of the financial year viz. 31st March.
17. Who is considered a senior citizen?
Citizens above the age of 60 years are considered senior citizens.
18. Do senior citizens get any extra benefit on the FDs?
Yes, they do get extra benefits in the form of special interest rates that may vary from scheme to scheme. While placing the deposit with ICICI HFC, along with other required documents, the depositor needs to provide proof of age establishing that he/she is a senior citizen.
19. Can the account be opened jointly with a non-senior citizen with the special rate applicable to senior citizens?
Yes, provided the first account holder is a senior citizen.
20. Which documents are required to be submitted as proof of the age of senior citizens?
To avail benefits as a senior citizen, the depositor is required to submit a self-attested copy of one of the following documents:
- Voter's Identity Card
- Birth certificate issued by the competent authority
- Voter's Identity Card
- PAN card
- Aadhaar Card
- Any other document acceptable to the Company