Frequently Asked Questions

A Fixed Deposit (FD) is an investment product that gives assured returns based on the interest rate applicable at the time of opening the FD. The interest rate depends on the chosen tenure and deposit amount. FDs can be offered by both banks and non-banking financial institutions (NBFCs). 

ICICI Bank provides two types of Fixed Deposits:

• Traditional Fixed Deposit: Interest is credited monthly or quarterly, as chosen by the customer at the time of opening the FD.
• Cumulative Fixed Deposit: Interest is compounded quarterly and paid as a lump sum at maturity.

• Traditional FDs: Monthly or quarterly (as per your choice)
• Cumulative FDs: Interest is compounded quarterly and paid at maturity.

Interest calculation depends on the type of FD:

• Cumulative FD: Quarterly compounding, i.e. interest is calculated and added to the principal (initial FD amount) per quarter 

• Traditional FD:
  • Quarterly Payout: Interest is calculated as simple interest and paid quarterly 
  • Monthly Payout: Interest is calculated as simple interest and paid monthly.

• Short-term FD: Interest is calculated on a simple interest basis.

A Money Multiplier FD is an FD linked to your Savings Account. It provides liquidity as funds are reverse-swept when the Savings Account balance drops below a specified amount.

The ‘reverse sweep’ feature from ICICI Bank automatically transfers funds from a linked Fixed Deposit (FD) to your Savings Account when the balance in your Savings Account is low. This ensures that the transactions in your Savings Account continue, without having to break your FD manually. It’s a convenient way to access funds during emergencies while keeping your FD intact as much as possible.

Interest frequency depends on your Fixed Deposit plan. For re-investment plans, interest is paid at maturity along with the principal. For traditional FDs, interest can be paid monthly or quarterly depending on your preference.

You can open multiple FDs with a bank or NBFC, depending on their regulations. Although banks may set a limit on the amount per FD, there is no cap on the total number of FDs you can open. Returns can be maximised by diversifying your deposits across different interest rates and tenures.

The minimum amount required is:

• ₹ 10,000 for general customers
• ₹ 2,000 for minors

Yes, senior citizens enjoy higher interest rates on their FDs. Check the latest rates here.

Yes, TDS (Tax Deducted at Source) is applicable if the interest earned exceeds ₹ 50,000 in a financial year. Customers can submit Form 15G/15H for TDS exemption, subject to eligibility:

No interest is payable and no penalty is charged for FDs closed within 7 days of opening.

The following individuals and entities can open a Fixed Deposit with ICICI Bank:

• Resident Individuals
• Hindu Undivided Families (HUFs)
• Sole Proprietorship Firms 
• Partnership Firms
• Limited Companies
• Trust Accounts
• Non-Resident Indians (NRIs) 
• Minors under guardianship (KYC-verified Savings Account required).

Redemption depends on maturity instructions:

• Auto-closure: FD amount is credited to the linked account on maturity
• Auto-renewal: FD can be closed via Internet Banking, iMobile app, at branches.

Yes, FDs can be closed before maturity with a penalty. Penalty rates are as follows:

Fixed Deposits can be opened for flexible tenures ranging from 7 days to 10 years.

You can open an FD online through:

• iMobile App
• Internet Banking

1. Log into your ICICI Bank Internet Banking account
2. Navigate to Bank Accounts > Deposits > Create FD
3. Choose the FD type, investment amount (minimum ₹ 10,000), tenure and interest payout option.
4. Confirm details and click on ‘Create FD’.

Log into Internet Banking and go to My Accounts > Deposits > Deposit Account.

Yes, existing ICICI Bank customers can open an FD through Internet Banking or the iMobile app.

Yes, auto-renewal can be selected at the time of opening the FD or before maturity. The FD will renew for the same tenure as the original and at the interest rate applicable at the time of renewal.

Yes, the FD holder can nominate an individual to receive the FD proceeds in the event of their demise.

You can use the ICICI Bank FD Calculator by selecting the customer type, FD type, FD amount and tenure. The calculator displays the applicable interest rate, maturity amount and maturity date.

You can open a Fixed Deposit with ICICI Bank starting from ₹10,000 for regular customers.

There is no predefined upper limit, subject to regulatory and internal policies.

You can choose a tenure ranging from 7 days to 10 years, depending on your financial needs and the type of FD selected.

Interest is calculated on the deposit amount based on the applicable rate and is:

• Compounded quarterly for cumulative FDs

• Paid out monthly or quarterly for non-cumulative FDs

Yes. Once the FD is booked, the interest rate remains fixed for the entire duration, regardless of future rate changes.

A cumulative FD pays interest on maturity. The interest is compounded quarterly and added back to the principal, offering higher returns at the end of the tenure.

A non-cumulative FD pays interest at regular intervals — monthly or quarterly — directly to your savings or current account, making it suitable for those seeking periodic income.

Yes. Senior citizens (60 years and above) are eligible for preferential rates, which are higher than the standard FD interest rates. These enhanced rates are available only for resident senior citizens.

You can choose from the following interest payout options:

• Monthly

• Quarterly

• On maturity (for cumulative FD)

You can view the latest interest rates:

• On the ICICI Bank website under the Fixed Deposit page

• Through iMobile App

• Using Net Banking

• By visiting any ICICI Bank branch

The rates are updated periodically based on market conditions and internal policies.

Upon maturity, your Fixed Deposit can be:

• Auto-renewed for the same tenure (if you selected auto-renewal), or

• Credited to your linked savings or current account.

You can modify your maturity instructions anytime before the FD’s maturity date using Net Banking, iMobile App or by visiting a branch.

• A Fixed Deposit requires a one-time lump sum deposit for a fixed tenure.

• A Recurring Deposit involves monthly instalments, helping you save gradually.

Both offer fixed interest rates, but FDs provide higher returns due to upfront deposit.

A Fixed Deposit is a secure investment option where you deposit a lump sum amount for a chosen tenure at a fixed interest rate. The interest rate remains constant throughout the term, offering predictable and guaranteed returns.

Yes. A Fixed Deposit can only be opened after successful Know Your Customer (KYC) verification as per regulatory guidelines.

Yes. ICICI Bank allows eligible customers to complete KYC through:

• Video KYC

• Aadhaar-based eKYC

• CKYC verification

No special documents are required apart from age proof such as:

• Aadhaar

• PAN

• Passport

• Senior citizen card (if available)

These documents help apply the senior citizen preferential interest rate

The following individuals/entities can open an FD:

• Resident individuals

• Minors (through guardians)

• Senior citizens

• Joint account holders

• NRIs/OCIs (NRE/NRO FDs)

• Sole proprietorships, partnerships, companies, trusts (subject to documentation)

You can open an FD instantly through:

• iMobile App (Accounts & FD/RD → Deposits → Create new FD )

• Net Banking (Deposits → Fixed deposits)
  The FD is created immediately and the deposit amount is debited from your linked account.

Yes. iMobile App allows you to open, renew, modify, or close your FD anytime. You can also check interest rates and track maturity details directly in the app.

Yes. Net Banking lets you create FDs for any tenure, choose interest payout options, and set maturity instructions with ease.

The FD is activated instantly when opened online. For branch-based applications, activation typically occurs within the same working day upon receipt of funds and documents.

Yes. You can create multiple FDs under the same Customer ID for different tenures, payout options, or financial goals.

If you are an existing ICICI Bank customer with completed KYC, no additional documents are required. The FD can be created instantly using iMobile App or Net Banking.

FD interest rates vary by tenure, deposit amount and customer segment (regular vs senior citizen). Updated rates are available on the ICICI Bank website and mobile banking app.

Yes. Resident senior citizens receive preferential interest rates higher than standard card rates for most FD tenures.

For non-cumulative FDs, you can choose interest payout:

• Monthly, or

• Quarterly

The interest is credited directly to your linked savings or current account.

A premature withdrawal penalty of up to 1% will be applied on the applicable interest rate for the period the FD remained with the bank. Penalties do not apply to certain categories like FD-linked overdrafts or specific schemes

No. FD renewal is completely free of charge, whether done automatically or manually.

Yes. Tax Deducted at Source (TDS) is applicable on FD interest as per the Income Tax Act. TDS is deducted if the total interest earned across all your FDs in a financial year exceeds the prescribed threshold.

You can submit Form 15G (for individuals below 60 years) or Form 15H (for senior citizens) through:

• iMobile App

• Net Banking

• Visiting a branch

These forms help prevent TDS deduction if you meet the eligibility criteria under the Income Tax Act.

Certain long-term FD tenures offers enhanced interest rates based on market conditions. The rates are published on the ICICI Bank website and updated periodically.

There are no service charges for closing an FD. However, premature Closure can result in interest rate adjustments or penalties as per policy.

No. There are no charges for opening a Fixed Deposit with ICICI Bank.

You can generally avail up to 90% of your FD amount, subject to internal policies and the type of FD.

The overdraft interest rate is typically linked to the FD interest rate. You are charged interest only on the amount utilized.

You can request an FD-linked overdraft through:

• iMobile App

• Net Banking

• Any ICICI Bank branch

The facility is activated instantly for eligible customers.

Yes. Your FD remains intact and continues to earn interest at the contracted rate even when an overdraft is availed against it.

The overdraft facility is closed automatically on FD maturity. Any outstanding overdraft amount must be settled before or at maturity.

Yes. ICICI Bank offers an overdraft facility against your FD where you can withdraw funds up to a certain percentage of your deposit without breaking the FD.

Yes. Nominee details can be modified or replaced anytime by submitting a nomination update form through iMobile App, Net Banking or at a branch.

Yes. Sweep-in allows you to link your FD to a savings/current account. When your linked account balance falls below a threshold, funds are automatically swept in from the FD, ensuring liquidity without breaking the entire deposit.

Yes. Fixed Deposits can be pledged as collateral for loans and overdraft. The bank can issue a lien letter or certificate upon request.

Yes. You can add a nominee while creating the FD or anytime later. Nomination ensures that the deposit amount is easily claimable by the nominee in case of unforeseen events.

Yes. Deposits are insured up to ₹5 lakh per depositor per bank under the Deposit Insurance and Credit Guarantee Corporation (DICGC), including principal and interest.

Yes. FDs provide fixed, guaranteed returns and do not fluctuate with market conditions. They are suitable for low-risk or conservative investors.

Yes. Short-tenure and laddered Fixed Deposits allow you to park surplus funds safely while maintaining liquidity. You can break an FD if required, subject to applicable penalties.

Yes. Creating multiple smaller-tenure FDs (FD laddering) helps you access funds periodically while enjoying better interest than a savings account.

Benefits include:

• Guaranteed returns at fixed interest rates

• Flexible tenures (7 days to 10 years)

• Monthly/quarterly payout options

• Loan/overdraft facility

• Auto-renewal option

• Digital opening and management through iMobile App and Net Banking

Interest is calculated at the contracted rate and credited once every quarter (every three months) to the linked account.

If interest payout fails due to incorrect or inactive account details, the bank will reprocess the payout after necessary correction. You canus update your payout account through Net Banking, iMobile App, or at any branch.

Interest is calculated at a discounted rate and credited monthly to your savings or current account on a predefined date.

A penalty up to 1% will be applied on the interest rate applicable for the period the FD actually remained with the bank. The effective interest will therefore be lower than the originally contracted rate.

Yes. FDs typically carry a minimum lock-in of 7 days. No interest is paid on premature Closure within this period.

No. Interest will be paid at the revised applicable rate for the tenure the FD was held, after deducting premature withdrawal penalties.

No. Senior citizen FDs also attract penalties unless specific promotional schemes offer a waiver. Standard premature withdrawal rules apply.

For online requests, funds are credited instantly.
For branch requests, funds are credited the same day or the next working day, depending on the request time.

Yes. You can close your FD before maturity; however, premature withdrawal is subject to applicable penalties and revised interest rates as per the bank’s policy.

You can typically avail up to 90% of the FD value, subject to internal credit policies and type of FD.

Interest is charged on the utilized loan amount at a rate generally set as FD interest rate + a fixed spread (for example, +2%). You pay interest only on the amount you borrow.

Yes. For eligible FDs, the loan/overdraft facility can be activated instantly through iMobile App or Net Banking.

Yes. Your FD remains intact and continues to earn interest at the contracted rate even if you take a loan or overdraft against it.

The loan or overdraft must be repaid before or at the time of FD maturity. If there is any outstanding amount, the bank adjusts it against maturity proceeds.

Yes.You can prepay the entire outstanding at any time without any prepayment charges. Interest is calculated only for the period the loan was utilized.

Yes. You can avail a loan or overdraft facility against your FD without breaking it. This provides liquidity while your FD continues to earn interest.

Refunds are processed on the same day or within T+1 working day. If the amount does not reflect, you can contact customer support for tracking.

No. Interest is not paid for the time funds remained in the transition stage, as the deposit was not successfully created.

If the FD booking fails due to a technical issue but your account is debited, the amount is automatically reversed within same day or T+1 working day. You can also raise a request through customer care or the branch.

Auto-renewal automatically renews your FD for the same tenure at the prevailing interest rate on the date of renewal.

You can modify auto-renewal instructions anytime before FD maturity through:

• iMobile App

• Net Banking

• Visiting a Branch

This gives you flexibility to adjust your maturity plan.

The FD continues to earn interest until settlement. Nominees or legal heirs can claim funds by submitting:

• Death certificate

• Claim form

• KYC of the claimant

• Relationship proof (if required)

Legal heirs must submit:

• Death certificate

• Claim form

• KYC documents

• Succession certificate/Will/Legal Heir Certificate (if no nominee is registered)
  Once verified, funds are released to the rightful claimant.

You can close your FD on maturity using:

• iMobile App

• Net Banking

• Visiting any ICICI Bank branch

The maturity proceeds are credited to your linked savings or current account based on your instructions.

Yes. Online FD creation is protected with multiple security layers including:

• Two-factor authentication(OTP based)

• SSL encryption

• Device-level security

Immediately:

• Contact ICICI Phone Banking

• Block online access (if needed)

• Visit the nearest branch

• Provide details to initiate an investigation

You can update nominee details through:

• iMobile App

• Net Banking

• Visiting a branch

You can update address/PAN by submitting KYC documents through:

• iMobile App (for eligible customers)

• Net Banking (for eligible PAN updates)

• Any ICICI Bank branch

Updates reflect across all accounts linked to your Customer ID.

Go to:
iMobile App → Accounts & Deposits → Fixed Deposits
You can see summary, maturity date, and interest rate.

Mobile number changes require:

• Visiting an ICICI Bank branch with valid KYC documents, or

• Updating via iMobile App/Net Banking (for eligible customers whose KYC is already updated)

In the event of the depositor’s demise:

• The FD continues to earn interest until settlement.

• The nominee or legal heir can submit the necessary documents to claim the deposit.

Legal heirs must submit:

• The original or notarized death certificate

• A completed claim form

• Their KYC documents

• Succession certificate / Probate / Will (if no nominee is available)

Once documents are verified, the bank releases the funds as per regulatory guidelines.

There is no need to transfer an FD between branches. All accounts and deposits are maintained under a single Customer ID, making them accessible from any ICICI Bank branch or digital channel.

A Tax Saver FD has a mandatory 5-year lock-in and qualifies for tax deduction under Section 80C (up to ₹1.5 lakh).
A Regular FD offers flexible tenures (7 days to 10 years) and allows premature withdrawal.