FAQs

In case your clients have questions regarding ICICI Home Finance Co. Fixed Deposits, here's an exhaustive list of FAQs (Frequently Asked Questions) to help you answer them.

Please read them carefully so that you can enlighten your customers correctly and come across as an informed, helpful agent.
 
 
   
     
 
What is a Fixed Deposit (FD)?
Fixed Deposit is an account maintained with a Bank, HFC (Housing Finance Company), Corporate, NBFC (Non Banking Finance Company) or any other entity wherein the money is given at a particular rate of interest for a particular period of time.
 
On what factors does the interest rate on the FD depend?
The interest rate on FD varies depending upon the tenure and amount of principal.
 
What is the tenure of FD?
The time period for which the FD is made is called the tenure.
 
What are the various tenures available?
The tenures varies from 1 year to 7 year (12 months to 84 months)
 
When is the interest added?
Interest is paid as per the scheme chosen for the FD. In case of Monthly / Quarterly / Annual Income Plan, interest is paid on a monthly/quarterly/annual basis. In case of Cumulative scheme, compound interest is paid at the end of the term of FD along with principal
 
What is compounding in FDs?
In case of Cumulative Scheme deposits, interest accrued is added back to the principal at the end of every month/quarter/half-year/year depending upon the compounding factor. Cumulative scheme of ICICI HFC FD is compounded annually.
 
What are the documents required?
The documents required (apart from duly filled FD Application Form) are the proof of residence and PAN No. If a depositor is not assessed for tax then you will have to fill Form No.60 as per the regulations.
 
Is the PAN mandatory for making an FD account?
Yes, if the investor does not have PAN and is not assessed for tax then he/ she has to fill Form No.60 according to the guidelines.
 
How can I redeem my deposits?
The Deposit Receipt duly discharged with a revenue stamp should be surrendered to the ICICI HFC on maturity for the repayment of the principal amount . This must be done at least a month before the maturity to enable the ICICI HFC to renew or refund the deposits as the case may be.
 
What is the minimum amount required to place a FD with ICICI HFC?
Minimum amount is Rs. 5,000 and thereafter in the multiples of Rs. 1,000.
 
Can I have a FD in a joint account?
Yes, you can have the FD in the joint account mode. A maximum of 3 joint holders for a deposit are permitted as per the NHB guidelines.
 
What is 'either or survivor'?
In this facility, any one of the account holders (if it is in a joint name) can stake a claim to the money deposited and operate the account without the signature of the other account holder(s). Moreover, if one of the account holders has expired without any nomination, the other account holder can claim the funds on maturity.
 
What is ’joint or survivor’?
In this case, both account holders have to be present at the time of withdrawal of deposits and their signatures have to be present on the cheque. In the case of one account holder expiring, the other account holder(s) have to furnish the death certificate of the expired account holder in order to claim the funds on maturity. r.
 
What is ‘rollover’?
If the FD matures and the investor does not claim the money then he/ she can renew deposit for the same or different tenure depending on the interest rates.
 
What is the mode of getting payment after redeeming a FD?
The payment after maturity of the FD is paid in the form of cheque/pay order/demand draft/direct credit into the depositor’s bank account.
 
What is ‘nomination’?
In the case of a nomination, an investor can fill a form directing ICICI HFC to pay the matured fund amount to a particular person in case the original account holder expires.
 
Is FD transferable?
No, the FD is not transferable.
 
Can ICICI HFC reject my application?
Yes, ICICI HFC reserves the right to reject any application.
 
What if I change my address etc. during the term of deposit?
You just have to write an application informing of any change. This must be signed by all the account holders and sent it to ICICI HFC office.
 
When is the TDS deducted in FDs?
If the interest on the FD is more than Rs. 5000 then ICICI HFC deducts TDS while making the payments.
 
Do companies club interest on different FDs in calculation of interest for TDS purposes?
Yes, it is mandatory for the companies to club the interest income on all the accounts of the account holder and deduct TDS if interest is more than Rs. 5000. The Income Tax is deducted at source in accordance with the Section 194-A of the Income Tax Act except where appropriate certificates/Forms ie. Form 15H/15G is submitted to the ICICI HFC at least one month before the due date of interest.
 
Is there a ceiling on the number of FDs I can make or the number of companies where I can have the FD accounts?
NO, there is no limit as to the number of FDs. You can be a customer of as many companies as you like.
 
What if I lose my FD receipt?
You should immediately inform ICICI HFC so that we will issue you a duplicate receipt after getting an indemnity bond from you.
 
Can the FD be made in the minor’s name?
Yes, the guardian of the minor can sign on his/ her behalf on the form.
 
Is nomination facility available in company FDs?
Yes, you can ask for the nomination form and nominate any person to be the beneficiary in case you expire before the deposit maturity date.
 
What is the start date of interest on FD?
For deposits less than Rs. 10 lakhs, interest calculation starts from the day the Fixed Deposit application is lodged with the company’s office. This is applicable, provided all the required documents and acknowledgement are received For deposits greater or equal to Rs. 10 lakhs, interest calculation starts from the date of realization of the cheque/DD.
 
What if the day of any payment of interest or maturity amount is Sunday/Bank Holiday/ICICI HFC holiday?
The payment in that case will be made on the next day.
 
In which courts’jurisdiction will the disputes go, if they arise?
It is given in the fixed deposit form. It is usually in the region’s court where the ICICI HFC is registered (it is Mumbai in case of ICICI HFC).
 
Can I withdraw my deposit prematurely? If so, are there any conditions attached to the same?
Subject to any contract to the contrary an HFC, on a request being made by a depositor, may consider making premature payment of the deposit subject to the following:
  • No deposit can be repaid within three months from the date of its acceptance.
  • No interest shall be paid if the deposit is repaid within six months from the date of deposit.
  • Where deposit has run from six months to one year the interest can be paid @ 3% lower than the lowest rate applicable amongst any of ICICI HFC’s FD schemes as on the date of placement of deposit.
  • Where the deposit has run for a period of twelve months, the rate of interest applicable shall be 2% less than the rate applicable for the period for which the deposit has actually run.
  • In case of death of the depositor, the deposit may be repaid with interest at the contracted rate up to the date of repayment of such deposit.
 
Can ICICI HFC on its own repay the deposit prematurely?
No, acceptance of public deposit is a contract between the HFC and the depositor for a definite period of time. However, any novation of the contract has to be mutually agreed between the parties and should be in conformity with the provisions of National Housing Bank (NHB) Directions, 2001.
 
Are public deposits of HFCs guaranteed by NHB?
No. The depositor is advised to satisfy himself about the financial position and all relevant aspects before placing his deposit with the HFC. A person making public deposits with HFCs should satisfy himself that it holds a valid certificate of registration for accepting public deposits from NHB. NHB while issuing certificate of registration to an HFC specifically mentions whether or not it can accept public deposits.
 
Does ICICI HFC provide nomination facility to its depositors?
Yes. Such facility is permissible to the depositors.
 
At what frequency will I receive interest on my FD?
For the Traditional schemes (Annual Income Plan (AIP), Quarterly Income Plan (QIP), Monthly Income Plan(MIP) the interest on the Fixed Deposit (FD) is credited to the ICICI Bank account specified by you on a monthly/quarterly or annual basis. Alternatively, ICICI HFC will send interest warrants in advance (post dated) for the FY during which the deposit is placed. These warrants will be payable at par at all locations of ICICI Bank. For the Reinvestment scheme, the interest is compounded annually and paid along with the principal amount at the time of maturity of FD.
 
Will I get a FD receipt?
Yes, we will dispatch it to you by courier at the address given by you at the time of opening the Fixed Deposit Account.
 
Do Senior citizens get any extra benefit on the FDs?
Yes, they do get extra benefits in the form of higher interest rates.
 
Can I obtain a loan from ICICI HFC on the security of my FD?
Yes, loan facility is available upto75% of the principal amount. You can approach us by just walking into any of our branches.
 
How do I redeem my FD?
After maturity of your FD, you can walk into any ICICI HFC branch across the country and claim your deposit by furnishing your Fixed Deposit receipt.