Icici Bank Fixed Deposit
For tenures ranging from 7 days to 10 years, top banks like State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank and Axis Bank offer fixed deposits (FDs). Before parking your money any FD deposit, it's always important to compare the FD interest rates offered by various banks.
Wide range of tenures - ICICI Bank offers a variety of tenures on its Fixed Deposits. The tenures range from just 7 days to 10 years. There are a variety of other tenures between these two extremes. For example, you can choose a tenure between 121 days to 184 days or even 1 year to 389 days and so on. Lock in attractive fixed interest rates and eliminate exposure to interest-rate fluctuations. Choose from a wide range of maturities from as short as 3 months to as long as 5 years. The interest paid by ICICI Bank Limited, New York Branch on CDs can be withdrawn at regular intervals at no charge. The minimum deposit amount is $250,000.
This month SBI and Axis Bank revised the interest rates on term deposits. Check out the latest fixed deposit rates in SBI, ICICI Bank, HDFC Bank, PNB and Axis Bank.
FD interest rates SBI (below Rs 2 crore) effective January 8, 2021:
SBI FDs between seven to 45 days will now fetch 2.9 percent. Term deposits between 46 days to 179 days will give 3.9 percent. FDs of 180 days to less than one year will fetch 4.4 percent. Deposits with maturity between 1 year and up to less than 2 years will give 10 bps more now. These deposits will fetch an interest rate of 5 percent instead of 4.9 percent. FDs maturing in 2 years to less than 3 years will give 5.1 percent. FDs with 3 years to less than 5 years will offer 5.3 percent and term deposits maturing in 5 years and up to 10 years will continue giving 5.4 percent after the latest revision.
Days
Interest rates
7 days to 45 days
2.9%
46 days to 179 days
3.9%
180 days to 210 days
4.4%
211 days to less than 1 year
4.4%
1 year to less than 2 years
5%
2 years to less than 3 years
5.1%
3 years to less than 5 years
5.3%
5 years and up to 10 years
5.4%
FD interest rates Axis Bank (below Rs 2 crore) effective January 4, 2021:
Across different tenures, Axis Bank offers FDs ranging from 7 days to 10 years. The bank gives interest on FDs ranging from 2.5 percent to 5.50 percent for general customers. On select maturities, Axis Bank offers a higher interest rate to senior citizens. The bank offers interest ranging from 2.50 percent to 6 percent to senior citizens.
Days
Interest rates
7 days to 29 days
2.5%
30 days to 90 days
3%
90 days to 120 days
3.5%
120 days to 180 days
3.75%
180 days to 360 days
4.40%
2 years to less than 3 years
Icici Bank Fixed Deposit Rates
5.4%
3 years to less than 5 years
5.4%
5 years and up to 10 years
5.5%
FD interest rates Punjab National Bank (below Rs 2 crore) effective January 1, 2021:
On fixed deposits maturing in the range of 7 days to 10 years, PNB is offering an interest rate ranging between 3 percent and 5.30 percent. On 7-45 days fixed deposits, PNB is offering an interest rate of 3 percent and it goes up 4.5 percent on less than 1 year FDs. PNB gives 5.20 percent interest on term deposits maturing in one year to up to 3 years. On deposits maturing above 5 years to 10 years, PNB is offering 5.30 percent interest. The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities on domestic deposits of less than Rs 2 crore.
Days
Interest rates
7 days to 45 days
3%
46 days to 90 days
3.25%
91 days to 179 days
4%
180 days to 270 days
4.4%
271 days to less than 1 year
4.5%
1 year to 3 years
5.2%
3 years to 5 years
5.3%
5 years and up to 10 years
5.3%
FD interest rates HDFC Bank (below Rs 2 crore) effective from November 13, 2020:
On deposits between 7 days and 29 days, HDFC Bank offers a 2.50 percent interest rate. 3 percent on deposits maturing in 30-90 days. On 91 days to 6 months, 3.5 percent and on 6 months 1 day to less than one year, 4.4 percent. The bank gives 4.9 percent on FDs maturing in one year. Term deposits maturing in one year and two years will fetch an interest rate of 4.9 percent. FDs maturing in 2 years to 3 years will give 5.15 percent, 3 years to 5 years will give 5.30 percent. Deposits with a maturity period of 5 years to 10 years will give 5.50 percent interest.
Days
Interest rates
7 days to 29 days
2.5%
30 days to 90 days
3%
91 days to 179 days
3.5%
180 days to 365 days
4.4%
365 days to less than 2 years
4.9%
2 years to 3 years
5.15%
3 years to 5 years
5.3%
5 years and up to 10 years
5.5%
FD interest rates ICICI Bank (below Rs 2 crore) effective from October 21, 2020:
ICICI Bank gives 2.5 percent interest on deposits maturing in 7 days to 29 days, 3 percent for 30 days to 90 days, 3.5 percent for FDs maturing in 91 days to 184 days. On deposits maturing in 185 days to less than 1 year, ICICI Bank gives an interest rate of 4.40 percent. Term deposits maturing in 1 year to less than 18 months will fetch an interest rate of 4.9 percent. Now, FDs with tenure of 18 months to 2 years will give you 5 percent interest. Term deposits maturing in 2 years to 3 years will give 5.15 percent, 3 years to 5 years 5.35 percent, and 5 years to 10 years 5.50 percent.
Days
Interest rates
7 days to 29 days
2.5%
30 days to 90 days
3%
91 days to 184 days
3.5%
185 days to 365 days
4.4%
1 year to less than 1.5 years
4.9%
1.5 years to 2 years
5%
2 years to 3 years
5.15%
3 years and up to 5 years
5.35%
5 years to 10 years
5.5%
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Product Features
What is a term deposit?
In a term deposit, money deposited by a customer with the Bank is held for a fixed term at a fixed interest rate. Interest rates offered on these deposits vary with the tenure, value and currency of the deposit. Term deposit is a savings proposition that can help you earn fixed returns on your savings.
Does ICICI Bank Limited Singapore Branch (“ICICI Bank”) offer term deposits both on fixed rate and floating rate basis?
Term deposits are currently offered to individual customers only on fixed rate basis.
In what currencies can I open a term deposit account? What is the minimum deposit requirement?
The currencies acceptable for a term deposit account are SGD, USD, GBP, EUR, AUD, CAD and CHF. The minimum deposit requirement is 5000 currency units in any currency.
What is the range of tenure for which I can open a term deposit account?
Term deposits can be placed for as short a period as 1 month and up to maximum of 3 years.
What are the interest rates offered by ICICI Bank on term deposits?
Interest rates offered on term 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 checking here.
How is the interest paid on a term deposit?
The interest* can be paid out quarterly, semi-annually, annually or at the time of maturity of the term deposit depending upon choice of customer as intimated to the Bank.
*Please note intermediate payouts like quarterly, semi -annually, annually are only for SGD and USD deposits, for foreign currency deposits like AUD, CAD, EUR, GBP, CHF interest is paid only on maturity.
How do I redeem my term deposit?
You have to provide maturity instructions at the time of deposit placement specifying which of your bank accounts you wish the funds to be credited to on maturity.
However, if your instructions are received on a Saturday or Sunday, such instructions will only be processed on the following business day. Daily interest will be calculated accordingly till your instruction is processed.
Is there any auto renewal facility available on term deposits?
Yes, you can opt for auto renewal at the time of opening the term deposit. Auto renewal allows your term deposit to get renewed automatically for the same period opted by you. The rates applicable shall be the rates prevailing at the time of such renewal.
Are term deposits transferable and negotiable?
No, term deposits are non-transferable and non-negotiable.
Are term deposits insured?
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For further information, please visit: www.sdic.org.sg
Will there be any charge levied in case a deposit is closed prematurely?
In case a fixed deposit is withdrawn prematurely, do note that the Bank may not pay all the interest accrued from the time of opening the fixed deposit up to the time of its premature withdrawal. Additionally, there is also a premature withdrawal fee of 1% flat, payable on the principal amount and interest (on the amount considered by the Bank to be payable as interest), subject to protection of only the principal amount and not the interest accrued. Please visit our branches and check with our branch staff for more details and consider carefully before performing a premature withdrawal of your fixed deposit
For example:
A person wishes to close his 2 year fixed deposit prematurely.
Scenario A. Where closure is within 30 days of opening the deposit, no interest would be payable.
Scenario B. Where deposit is held for a period greater than 30 days.
| If deposit sought to be withdrawn is held for period for which deposits are offered by Singapore Branch (3, 6, 12, 18, 24 months and so on) | If deposit sought to be withdrawn is held for a period that falls between two tenures for which deposits are offered by the Singapore Branch | If interest has been paid out |
|---|---|---|
| Interest calculated at the rate applicable for deposits of such tenure (as existing at the time of opening of the deposit sought to be withdrawn), less the premature withdrawal fee of 1% flat on the principal and on the interest, subject to protection of only the principal | Interest calculated at rate applicable for deposits of the shorter of the two tenures (as existing at the time of opening of the deposit sought to be withdrawn), less the premature withdrawal fee of 1% flat on the principal and on the interest, subject to protection of only the principal | The premium 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. |
| So, in this example, if he is closing prematurely in exactly one year, since Singapore branch offers one year deposits, customer will get the rate which a one year deposit offers (when he had opened his two year deposit) less 1% withdrawal fee on principal and interest | Hence, in this example, if he would break the deposit in 15 months, the customer would still get the rate which a one year deposit offers (when he had opened his two year deposit) less 1% withdrawal fee on principal and interest |
Term Deposit Account Opening
Will there be any charge levied in case a term deposit is closed prematurely? Will I be able to close my term deposit if I have chosen the “without premature withdrawal” option?
Premature closure of term deposit will not be ordinarily allowed. In case there is a need to withdraw the term deposit prematurely, the request will be considered in extraordinary circumstances (For example, where such premature closure is required under any applicable law or regulation, or in relation to any estate related matters). If the request is approved by the Bank, no interest will be paid and there may be a loss to your principal amount of the term deposit.
How can I place a term deposit and what are the documents do I need to submit?
It's quite simple. Please visit our branch, fill the Account Opening Form and furnish the following supporting documents.
a) Proof of Identity:
- Singapore Citizens / Permanent Residents - Copy of pink / blue NRIC card
- Singapore Residents (Other than Permanent Residents) - Copy of documents issued by the relevant Government Agencies/ Ministries in Singapore (e.g.: Employment Pass). and Passport
- Singapore Non Residents - Copy of Passport
b) Proof of Residential Address - E.g. latest copy of utility bills, bank statements etc - issued within last 3 months
Please carry the originals of the above mentioned documents with you so that our staff may verify the same.
Can I place the term deposit in joint names?
Yes, you can hold a term deposit account in joint names up to a maximum of four account holders. The account operations shall be in accordance with the instructions provided by the primary account holder with the signature of all joint account holders at the time of deposit opening.
How will I be communicated my term deposit account has been opened?
You will be mailed a Deposit Confirmation Advice, bearing all the deposit details at the communication address as mentioned in your Account opening form.
Whom can I contact to open a term deposit account with ICICI Bank Singapore Branch?
Please visit our branches at 6 Raffles Quay or at Little India.
Account Servicing
Icici Fd
How do I redeem my term deposit?
You have to provide maturity instructions at the time of deposit placement specifying which of your bank accounts you wish the funds to be credited to on maturity. However, if your instructions are received on a Saturday or Sunday, such instructions will only be processed on the following business day. Daily interest will be calculated accordingly till your instruction is processed.
Will there be a any charge levied in case a deposit is closed prematurely?
Yes, in case of premature withdrawal subject to protection of the principal amount, the amount repayable to the customer will be calculated as follows.
- If deposit is withdrawn within 30 days of opening of deposit, no interest would be payable.
- Where deposit is held for a period greater than 30 days.
- In case the deposit sought to be withdrawn is held for a period equivalent to a tenure for which deposits are offered by Singapore Branch, the interest on the deposit will be calculated at the rate applicable for deposits of such tenure (as existing at the time of opening of the deposit sought to be broken), less the premature withdrawal fee of 1% flat on the principal and interest, subject to protection of the principal.
- In case the deposit sought to be withdrawn is held for a period that falls between two tenures for which deposits are offered by the Singapore Branch, the interest on the deposit would be calculated at the rate applicable for deposits of the shorter of the two tenures tenure (as existing at the time of opening of the deposit sought to be broken), less the premature withdrawal fee of 1% flat on the principal and interest, subject to protection of the principal.
- 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.
Will I be able to close my term deposit if I have chosen the “without premature withdrawal” option?
Premature closure of term deposit will not be allowed. The Bank may allow premature withdrawal only where such premature closure is required under any direction from any statutory and/or regulatory authority or deceased claim settlement cases. In the event of premature withdrawal of these deposits under abovementioned exceptional circumstances, the Bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid upto the date of such premature closure will be recovered from the deposit amount.
Whom do I contact for any grievances on product or service related issues?
For service or product related issues, you may contact our Customer Service Officers at our branch or write to us at sg.service@icicibank.com.
For any complaints, you may write to our Complaint Officer by addressing your complaint/ grievance to The Complaint Officer, ICICI Bank Limited, 6 Raffles Quay, Level 1, John Hancock Building, Singapore or by email on sg.complaints@icicibank.com.
General FAQ
Icici Bank Fixed Deposit Form
Is there any minimum age to open the account?
We currently offer accounts to people above 18 years of age.
In which language can I communicate with the Bank?
English is the language of communication with ICICI Bank.
Cash Transaction
What is the limit for deposit of cash into an account?
There is no limit to the amount that can be deposited however for amounts over > SGD 20,000, you would be required to furnish proof of funds
What is the limit for remittances in cash for non account holders?
For any amount over 10,000 currency units, you would be required to furnish proof of funds.
Which are the acceptable proofs of funds?
The following are acceptable as proof of funds provided the same is dated within last 4 days as of deposit/remittance as the case maybe -
- ATM Slip
- Bank withdrawal slip
- Account statement
- Passbook
What is dormancy of account?
An account (current, savings or fixed deposit) that does not have any financial activity (excluding interests/maturity/pre-maturity proceeds credited/debited and other charges, whether they are system-generated or via customer’s instruction) for more than twelve (12) months, regardless of whether such account contains any outstanding balances, will be listed as “dormant”.
If you have a Customer ID created but your account (current, savings or fixed deposit) is not opened within six months of its creation, then your Customer ID will be listed as “dormant”.
Cheque
Will a post dated cheque be accepted by the Bank?
The bank will accept only those post dated cheques that can be sent for clearing within the next 5 working days from the date of receipt of such cheques. Only cheques with issue date in the last 6 months can be sent for clearing. Any date beyond that will be treated as stale and will have to be returned to the customer.
What is the minimum amount required for processing Direct Mark Requests and what are the charges?
Min. amount for accepting a Direct Mark Request for Outward clearing will be S$50,000. Customer has to pay charges of SGD50.00 to each ICICI Bank and Paying Bank respectively regardless whether the cheque is good for payment or not.
Clearing
What are the timelines for Normal Outward Clearing?
Cheques deposited by 1500 hrs will be made available, subject to clearing, after 1400 hrs on the following working day.
Clearing takes place only between Monday and Friday. No clearing happens on Saturdays, Sundays and Public Holidays.
How will the Bank handle of Direct Mark Requests?
The Presenting Bank can transmit an item for express clearing. This item will be sent to the Paying Bank’s inward queue immediately once the BeCTS (Back end Cheque Truncation System) Host has processed the item