Mentioned below are some important Terms and Conditions to create a Fixed Deposit.
1. An FD Account can be created within 1 working day.
2. An FD can be opened for a minimum amount of ₹ 10,000 and thereafter in multiples of ₹ 1.
3. A request to open an FD will not be processed if:
- Your account is dormant/inactive
- You are a Senior Citizen and your Date of Birth has not been updated in your account.
4. An FD will be created subject to sufficient availability of funds in your account, both on the date of placing this request, as well as on the date of processing this request.
5. Nomination as in the Savings Account will be replicated for the FD.
6. A Fixed Deposit can be closed online.
7. Tenure in Standard Deposit:
-
Cumulative Deposit: Minimum - 6 months, Maximum - 10 years.
-
Traditional (Non-Cumulative) Deposit:
- Periodic Interest (On Maturity): Minimum - 7 days, Maximum - 91 days.
- Traditional (Non-Cumulative) Deposit: Monthly Interest Payout: Minimum - 3 months, Maximum - 10 years.
- Quarterly Interest Payout: Minimum - 6 months, Maximum - 10 years.
8. Cumulative FD: Quarterly compounding, i.e. interest is calculated and added to the principal (initial FD amount) per quarter Traditional FD:
9. Quarterly Payout: Interest is calculated as simple interest and paid quarterly Monthly Payout: Interest is calculated as simple interest and paid monthly.
10. Short-term FD: Interest calculated on a simple interest basis.
11. In case you are not liable for TDS, please submit 3 self-attested copies of Form 15G/15H (for Senior Citizens) at any ICICI Bank branch. Please ensure to download the acknowledgement form displayed on the Form 15G/H success screen.
12. Form 15G/H needs to be filled for all the existing FDs at the beginning of each financial year. For any new FD created during the year, a separate Form 15G/H needs to be filled to exempt the FD from TDS deductions.