How to open tax saving fixed deposit in ICICI Bank

Let us take a look at how to open a tax-saving FD with ICICI Bank.
Also read: Three ways to invest in HDFC Bank tax-saving FDs

How to open an ICICI Bank Tax Saver FD?

The minimum deposit limit for a Tax Saver FD is Rs 10,000 and the maximum is Rs 1,50,000. You can open a Tax Saver FD with ICICI Bank through any of the following channels:

How to open tax saving FD in ICICI Bank using internet banking
Step1: Log in to ICICI Bank Internet Banking.
Step 2: Go to 'Bank Accounts'
Step 3: Select 'Deposits'
Step 4: Click on 'Create FD'
Step 5: Select your tax saving FD
Step 6: Enter your investment amount. ...
Step 7: Select payout option.( Choose from the flexible interest payout options of monthly, quarterly or reinvestment in principal)
Step 8: Click on 'Create FD'.

iMobile Pay:
Step 1: Log in to ICICI Bank iMobile Pay
Step 2: Click on the ‘Account & Deposits’ icon
Step3: Click on Deposits
Step 4: Click on ‘Open FD’
Step 5: Submit.

Tax saving FD interest rate

ICICI Bank offers 7% interest on tax saving fixed deposit for general citizens and 7.50% for senior citizens.

Key features of a Tax Saving FD

• A tax saving FD lets you avail of income tax exemption under Section 80C of the IT Act, 1961. The Fixed Deposit income tax exemption can be claimed on investment of up to Rs 1.5 lakh
• The lock-in period is five years
• The interest earned, as a part of the Tax Saving Fixed Deposit, is taxable, and is deducted at source.
• Premature withdrawals, Loans or Overdraft (OD) facilities are not available for a Tax Saving FD.