ICICI Bank FD Calculator
The ICICI Bank FD Calculator is a helpful tool designed for investors to calculate the interest and maturity value of their Fixed Deposit with ICICI Bank. By simply inputting a few details like deposit amount, tenure, and interest rate, you can easily determine the returns on your investment.
What is an ICICI Bank Fixed Deposit?
An ICICI Bank Fixed Deposit (FD) is a financial product where you deposit a lump sum amount with the bank for a specific period at a predetermined interest rate. At the end of the tenure, the bank returns the principal amount along with the interest earned. ICICI Bank offers attractive FD interest rates and flexible tenures, making it a popular choice among investors.
How the ICICI Bank FD Calculator Works
Using the ICICI Bank FD Calculator is simple and straightforward. All you need to do is enter the following details:
- Deposit Amount (Minimum ₹10,000)
- Interest Rate (ICICI Bank provides competitive interest rates based on the tenure)
- Tenure (ranging from 7 days to 10 years)
- Compounding Frequency (Quarterly or Monthly)
Once you input these details, the calculator will quickly compute the total maturity amount and the interest earned over the investment period, providing you with an accurate estimate.
ICICI Bank FD Interest Rates (As of 2025)
ICICI Bank offers interest rates on Fixed Deposits ranging from 6.75% to 7.50% per annum for general customers. Senior citizens enjoy an additional interest rate of 0.50% per annum on FD investments. The interest rate may vary depending on the tenure, with longer tenures generally offering higher returns.
Example Calculation
For example, if you invest ₹1,00,000 in a Fixed Deposit for 3 years at an interest rate of 7.00% per annum, compounded quarterly:
- Principal Amount: ₹1,00,000
- Interest Earned: ₹23,360 (approx.)
- Maturity Amount: ₹1,23,360 (approx.)
Types of ICICI Bank Fixed Deposits
- ICICI Bank Regular FD: Standard FD with a fixed interest rate and tenure.
- ICICI Bank Tax Saving FD: A 5-year lock-in FD that offers tax benefits under Section 80C of the Income Tax Act.
- ICICI Bank Senior Citizen FD: Offers higher interest rates for senior citizens.
- ICICI Bank Monthly Income FD: Provides monthly income payouts while securing your investment.
Benefits of Using the ICICI Bank FD Calculator
- Fast and accurate calculation of FD maturity value
- Helps in planning your finances and investment strategy
- Shows the total interest earned on your FD
- Provides a comparison of FD options based on interest rates and tenure
- Saves time by eliminating the need for manual calculations
Taxation on ICICI Bank FD
Interest earned on ICICI Bank FDs is taxable. TDS (Tax Deducted at Source) is applicable if the interest earned exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). If your total income is below the taxable limit, you can submit Form 15G or 15H to avoid TDS deduction.
How to Open an ICICI Bank FD
- Visit your nearest ICICI Bank branch or use ICICI Bank’s online banking platform.
- Choose the FD amount, tenure, and interest payout option.
- Submit the necessary KYC documents (for new customers).
- Make the payment via cheque, demand draft, or online transfer.
- Receive your FD receipt and track your investment online.
Conclusion
The ICICI Bank FD Calculator is an essential tool for anyone considering investing in Fixed Deposits with ICICI Bank. The calculator helps you understand how much your investment will grow over time, making it easier to plan for your financial future. ICICI Bank offers attractive interest rates, flexible tenures, and the convenience of online banking, making it a great option for both short-term and long-term investors.
Visit ICICI Bank’s official website to explore FD options, check real-time interest rates, and use their FD calculator for more accurate results.