Tax on ICICI Bank Fixed Deposit
The Tax Saver Fixed Deposit schemes from ICICI Bank provides reasonable returns as well as income tax benefits. Under Section 80C of the Income Tax Act of 1961, you can deposit up to Rs.1.5 lakh and get a tax deduction. There is a minimum deposit of Rs. 10,000 that can be made into the account. The scheme has a five-year lock-in period of time.
You have the option of selecting a monthly, quarterly, or annual interest payout frequency. In this Scheme , Premature withdrawal and auto-renewal are not permitted. It is important to note that the interest collected on FD accounts is taxable under certain conditions. In other words, if the total interest received from FD and accounts exceeds Rs.40,000 (Rs.50,000 for senior citizens) in a fiscal year, the bank would deduct tax at the source.
You can use Form 15G/15H to request the bank not to deduct tax at the source.If your annual income does not exceed the basic exemption limit then only this strategy remains effective.
ICICI FD Interest Rates 2024
ICICI Bank is one of India’s most well-known financial institutions. With its diverse range of financial services and products, it not only facilitates the mobilisation of savings in the economy but also enables people to develop financial discipline. ICICI provides fixed deposit services to its customers who want to place their money without exposing it to market fluctuation as a way to facilitate savings.
Customers may open fixed deposit (FD) accounts with ICICI Bank and choose from a variety of deposit terms and interest rates. The available FD schemes meet the demands of customers from various backgrounds. Here is all you need to know before deciding how to manage your savings.
Table of Content
- ICICI Bank FD Interest Rates on Domestic Deposits (less than ₹2 crore)
- ICICI Bank FD Interest Rates on Domestic Deposits (₹2 crore-₹5 Crores)
- Features of ICICI Bank Fixed Deposit
- Types of ICICI Bank FD Schemes
- How to Invest in ICICI Bank FD?
- Eligibility to Open an ICICI Bank FD Account
- Documents Required to Open ICICI Bank FD
- Tax on ICICI Bank Fixed Deposit
- Loan Against ICICI Bank FD
- Premature Closure of ICICI Bank Fixed Deposit
- Frequently Asked Questions (FAQs)