What is a fixed deposit?
Fixed deposit is a savings proposition that can help you improve returns on your savings. Interest rates offered on these deposits vary with the tenure, value and currency of the deposit. In fixed deposit money deposited is held for a fixed term at a fixed interest rate with a penalty applicable on premature withdrawal.
In what currencies can I open a fixed deposit account? What is the minimum deposit requirement?
The currencies acceptable for a fixed deposit account are HKD, USD and RMB. The minimum deposit requirement vary with each currency, you can confirm the minimum deposit requirements by contacting our Relationship Managers or visiting our Branch.
What are the interest rates offered by ICICI Bank on fixed deposits?
Interest rates offered on these deposits vary with the tenure, value and currency of the deposit. As the rates applicable vary on a weekly basis, you can confirm the interest rates applicable by contacting our Relationship Manager/ Customer Service Manager or visiting us at the Branch.
Will there be a penalty in case a deposit is closed prematurely?
Yes, in case of premature withdrawal subject to protection of the principal, the amount repayable to the customer will be calculated as follows.
- If deposit is withdrawn within 1 month of opening of deposit, no interest would be payable.
- In case where the interest has been paid out, the penalty is adjusted against any payment due to the customer. This would mean that even in cases where principal is protected, the amount returned could be less than the principal to the extent of interest already paid out to the customer.
- Where deposit is withdrawn after 1 month of opening of deposit:
- In case the deposit sought to be broken is held for a period equivalent to a tenure for which deposits are offered by the Bank, the interest on the deposit would be the rate applicable for deposits of such tenure (as existing at the time of opening of the deposit sought to be broken) less 1%.
- In case the deposit sought to be broken is held for a period that falls between two tenures for which deposits are offered by the Bank, the interest on the deposit would be the rate applicable for deposits of the shorter of the two tenures (as existing at the time of opening of the deposit sought to be broken) less 1%.
- In case the interest rate applicable to the deposit is less than 1%, no interest is payable on such deposit. However the principal will be protected.
Is there any auto renewal facility available on fixed deposits?
Yes, you can opt for auto renewal at the time of opening the fixed deposit or anytime before the fixed deposit matures. Auto renewal allows your fixed deposit to get renewed automatically for the same period as the original deposit. However, the rates applicable shall be the rates prevailing at the time of maturity of deposit.