How to Open ICICI Bank Fixed Deposit Account
Updated 29 Aug 2023
ICICI Bank is one of the most famous private banks in India. The name has been heard so often that it has almost become a household name in the country. Their strong customer base stems from the fact that ICICI Bank began as a government institution that was privatised later on. Of the various services they offer their customers, the fixed deposit account is among the most sought.
If you want to open an FD account with ICICI, you’ve come to the right place. Let’s look at how you can open an FD account using multiple modes, online and offline.
Opening an ICICI FD Account
An ICICI Bank FD account can be opened via different modes such as Mobile App, Internet Banking, and offline.
Follow the steps listed below to open an ICICI Bank FD account via Internet banking
Step 1: Log in to ICICI Bank Internet Banking
Step 2: Go to ‘Account and Deposits’
Step 3: Select ‘Deposits’
Step 4: Select ‘FD/RD’
Step 5: Select your FD type
Step 6: Select your FD tenure. ICICI Bank Fixed Deposit interest rates tenure wise
Step 7:Type your amount. You can open an FD for any amount greater than ₹ 10,000
Step 8: Click on ‘Submit’. You have successfully opened an FD in ICICI Bank.
Mobile App - ICICI Bank App
Follow the below-mentioned steps to open an FD account via ICICI Bank Mobile App-
Step 1: Download the ICICI Bank App and sign in.
Step 2: Choose the ‘Open Fixed Deposit’ option.
Step 3: Fill out all the required personal details and nominee information.
Step 4: Submit, and the FD account will get opened immediately.
Offline ICICI Bank FD Opening
To open an ICICI Bank FD account offline, one has to visit the nearest ICICI Bank branch. An ICICI Bank FD application form will be required to be filled out. Along with this, submit all the essential documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the ICICI bank.
ICICI Bank FD Eligibility Criteria
The following individuals and entities are eligible to apply for a regular Fixed Deposit online:
- Hindu Undivided Families
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
- Non-Resident Indians
- Minors with guardianship.
Documents Required for ICICI Bank FD Account
Any one of the following documents would serve as proof of identity and address of the customer:
- Aadhaar number
- Driving License
- Voter ID
- Job card issued by NREGA, signed by a State Government Officer
- Letter from the National Population Register
If the above address proof does not contain your communication address, the following documents can be considered proof of address. In such cases, the customer has to update the official valid documents (OVD) with a communication address and submit it to the bank within 3 months of account opening.
- 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
- Letter of Allotment for accommodation from the employer issued by the State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies
- Leave and License agreement with any of the above employers. Agreement to contain the customer’s name as the employee
- Pension or family pension payment orders issued to retired employees by government departments or public sector undertakings if they contain the address.
Is the Rs. 5 lakh DICGC insurance cover applicable separately for every bank?
DICGC insures all kinds of bank deposit accounts, such as savings, current, recurring, and fixed deposits, up to a limit of INR 5 lakh per account holder per bank. If an individual's deposit exceeds INR 5 lakh in a single bank, only Rs.5 lakh, including the principal and interest, will be paid by DICGC if the bank becomes bankrupt.
Can I get a loan from ICICI Bank on the security of my FD?
ICICI Bank gives a loan facility of up to 90% of principal and accrued fixed deposit interest.
Can I get a credit card from ICICI Bank on the security of my FD?
Yes, a customer can opt for a credit card against their FD invested with the Bank to the extent of 85% of the investment amount.
How is Tax saver FD different from Regular FD?
The main difference between these two is the investment period. It means if you invest in tax saver FD, the minimum period will be 5 years, while in regular FDs, investment tenure starts from as low as 7 days.
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