1. What is ICICI Bank FD Calculator?

The ICICI Bank Fixed Deposit calculator helps you estimate the return on your fixed deposit investment based on principal amount, interest rate, compounding frequency, and tenure.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

Where:

• \( Principal \) — Initial investment amount
• \( Rate \) — Annual interest rate (in decimal)
• \( Compounding \) — Number of times interest is compounded per year
• \( Years \) — Investment tenure in years

Explanation: The formula accounts for the power of compounding, where interest is earned on both the principal and accumulated interest.

3. Importance of FD Calculation

Details: Accurate FD return calculation helps in financial planning, comparing investment options, and setting realistic savings goals.

4. Using the Calculator

Tips: Enter principal in dollars, rate as decimal (5% = 0.05), compounding frequency (e.g., 4 for quarterly), and years. All values must be positive.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum deposit for ICICI Bank FD?
A: ICICI Bank typically requires a minimum of $1,000 for fixed deposits, but this may vary.

Q2: How is interest paid out?
A: Interest can be paid monthly, quarterly, half-yearly, annually, or at maturity depending on your choice.

Q3: Are ICICI Bank FDs tax-free?
A: No, interest earned is taxable as per your income tax slab. TDS may be deducted if interest exceeds $40 in a year.

Q4: What happens if I withdraw my FD early?
A: Premature withdrawal usually attracts a penalty of 0.5-1% on the interest rate.

Q5: Can I take a loan against my ICICI FD?
A: Yes, you can get a loan up to 90% of your FD value at a slightly higher interest rate than your FD rate.