May 30, 2024

ICICI FD Calculator: The Essential Tool for Today’s Smart Investor

A Fixed Deposit Calculator helps to calculate the amount one will receive at the time of maturity of the fixed deposit taking into consideration the applicable rate of interest and the FD tenure. Using the ICICI FD Calculator is extremely easy and free of cost. It is an online tool that allows users to calculate interest amount and maturity amounts for different FD amounts and tenures considering the applicable ICICI FD Interest rates, tenure, and principal amount for calculation purposes.

 

How to Use ICICI FD Calculator?

Mentioned below are the steps to use the ICICI FD Calculator:

  • Visit the calculator page of ICICI.Β 
  • Select the Customer Type i.e. Normal or Senior Citizen Customer.
  • Select the type of Fixed Deposit i.e. Cumulative or Interest Payout (Quarterly/ Monthly) or Short Term FD.
  • The current date will be considered the default date of FD.
  • Enter the amount of FD starting from INR 10,000 to INR 95 lakh.
  • Enter the FD tenure starting from 12 months to 120 months.
  • The interest rate, interest amount, maturity date, and maturity amount will then be displayed on the screen.

 

Documents Required to open an ICICI FD

Mentioned below is a list of documents required to open ICICI FD:

  • Passport
  • Driving Licence issued by the Regional Transport Authority
  • Voter ID
  • Job card issued by NREGA, signed by a State Government Officer
  • Letter from the National Population Register
  • Proof of possession of a complete Aadhaar number.
  • Utility Bill, not older than 2 months (electricity, telephone, post-paid mobile phone, piped gas, water bill)
  • Property Tax Bill or Municipal Tax receipt, not older than one year

 

Eligibility Criteria

Mentioned below are the eligibility criteria to apply for ICICI FD:

    • Residents
    • Hindu Undivided Families
    • Sole Proprietorship Firms
    • Partnership Firms
    • Limited Companies
    • Trust Accounts
    • Non-Resident Indians
  • Minors with guardianship.

How to Calculate Interest on ICICI FD?

The interest on Fixed Deposit is calculated based on the FD tenure and the prevailing rate of interest applicable at the time of opening of FD. It is calculated as follows:

  • Cumulative FD: Interest is calculated for the quarter and compounded to the principal amount. Interest for the next quarter is calculated on the accumulative amount.
  • Traditional FD with Quarterly interest payout option: Simple interest is calculated and paid at the end of each quarter
  • Traditional FD with Monthly interest payout option: Interest is paid at the discounted value and the end of each month
  • Short-Term FD: Interest is calculated on a simple interest basis.

 

ICICI Fixed Deposit Interest Rates

Mentioned below are the interest rates for ICICI Fixed Deposits:

 

Maturity Period Interest rates (percent per annum) w.e.f.Β September 28, 2023
Single deposit ofΒ β‚Ή2 Crores & above but less than β‚Ή5 Crores
General **Senior Citizen
7 days to 14 days 4.75% 4.75%
15 days to 29 days 4.75% 4.75%
30 days to 45 days 5.50% 5.50%
46 days to 60 days 5.75% 5.75%
61 days to 90 days 6.00% 6.00%
91 days to 120 days 6.50% 6.50%
121 days to 150 days 6.50% 6.50%
151 days to 184 days 6.50% 6.50%
185 days to 210 days 6.65% 6.65%
211 days to 270 days 6.65% 6.65%
271 days to 289 days 6.75% 6.75%
290 days to less than 1 year 6.75% 6.75%
1 year to 389 days 7.25% 7.25%
390 days to < 15 months 7.25% 7.25%
15 months to < 18 months 7.05% 7.05%
18 months to 2 years 7.00% 7.00%
2 years 1 day to 3 years 6.75% 6.75%
3 years 1 day to 5 years 6.75% 6.75%
5 years 1 day to 10 years 6.75% 6.75%
5 Years (80C FD) – Max to `1.50 lac NA NA

How does an ICICI Bank FD Calculator Work?

Using the below-mentioned formula ICICI FD Calculator determines the maturity amount of an FD:

A= P (1+r/n)^n*t

In this formula,

β€˜A’ stands for FD maturity amount that you will generate at the end of the investment tenure,

β€˜P’ stands for the amount invested in an ICICI Bank FD scheme,

β€˜r’ stands for the applicableΒ FD interest rate,

β€˜n’ stands for the number of times the interest is calculated on an FD within a year

β€˜t’ stands for FD investment tenure

Different Ways to Open an ICICI FD

Mentioned below are the different ways to open an ICICI FD:

  • Via Net Banking:

To open an ICICI Bank FD account via Internet banking, follow the below-mentioned steps:

Step 1: Log in to the internet banking of ICICI Bank.

Step 2: Click on the tab β€˜Accounts and Deposits”.

Step 3: Select β€œDeposits”.

Step 4: Select FD/ RD.

Step 5: Select the type of FD.

Step 6: Select the tenure of FD.

Step 7: Enter the amount starting from INR 10,000.

Step 8: Click on β€œSubmit”.

  • Via Mobile Banking:

To open an ICICI Bank FD account via Mobile banking, follow the below-mentioned steps:

Step 1: Download the ICICI Bank app and sign in.

Step 2: Choose β€œOpen Fixed Deposit”.

Step 3: Provide all the basic information along with the details of the nominee.

Step 4: Click on β€œSubmit” to get an FD opened.

  • By Visiting ICICI Branch:

To open an ICICI Bank FD account by visiting the branch within ICICI Bank Timings, follow the below-mentioned steps:

Step 1: Visit any nearest branch of ICICI Bank.

Step 2: Fill out the FD Application Form.

Step 3: Submit all important documents along with the deposit amount.

Step 4: Once the processing is completed, a receipt will be provided by the bank.

Benefits of ICICI FD Calculator

Mentioned below are the benefits of using an ICICI FD Calculator:

  • Safety, Liquidity, and Flexibility:

It is a safe investment option that provides assured returns on investments.

  • Flexibility of Tenure:

It offers its customers a wide range of FD tenure ranging from 7 days to 10 years making the tenure flexible.

  • Premature/ Partial Withdrawal:

As it is an extremely liquid investment product, one can get it closed partially or completely before the maturity date. This helps to get the FD amount credited to the savings bank account in case of emergencies.

  • Additional 0.50% interest rate to senior citizen customers:

Senior citizens can get an additional 0.5% of additional interest rate over and above the regular FD Rates.

  • Overdraft against FD:

ICICI Bank offers overdraft against FD of up to 90% on principal plus accrued interest.

  • Automatic Renewal:

The FD can be put on auto renewal mode to ensure that the FD gets renewed for the same tenure on the maturity date without any manual intervention and no interest loss.Β 

Leave a Reply

Your email address will not be published. Required fields are marked *