Read ICICI Fixed Deposit too
Unlike other banks, ICICI bank provides some interesting rate of interest on fixed deposit accounts, home loans, new car loans, investment and insurance loans, saving accounts, student loans, etc. ICICI has different rate of interests for the senior citizens. Eligibility criteria for senior citizens are that a person must have to complete 60 years of age. To open a new account, senior citizens should show the proof of their age by showing any one of the following permit papers.
1. PAN Card
2. Ration Card
3. Voters card
4. LIC policy
5. Pension payment order
6. Birth certificate
8. Photo ID issued by PSUs to retired person
For the saving account with or without chequebook, the interest rate is fixed at 3.5% p.a. For this type of account one need to deposit a minimum of Rs. 5000. In this section, senior citizens also get the same percentage of interest.
In the Domestic Term Deposits, the rate of interest starts from 2.75% p.a. to 7.75% p.a. depending on the term deposition. The term starts with a minimum of 15-29 days to 5 years until 10 years for the amount less than Rs. 15 Lakhs. For the amount of Rs. 15 Lakhs and above but less than Rs. 1 Crore, the interest rate is 1.50% p.a. to 8.0% p.a. The term for this scheme starts from 7-14 days to 5 years until 10 years. For Rs. 1 Crore and above, the customers need to talk to the treasury at the bank.
Rate of interest for ICICI bank Tax-Saver Fixed Deposit for the term of 5 years:
- Interest rates for Tax Saver Fixed Deposit are 7.75% p.a. in the general category for a single deposit value to Rs. 1 Lakh.
- For senior citizens with a single deposit value to Rs. 1 Lakh, the interest rates for Tax Saver Fixed Deposit are fixed at 8.25% p.a.
As per the Income Tax law, there will be a tax deduction for the interest received from the fixed deposit.