Icici Bank Fixed Deposit
Posted : admin On 3/29/2022- Contact Us
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ICICI Bank offers interest in the range of 2.50% p.a. For opening a short-term fixed deposit account. Short-term fixed deposit tenures are those which are between 7 days and less than 12 months. Medium-term Fixed Deposit Interest Rates Medium-term fixed deposits are those which have a tenure between 12 months and 60 months. Senior citizens special fixed deposit (FD) schemes are offered by top banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, and Bank of Baroda (BoB). Extra interest rates are being. Fixed deposits are available to general as well as senior citizens with one of the highest interest rates on the Fixed Deposit account. The fixed deposit scheme of ICICI bank is available with a premature withdrawal facility as well as without a premature withdrawal facility.
FD - Open a Fixed Deposit Account with ICICI & enjoy benefits like?Loan Facility?Premature Withdrawal?High Interest Rate?Automatic Renewal &?Flexible Tenure. Invest in Fixed Deposit Today. ICICI Bank has fixed deposit accounts with attractive interest rates and flexible repayment tenures that range from 7 days to 10 years. Opening or closing an FD account with ICICI Bank is easy and hassle-free. Ways to close an ICICI FD Account. You can close your ICICI FD account in three ways.
- ICICI Bank Country Websites
Business Banking Fixed Deposit
Our Business Banking Fixed Deposit is a savings option which pays you a fixed rate of interest for a fixed term.
- Save with a fixed interest rate for a term of 6 months, 1 year, 2 years, 3 years or 5 years
- Deposit GBP, USD
- Access to your account through the branch
- No requirement of Minimum Deposit
- Maximum deposit £1,000,000 and $1,000,000
Read our terms and conditions for more information.
Customer needs to have Business Current Account to avail these services with us
Product Overview
How to Apply?
- Visit any of our UK branches and meet a Relationship Manager
- Email us on: uk.business@icicibank.com
- You can download and complete the account opening form:
- For existing current account customers here
- For new customers here
Interest Rates
Interest rates of ICICI Bank UK’s Business Banking Fixed Deposit:
Business Banking Fixed Deposit USD Rates (AER/Gross) effective from 23rd November, 2020:
| Term1 | Gross2 | AER3 |
|---|---|---|
| 6 months | 0.35% | 0.35% |
| 1 year | 0.35% | 0.35% |
| 2 years | 0.35% | 0.35% |
| 3 years | 0.35% | 0.35% |
| 5 years | 0.35% | 0.35% |
Business Banking Fixed Deposit GBP Rates (AER/Gross) effective from 23rd November, 2020:
| Term1 | Gross2 | AER3 |
|---|---|---|
| 6 months | 0.25% | 0.25% |
| 1 year | 0.40% | 0.40% |
| 2 years | 0.40% | 0.40% |
| 3 years | 0.40% | 0.40% |
| 5 years | 0.40% | 0.40% |
*Interest paid on AER basis
Gross1 - is the contractual rate of interest payable before the deduction of income tax at the rate specified by law
AER2 stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
Note: Interest is paid gross. If you are a UK tax payer you may have to pay tax on interest earned in excess of your Personal Savings Allowance. For information and guidance, please refer to the HMRC website. Interest Rates are fixed for Fixed deposit. Interest Rates on Business Banking Fixed Deposit can change periodically. The rate applicable on your deposit will be as prevalent on the date of deposit opening
What would the estimated balance be after 1 year based on a £1000 deposit?
For £1000 invested for 1 year at interest rate of 1.95% (AER), you will earn approximately £19.50 interest (gross). This is applicable when amount is invested for complete year.
Can ICICI Bank UK PLC change the interest rate?
ICICI Bank UK PLC has the right to change the rate of interest. Read the T&Cs for complete information. Click here.
Other Product Information
Additional information | There are no standard charges on Business Banking Fixed Deposit Account offered by ICICI Bank UK PLC. However, there are charges levied for certain services/facilities provided for day to day running of your account. We recommend that you go through the Rates and Charges Schedule in our website http://www.icicibank.co.uk before making a choice. |
Withdrawal | You cannot withdraw money for the term of deposit mentioned above. |
Access | Branch, Relationship Manager |
Icici Bank Fixed Deposit Certificate
Key Information
1.Who regulates us?
ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).
2.What should you do if you have a complaint?
If you want to make a complaint, please contact us at:
Customer Relations,
ICICI Bank UK PLC,
2nd Floor, One Thomas More Square,
London – E1W 1YN
Or
Email us at ukcustomerrelations@icicibank.com
We will then arrange for a member of the complaints team to investigate and respond to you immediately.
3.Are we covered by the Financial Services Compensation Scheme (FSCS)?
ICICI Bank UK PLC is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Bank is unable to meet its financial obligations. Most depositors – including most individuals and businesses – are covered by the scheme.
In respect of deposits, from 30 January 2017, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with us including their share of any joint account, and not to each separate account.
For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.
This article lists down the first hand experience of obtaining ICICI Bank Coral Credit Card against a Fixed Deposit (FD) by Yokesh, an avid reader of CardInfo. He recently acquired ICICI Bank Coral Credit Card against fixed deposit and wanted to share his experience for the benefit of other readers. So let’s dive right in to know more about the process and his experience.
While ICICI is a famous brand in the banking industry, its market share of credit cards is not at par with its banking business. However they are aggressively trying to capture more share in the credit card market which is evident from the exclusive online and spend based offers. This is really good for credit card enthusiasts as they get more choices and better offers.
Motivation
I recently decided to go for a Credit Card against a fixed deposit since the ones I currently hold are add on cards from my mom’s and dad’s credit cards. Given that I don’t have a credit history, obtaining a credit card on my name would help me in building one. While looking for a credit card against fixed deposit, I searched through various options and I stumbled upon CardInfo. The article on credit cards against fixed deposit was very elaborate and informative.
One thing that differentiates ICICI Bank Coral Credit Card is that it’s available as both secured and unsecured unlike BOB Prime, SBI Unnati, Axis Insta Easy, Kotak Aqua Gold etc. It means that the moment you take it out of your wallet it doesn’t immediately show that it’s a secured Credit Card and might be helpful while applying for an unsecured credit card on card-on-card basis later, however I’m not sure.
Features
ICICI Coral Credit Card is a lifestyle credit card with multiple benefits across dining, shopping and entertainment.
- Min. Fixed Deposit Amount: Rs. 20,000
- Credit Limit: Up to 85% of FD
- Eligibility Age: Min. 19 Years
- Joining Fee: Rs. 500
- Renewal Fee: Rs. 500, waived if annual spends for last year >= Rs. 1,25,000
- 2 Payback Points per Rs. 100 spent, 0.50% reward rate
- 4 Payback Points per Rs. 100 spent on dining, groceries and at supermarkets, 1% reward rate
- 25% discount up to Rs. 100 on purchasing two movie tickets at BookMyShow, twice in a month
- 1 complimentary domestic airport lounge access per quarter
- 15% discount when dining at restaurants participating in Culinary Treats
- 1% fuel surcharge waiver
- Online offers on ICICI credit cards from time to time
This card will make you eligible for Amazon Pay ICICI Bank Credit Card which has fantastic reward rate and benefits. However, since my pin code is not serviceable, I couldn’t get it which is a bummer.
Application Process
I opened a savings account with ICICI on 12th March 2020, 2 days after receiving my PAN CARD. Since mine is a semi urban branch, MAB is NIL when funded initially. I accessed the ICICI Bank iMobile app the same day in the evening using the Debit Card. After logging in, I navigated to Accounts & Deposits → Deposits → FD Xtra and was presented with following screen:
Upon tapping on “Open Now” in FD Card section, I was was asked for Fixed Deposit details as shown below:
I entered the details about fixed deposit amount, tenure etc. Note that you need to keep the auto renewal on otherwise the credit card will be deactivated once fixed deposit matures.
On scrolling down, I was presented with a choice of credit card. You can opt for either Platinum or Coral Credit card.
I opted for the Coral Credit Card and the moment I selected the same, it showed the joining fee as Rs. 500 and clauses for waiver of annual fee. You can type the name to be printed on the credit card, and the communication address is the same as the one in your savings account. I completed the simple process which didn’t take more than 2 minutes.
After submitting the application in the iMobile app, I received an SMS confirming the opening of Fixed Deposit next day morning.
Your deposit xxx for RS.50,000 has been opened on 12/03/2020.
Later in the evening same day, I received an SMS informing me the initiation of lien on my fixed deposit.
Your service Request SRXXX has been registered and will be completed in 9 Business days.
After 4 days, I received an SMS confirming the lien on my fixed deposit.
Lien of Rs.50,000/- marked against Deposit xxx on 13/03/2020.
On the same day I received an SMS stating my credit card application is approved and the same would be delivered in the next 7 working days. Later I received a message saying my card has been linked to my user id and the same can be accessed via Internet Banking or iMobile app. I checked iMobile immediately, but I couldn’t see the card. However when I tried after 2-3 hours, I was able to see the new credit card.
The credit limit provided was 90% of the fixed deposit amount which is awesome. I couldn’t use the card online on some e-commerce portal as CVV was not visible in the app. However I was able to pay using the credit card via iMobile app through Bharath QR scan to pay option.
I received the card after 3 days via BlueDart. The card looks and feels nice and was issued on Visa platform. I was a little surprised to see the PayBack number printed on the card below the cardholder name. The welcome letter contained details like credit and cash limit as usual but has no mention about the fixed deposit.
Bottomline
Icici Bank Fixed Deposit Calculator
Overall the process was very smooth and hassle free. The process of opening the fixed deposit and getting a credit card against it, was seamless in iMobile App. ICICI has nailed the experience making it super delightful for end users. I feel this is a really good credit card to start building your credit history.
Icici Bank Fixed Deposit Rate
Have you ever tried getting a secured credit card against a fixed deposit? How has been your experience? Let me know by leaving a quick comment below.