Maximize Your Savings with ICICI Senior Citizen FD
ICICI Bank offers enhanced interest rates for individuals aged 60 and above. Typically, senior citizens receive an additional 0.50% interest rate over the standard prevailing rates. This calculator helps you estimate the wealth you can generate by utilizing these special rates.
Why Choose ICICI Senior Citizen Fixed Deposits?
Higher Returns: Benefit from the 0.50% additional interest buffer specifically for seniors.
Flexible Tenure: Choose durations ranging from 7 days to 10 years based on your financial goals.
Safety: ICICI Bank is one of India's largest private sector banks with high credit ratings, ensuring your principal is secure.
Liquidity: Options for partial withdrawal or premature closure (subject to nominal penalties).
Understanding the Calculation
For most ICICI FD schemes with a tenure of 6 months or more, interest is compounded quarterly. The formula used for cumulative FDs is:
A = P (1 + r/n)^(nt)
Where:
A: Maturity Amount
P: Principal Amount
r: Annual interest rate (in decimal)
n: Number of times interest is compounded per year
t: Total time in years
Sample Maturity Estimates (at 7.50% p.a.)
Investment (₹)
Tenure
Interest Earned
Maturity Value
₹1,00,000
1 Year
₹7,714
₹1,07,714
₹5,00,000
3 Years
₹1,24,851
₹6,24,851
₹10,00,000
5 Years
₹4,49,948
₹14,49,948
Frequently Asked Questions
1. What is the current ICICI Senior Citizen FD rate? Rates vary based on market conditions. Generally, they range between 3.50% to 7.75% depending on the tenure chosen.
2. Is the interest taxable? Yes, interest earned on Fixed Deposits is taxable as per your income tax slab. TDS is deducted if interest exceeds ₹50,000 in a financial year for senior citizens.
function calculateICICIFD() {
var p = parseFloat(document.getElementById('fdPrincipal').value);
var r = parseFloat(document.getElementById('fdRate').value);
var y = parseFloat(document.getElementById('fdYears').value) || 0;
var m = parseFloat(document.getElementById('fdMonths').value) || 0;
var n = parseInt(document.getElementById('fdFrequency').value);
if (isNaN(p) || isNaN(r) || (y === 0 && m === 0)) {
alert("Please enter valid investment details.");
return;
}
var totalYears = y + (m / 12);
var maturityValue = 0;
var rateDecimal = r / 100;
if (n === 0 || totalYears < 0.5) {
// Simple Interest for short term or manual SI selection
maturityValue = p + (p * rateDecimal * totalYears);
} else {
// Compound Interest
// A = P(1 + r/n)^(nt)
maturityValue = p * Math.pow((1 + (rateDecimal / n)), (n * totalYears));
}
var totalInterest = maturityValue – p;
// Formatting currency for India (INR)
var formatter = new Intl.NumberFormat('en-IN', {
style: 'currency',
currency: 'INR',
maximumFractionDigits: 0
});
document.getElementById('resPrincipal').innerText = formatter.format(p);
document.getElementById('resInterest').innerText = formatter.format(totalInterest);
document.getElementById('resMaturity').innerText = formatter.format(maturityValue);
document.getElementById('fdResultBox').style.display = 'block';
}