How to Open Fixed Deposit Online? – ICICI Bank

How to open fixed deposit online in ICICI bank without visiting branch? If you are looking for answer of this question here is a quick help.

A fixed deposit (FD) is saving scheme by banks and post office which provides a higher rate of interest to investor compared to normal saving account, until the given maturity date. It is also known as term deposit.

Follow the steps given below to open fixed deposit online at ICICI bank.

How to Open Fixed Deposit Online? – ICICI Bank

  • The first thing you need to do is opt for net banking facility at ICICI bank. Once net banking facility is enabled login to net banking portal.
  • After login, go to My Account Tab and click on Deposits.
  • You will be diverted to the page where it will ask for three different options Recurring Deposit, iWish Deposit and Fixed Deposit.

fixed deposit online

  • Click on Open Now button given beside Fixed Deposit. In the next screen you will be able to see multiple options about deposits.
  • If you want to know about features click on features button else click on Open button.
  • Now fill up the fixed deposit form. Most of the details are filled automatically. This includes debit account number, type of deposit, and nature of deposit.

Open Fixed Deposit Online

  • Enter amount and select tenure. Next is selection of maturity process. You can either select auto renewal or credit back to saving account.
  • At last you need to accept terms and condition and click on submit button.
  • In the next screen you need to check the details and give confirmation.

Now your fixed deposit account is opened with ICICI bank. You will be able to see FD account number. The fixed deposit details and deposit advice will be updated on net banking within 1 day.

Also Read – How to close SBI Fixed Deposit Online?

Along with opening fixed deposit, ICICI bank also offers option to opt for credit card. Mobile number registration is mandatory to apply for credit card against your FD.

Points to consider before opening fixed deposit online

  • Interest income on fixed deposits is taxable under the head ‘Income from Other Sources’ and investors need to pay tax depending on the tax slab under which they fall.
  • You should compare the applicable interest rate. The interest rate on fixed deposit differs from bank to bank.
  • FD holders who do not have a taxable income bracket can submit a declaration form 15G to avoid TDS.
  • You can take loan against fixed deposit. It will be cheaper option and involves less paper work.
  • The interest paid are monthly, quarterly or at maturity.
  • Premature withdrawal FD invite penalty.
  • FD is not entirely safe.
  • Investment in FD is advisable only if you are looking for moderate return with safety.

The Author

Raviraj Parekh

Raviraj is the man behind moneyalpha.com. He is graduate in finance, engaged in blogging since 6 years. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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