ICICI · India · verified October 2026
ICICI FD Break Calculator — Premature Withdrawal Penalty
ICICI Bank charges a 0.50% penalty on premature closure of fixed deposits below ₹5 lakh and 1.00% at or above ₹5 lakh. Interest is recalculated at the card rate for the tenure the deposit actually ran, then the penalty is deducted from that rate, and simple interest is paid for the days held. No interest is paid if the deposit is closed within 7 days. Senior citizens keep their additional +0.50% on the card rate, but the penalty percentage is the same. Because ICICI’s card rate curve is not monotonic — its one-year rate is currently lower than its six-month rate — closing a two-year deposit at month 13 can pay less per day than closing at month 11. The calculator applies the correct bucket automatically, which is why the estimated payout can differ from a rough manual calculation.
- Penalty below ₹5 lakh
- 0.50%
- Penalty at or above ₹5 lakh
- 1.00%
- Minimum holding period
- 7 days
- Compounding
- Quarterly
- Senior citizen boost
- +0.50% on card rate
- Closure channel
- iMobile, NetBanking, branch
ICICI deposit details
ICICI card rates by tenure
These are the rates used to reprice your deposit when it is closed early. Your holding period is mapped to the highest bucket it does not exceed.
| Tenure bucket | General rate | Senior citizen |
|---|---|---|
| 7 days | 3.00% | 3.50% |
| 14 days | 3.00% | 3.50% |
| 1 month | 3.50% | 4.00% |
| 2 months | 4.75% | 5.25% |
| 3 months | 5.50% | 6.00% |
| 6 months | 7.25% | 7.75% |
| 1 year | 6.90% | 7.40% |
| 18 months | 7.20% | 7.70% |
| 2 years | 7.00% | 7.50% |
| 3 years | 6.90% | 7.40% |
Worked examples
Each row is calculated with the same rule the calculator uses: card rate for the period held, minus the penalty, simple interest for the days held.
| Scenario | Rate applied | Penalty | Interest paid | Interest at maturity | Loss |
|---|---|---|---|---|---|
| ₹3,00,000 · 2-year FD at 7.00% · closed after 13 months | 6.90% | 0.50% | ₹20,778 | ₹44,665 | ₹23,886 |
| ₹5,00,000 · 2-year FD at 7.00% · closed after 13 months | 6.90% | 0.50% | ₹34,630 | ₹74,441 | ₹39,811 |
| ₹10,00,000 · 3-year FD at 7.00% · closed after 2 years | 7.00% | 1.00% | ₹1,20,000 | ₹2,31,439 | ₹1,11,439 |
The ₹5 lakh boundary is where ICICI’s cost doubles
ICICI, like SBI, applies a lower penalty below ₹5 lakh. A ₹4,99,000 deposit pays 0.50%; a ₹5,00,000 deposit pays 1.00%. The threshold is applied to the deposit principal, not to your total relationship value.
If you are booking ₹6 lakh or more and expect to need some of it early, booking two deposits keeps each one inside the cheaper slab — the same structuring trick that works at SBI.
ICICI’s rate curve dips at one year — check before you wait
The instinct on every early closure is "wait a bit longer and the rate improves". At ICICI that is not always true: the card rate for 6 months to under 1 year has recently been higher than the rate for 1 year to under 18 months.
Run both dates through the calculator before you decide. Crossing a tenure boundary can move you into a lower bucket and wipe out the benefit of waiting.
Closing an ICICI FD from iMobile
In iMobile, open Accounts → Fixed Deposits → select the deposit → Withdraw. NetBanking follows the same path under Deposits. The screen shows the penalised rate and net payout before you confirm, which is the quickest way to check this calculator against the bank’s own figure.
Partial withdrawal is available on most ICICI deposits; the residual balance keeps the original rate.
How to close a ICICI FD early
- Open iMobile or ICICI NetBanking and go to the Fixed Deposits section.
- Select the deposit and choose Withdraw / Premature Closure.
- Review the rate and penalty shown on the confirmation screen.
- Confirm; the proceeds are credited to your linked savings account, typically the same day.
- For joint or deceased-holder claims, visit the branch with the passbook and ID.
Frequently asked questions
0.50% for deposits below ₹5 lakh and 1.00% for deposits of ₹5 lakh or more. The penalty is deducted from the card rate applicable to the period the deposit actually ran.
Interest is paid at the card rate for the completed holding period, less the penalty percentage, for the number of days held. Quarterly compounding stops at closure; the final calculation is simple interest.
Yes, partial withdrawal is available on most ICICI fixed deposits. The remaining balance continues at the original contracted rate until the original maturity date.
For deposits below ₹5 lakh, no — ICICI charges 0.50% against HDFC’s flat 1.00%. At ₹5 lakh and above, both charge 1.00%, so the two are equal.
Sources
Penalty percentages and card-rate buckets re-checked October 2026. Banks revise rates without notice; confirm at the branch or on the bank's site before acting.
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Bank penalty rules last verified . Always confirm the current terms with your bank before closing a deposit.