What is the first thought that strikes your mind when you hear about fixed deposit? Well, different people have different perceptions about this. For few it is one of the safest and best modes of investment whereas some think that it is not a good idea to lock your hard earned money for a specific tenure. Well, each individual is different and so as his/her thinking. However, one thing that needs to be mentioned here is the fact that it is absolutely true that in case with FD, you will reap the benefits after a specific tenure, but knowingly or unknowingly it is one of the safest and best modes of saving. However, to keep you away from the dilemma i.e. which bank offers the best FD plan/scheme, here we are solving all your queries by giving you detailed info on ICICI fixed deposit.
Yes, this leading private sector bank offers FD to general as well as senior citizens with premature withdrawal facility as well as without the same. Moreover, the best thing about this bank is the fact that it offers the highest interest rate of 7%-7.50% per annum to the individuals with the amount less than ₹ 1 Crore. Furthermore, before we move ahead with the more details about the various schemes being offered by this renowned bank, it is important to mention the nitty and gritty of FD, what it is, how it offers you benefit in the long-run. So, those who don’t know what fixed deposit is all about, reading this article is worth for them as it gives them the detailed info on all these aspects.
Fixed deposit is one of the safest and best known modes of investment, wherein a person has to fix his/her money for a certain period of tenure. And, on the deposited amount, you will earn an interest till the time your money is deposited. But, one thing that needs to be mentioned here is the fact that different banks have different norms related FD, hence the limit of keeping the minimum and maximum amount, interest rate and tenure vary from bank to bank. So, it is important before choosing one lender, you should compare all on various parameters hence, choose the best one, offering you the lucrative deal.
Well, friends, now that you know the basic credentials about FD, let’s just move ahead what we were discussing above. When it comes ICICI, this reputed lender offers various types of FD plans to the needful. So, if you want to know about these schemes/plans, all you need to do is just read this article further…
FD Plans Offered by ICICI-
Traditional Plan: Under this type of plan, an investor can reap the benefits monthly or quarterly, depending upon his/her convenience lies with the maturity period that ranges between 7 days to 10 years. Moreover, the best thing about this plan is the fact that if you opt for the same, you can start by investing a minimum amount of ₹ 10,000. Also, one can avail the partial withdrawal facility, available in multiples of ₹ 1,000. Not only this, you can also have premature withdrawal, but with some penalty being charged. More to the point, the best most highlighted thing about this plan is the fact that it also offers you the loan facility of up to 90% of the principal and accrued interest.
Reinvestment Plan: Under this plan, the interest component is compounded quarterly and is reinvested in the principal amount along with a maturity period ranging between 6 months-10 years. Here, one can also start by investing ₹ 10,000 for general and ₹ 2,000 for minor. Here partial withdrawal is also available in the multiples of ₹ 1,000 and for premature withdrawal a penalty is also charged. Moreover, under this scheme, you can also avail the loan of up to 90% of the interest and accrued interest.
Now, that you guys know the various plans offers by the bank, it is also crucial to know about the ICICI fixed deposit calculator. Yes, this term, you might have heard, but many of us actually don’t pay much attention towards the same. Even though, it is useful to us. Don’t worry, in this article, we will tell you about the same.
This smart tool enables you to know the maturity value of your deposited amount. With the help of using this device, an individual can easily know the overall profit on the deposited amount at chosen lock-in period.
So, friends, now that you all know about ICICI Fixed Deposit hope you have a hassle-free journey when it comes to availing the same.