An interest certificate contains the summary of debit and credit of interest. The information provided in it helps to ascertain the total interest paid/accrued on different accounts such as FDs, savings accounts, and loan accounts. You can download it online from the ICICI Bank official website or via the iMobile Pay App. ICICI interest certificate helps borrowers claim tax benefits on ICICI Bank education loans. Read this blog to find out how to obtain the interest certificate from the bank and its usage.
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What is the ICICI Interest Certificate?
ICICI Bank interest certificate is a document that provides ICICI Bank customers with a detailed summary of interest credit and debits. The bank issues interest certificates against the savings, fixed, recurring deposits and loan accounts. Users can ascertain how much interest they have gained on their Current Account or Savings Account.
For those who have availed of an ICICI Bank education loan, the ICICI interest certificate enables the borrowers to claim for income tax rebate on an education loan under Section 80E. The interest certificate from ICICI Bank shows the distribution of the amount paid as the principal amount and the interest amount.
- The interest certificate from ICICI Bank is downloadable via the official website. You can also use the bank’s iMobile Pay app.
- To download it, you need to select the account number for which you need to generate the interest certificate from the drop-down menu.
- The information displayed in the interest statement is for all accounts linked under the selected customer ID.
- Use the ‘Interest Period’ option to generate a certificate for a financial year (April 1 to March 31).
- Use the ‘Interest Period Date’ option to generate a certificate for a calendar year (January 1 to December 31).
Also Read: Know about the ICICI Bank education loan disbursement process and understand the important steps involved for hassle-free education loan disbursal.
How to Obtain the ICICI Interest Certificate?
To obtain an interest certificate from ICICI Bank, you can simply visit the nearest bank branch and request for it. The request is processed immediately. One can also download the interest certificate through the website online or generate your interest certificate through the iMobile Pay App. Let’s look at both ways of getting an ICICI interest certificate.
Download it Online
- Visit the official website of ICICI Bank at www.icicibank.com.
- Login to Internet Banking using your credentials.
- Navigate to ‘Tax Centre’ under the ‘Payments and Transfer’ tab.
- Click on ‘Download’ Interest Certificate on the new web page.
- Enter the Account Number.
- Select the Interest Period and click on ‘Download PDF’.
- Access the PDF from your system.
Through the iMobile Pay App
- Download and log in to the ICICI iMobile Pay App.
- Click on ‘Services’ at the bottom right corner.
- Select ‘Interest Certificate’ from the various options displayed.
- Provide the Account Number and enter the financial period.
- Provide the Start Date and End Date for which the ICICI interest certificate has to be generated.
- Click on ‘Generate PDF’.
- Choose the option you want to open with (PDF Viewer).
Also Read: ICICI Student Forex Card allows students to easily manage their cash while studying abroad. Check out this blog to learn about its features, benefits, rates and how to apply.
Uses of ICICI Interest Certificate
ICICI Interest Certificate enables you to claim income tax benefits Under Section 80E. Under this section, the deductions can only be claimed for the interest paid on education loans. For this, while filing the ITR for the financial year, the borrowers must obtain the interest certificate from the lender.
Since the interest rates earned on current accounts, savings accounts, and fixed deposit accounts are taxable, the interest certificates are used to file for taxable interest earned during the financial year.
This was all about the ICICI Bank interest certificate. Understanding how to obtain it is important as it helps the borrowers of education loans to claim income tax rebates under Section 80E of the Income Tax Act.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs on Interest Certificate ICICI
ICICI Bank interest certificate is a document that provides ICICI Bank customers with a detailed summary of interest credit and debits. It also shows the distribution of the amount paid as the principal amount and the interest amount against the education loan to claim income tax benefits.
To obtain an interest certificate from ICICI Bank, you can simply visit the nearest bank branch and request for interest certificate. One can also download the interest certificate through the website online or generate your interest certificate through the iMobile Pay App.
To get the ICICI Interest certificate online, visit the official website of ICICI Bank at log in using your credentials. Navigate to ‘Tax Centre’ under the ‘Payments and Transfer’ tab and click on ‘Download’ Interest Certificate on the new web page. Enter the Account Number and select the Interest Period. Click on ‘Download PDF’.
Interest certificate helps the borrowers of education loans in claiming tax benefits while filing for Income Tax Returns. The amount of interest paid as per the interest certificate can be claimed by the borrowers.
Download and log in to the ICICI iMobile Pay App and click on ‘Services’ at the bottom right corner. Now, select ‘Interest Certificate’ from the various options displayed and provide the Account Number and enter the financial period. Click on ‘Generate PDF’ to download the ICICI interest certificate.
A bank interest certificate is an official document issued by a bank. It verifies the interest earned on a customer’s account in a financial year. It also serves as proof of the interest paid on education loans that can be used to claim deductions.
There are no fees associated with downloading the interest certificate from ICICI Bank. Customers can access and download their interest certificates online free of charge through the bank’s net banking facility.
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