ICICI HFC Fixed Deposit – FAQs
1. What options are available while opening a Fixed Deposit ("FD") account with ICICI Home Finance Company Limited ("ICICI HFC”)?
You have the option of opening/renewing the fixed deposits under either of the traditional or cumulative scheme. Under the traditional scheme, interest would be paid on monthly, quarterly, or annual basis depending on the scheme subscribed to, by you as depositor. In cumulative deposits, interest is accumulated with the deposit amount, which again is eligible to earn interest on monthly/quarterly/annually compounding principle. The principal as well as the accumulated interest is paid to the customer only upon maturity or premature withdrawal.
2. Who can open FD account with ICICI HFC?
Following entities can open FD account with ICICI HFC:
(a) Any resident Indian
(b)Any individual who
comes under definition of ''Person of Indian Origin' as defined by
the Government of India/Reserve Bank of India, from time to time.
(c) Non-individual resident legal entities like Hindu Undivided Family, Trust, Association of Persons, Societies, Firms, Companies, etc.
3. Under what regulations, the fixed deposits accepted by HFC’s are governed?
The public fixed deposit schemes of HFC’s are governed by regulations issued by National Housing Bank (“NHB”), the regulatory authority of HFC’s. The applicable regulations include National Housing Bank Act, 1987, Housing Finance Companies (NHB) Directions, 2001, guidelines circulars and notifications issued by NHB from time to time.
4. How do purchase ICICI HFC FD online from www.icicidirect.com ?
You may logon to www.icicidirect.com with your login id & password, click on “ Fixed Deposit “ & select ICICI Home Finance Fixed Deposit.
5. What is the minimum amount required to place a FD with ICICI HFC?
The minimum amount required to place a Fixed Deposit with ICICI HFC is Rs. 5,000 and thereafter-in multiples of Rs. 1,000.
6. Will I get the FD receipt?
Yes, ICICI HFC will issue FD receipt acknowledging the money deposited by you with us.
7. When will I get the FD receipt?
FD receipt (for customers not opting for Nomination) will reach the customers within 7 working days from the date of order placement.
FDR for customers who are opting for nomination facility will only be despatched after processing of nomination form. Customer will receive FDR within 3 weeks post this.
8. What is the range of tenure for which I can open a FD account?
If you are a resident Indian individual/entity, you can open a FD account with ICICI HFC for a minimum tenure of 1 year to maximum tenure of 7 years. However, within these time limits, the tenure of deposits may differ from scheme to scheme.
9. At what frequency will I receive interest on my FD?
Interest is paid as per the FD income plan selected by you while depositing money with ICICI HFC. For the Traditional scheme, the interest on FD is paid on a monthly/quarterly/annual basis based on the monthly / quarterly / annual Income Plan opted by you. For the Reinvestment scheme, the interest is compounded to the deposit amount on an annual basis on March 31st, every year and the accumulated interest will be paid on maturity along with deposit amount.
10.What is compounding in FDs?
In case of deposit with Cumulative option, interest accrued is added to the existing deposit amount at the end of every year on 31st March. Cumulative scheme of ICICI HFC’s FD is compounded annually.
11. What is the start date of interest on FD?
Interest would accrue from the date when the money is debited from your ICICI Bank account. ICICI HFC may revise the above policy of interest accrual from time to time, at its sole discretion.
12. Can different FD accounts be opened in the name of single depositor?
Yes, single depositor may open several deposit accounts in the same name only.
13. What is 'nomination'?
Through nomination facility, the depositor may nominate a person to whom ICICI HFC should pay the deposit amount in case of death of the depositor. For availing this facility, you should download & fill the nomination form from link provided in the order book under Fixed Deposit section & send it to ICICI Securities within 7 days of making the application. Nomination form need to be sent at below mentioned address:
ICICI HFC FD Operations, ICICI Securities Limited, Shree sawan knowledge park, Ground floor, Plot no. D-507 T.T.C. Industrial area, MIDC Turbhe, Navi Mumbai 400706.
Fixed Deposit Receipt (FDR) would only be issued after receipt of the duly filled nomination form.
14. How can the deposits be redeemed?
The deposit receipt duly discharged with a revenue stamp of requisite value should be surrendered to ICICI HFC at least two weeks prior to the maturity date of FD. FDR to be dispatched along with the maturity form at below mentioned address:
ICICI HFC Central Operations Team, ICICI Bank , 2nd Floor, Trans Trade Center, Opposite Floral Deck Plaza, MIDC, Andheri (E), Seepz, Mumbai
15. What is the mode of getting payment on redemption/interest?
The redemption/interest payment will be directly credited to your ICICI Bank Limited account.
16. Can I redeem my FD before the original term? If so, are there any conditions applicable to the same?
Yes, FD can be withdrawn before the original term of the FD. In accordance with the provisions of the Housing Finance Companies (NHB) Directions, 2001, on a request being made by a depositor, premature withdrawal of the deposit may be allowed subject to the following conditions:
No deposit will be repaid within three months from the date of its acceptance.
No interest shall be paid if the deposit is withdrawn within six months but after three months from the date of deposit.
For premature withdrawal after six months but before one year from the date of its acceptance, the interest may be paid @ 3% lower than the minimum rate of interest offered by IHFC while accepting public deposits.
For premature withdrawal after one year from the date of its acceptance, the interest may be paid @ 2% lower than the interest rate applicable for tenure for which deposit has run if the deposit had been originally accepted for such tenure.
In case of death of the depositor, the deposit will be repaid to the joint depositor/ nominee/ legal heirs (as applicable) with interest at the contracted rate up to the date of repayment of such deposit.
17. How is the FD renewed?
Subject to the FD scheme being open, the deposit may be renewed on maturity by submitting a duly filled fresh FD Application Form within one month from the date of maturity. It is necessary that the fresh FD Application Form should be submitted along with the duly discharged old FD receipt with revenue stamp of requisite value. The renewal will be subject to the terms and conditions of the FD scheme as applicable on the maturity date of the old deposit.
18. Is FD transferable?
No, FD is non- transferable.
19. Can a loan be obtained from ICICI HFC against the security of the FD?
Yes, loan facility is available at the discretion of ICICI HFC, which can be availed only after three months from the date of deposits and up to 75% of the deposit amount subject to certain terms and conditions. Interest on such loans will be 2% above the deposit rate. Please note that this facility is available only to individuals (other than minors and NRIs) and HUFs.
20. How can a depositor change the address etc. during the term of deposit?
An application requesting to update the address etc. may be submitted to ICICI HFC Central Operations team along with the proof of such change, like new residence proof'. The account holders should sign the application.
21. What if one loses the FD Receipt.?
In the event of loss of the Fixed Deposit Receipt, ICICI HFC should be immediately informed about the loss of the instrument. ICICI HFC may issue a duplicate Fixed Deposit Receipt, subject to non encashment of the original instrument, upon receipt from the depositor of a 'letter of loss of instrument' and an indemnity in the prescribed form to its satisfaction and after compliance with such other formalities as may be required by the ICICI HFC.
22. If legal disputes arise, what is the resolution mechanism?
Disputes, if any, arising in connection with ICICI HFC's FDs, will be subject to jurisdiction of Courts at Mumbai.
23. Are public deposits of any HFC guaranteed by NHB?
No. Though ICICI HFC is within its regulatory framework, NHB does not undertake any responsibility for the repayment of deposits/discharge of liabilities by ICICI HFC. The depositor is advised to satisfy himself about the financial position and all relevant aspects before placing his deposit with any HFC.
Tax Deducted at Source (TDS)
24. When do I become liable for TDS?
If the aggregate interest income that you are likely to earn for all your deposits is greater than Rs. 5,000/- in a financial year, you become liable for TDS, subject to submission of Form 15G (For entities other than Companies/Firms)/15H (For Senior Citizen who is of the age of 65 years or more) or a certificate for lower/nil deduction of TDS issued by Income Tax Authorities u/s 197 of the Income Tax Act, 1961.
25. When is TDS deducted?
TDS is deducted every time the Company pays or credit interest during the financial year. In addition, TDS is also deducted on interest accrued (but not yet paid) at the end of the financial year viz. 31st March.
26. Where should I submit form 15 G / 15 H ?
You should download applicable form 15 G / 15 H by clicking on the link provided in the order book under Fixed Deposit section & send it to ICICI HFC Central Operations team within 7 days of making the application. Form need to be sent at below mentioned address :
ICICI HFC Central Operations Team, ICICI Bank , 2nd Floor, Trans Trade Center, Opposite Floral Deck Plaza, MIDC, Andheri (E), Seepz, Mumbai.
27. Who is considered Senior citizen?
Citizens above the age of 60 years are considered as senior citizens.
28. Do senior citizens get any extra benefit on the FDs?
Yes, they do get extra benefits in the form of special interest rates that may vary from scheme to scheme.
This FAQ is only meant to clarify certain basic questions on Fixed Deposit scheme. The information given is included only for general purpose and the depositors should be aware that the relevant rules, regulations, or their interpretation might change. We strongly advise depositors to contact our Call Centre/ICICI HFC branches/Registrar for any additional information/clarifications. Please read the terms & conditions, Financial statements & Declarations available on www.icicidirect.com before investing in ICICI HFC FD. ICICI Securities Ltd. acts as a referral agent to ICICI Home Finance Company Ltd. and the offer is brought to you by ICICI Home Finance Company Ltd subjective to fulfilment of eligibility criteria, terms and conditions etc