Recurring Deposit
Invest small amounts of money every month
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ICICI Bank FD Income offers regular monthly income, for your choice of tenure with an option of receiving some amount as lump sum. A simple Fixed Deposit (FD) plan, which offers fixed regular monthly income in future by investing a lump sum amount today.
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Want to know more about the features and benefits of this deposit? Let’s break it down for you.
This deposit can be opened by resident individuals, either singly or jointly.
The minimum amount to be deposited is ₹1 lakh. Thereafter, you can increase your deposit in multiples of ₹25,000.
During the investment phase, you open a cumulative Fixed Deposit.
Once the investment phase is complete, the entire maturity proceeds (principal + interest), as applicable, are invested in an annuity Fixed Deposit for the payout period. And monthly payouts will be credited to your Savings Account.
Here is an example that will explain how it works:
Investment Phase | Payout Phase | |||||
---|---|---|---|---|---|---|
Installment Amount | Tenure | Rate of Interest | Total Corpus | Lump-Sum Payment | Tenure | Monthly Payout |
₹100,000 | 24 months | 5.35% | 110,093 | Nil | 24 months | 4,897 |
₹200,000 | 24 months | 5.35% | 220,186 | Nil | 24 months | 9,793 |
Disclaimer: The numbers and data used for the above calculation are for illustrative purposes only, original numbers may vary.
In the case of deposit, partial withdrawal is not permitted in both the phases. However, premature closure is permitted during both the investment phase as well as the payout phase, after the applicable penalty has been deducted.
It is not possible to convert any existing FD/RD with ICICI Bank into this product. You can always open a new deposit with us to experience these benefits.
Fixed Deposit (FD) Income consists of the below 4 variants:
a) Recurring Deposit (RD) with monthly income option
b) Recurring Deposit (RD) with lump sum and monthly income option
c) Fixed Deposit (FD) with monthly income option
d) Fixed Deposit (FD) with lump sum and monthly income option.
FD Income helps customers to save and meet expected payments related to their future goals/requirements such as:
FD Income can be opened as per the eligibility criteria defined for each of the below variants:
a) Recurring Deposit (RD) with monthly income option
b) Recurring Deposit (RD) with lump sum and monthly income option
c) Fixed Deposit (FD) with monthly income option
d) Fixed Deposit (FD) with lump sum and monthly income option.
Interest rates applicable on FD Income is the same as offered for standard FD.
The amount that can be deposited in FD Income are as follows:
You can invest in FD Income through any of our branches, Internet Banking as well as iMobile.
The minimum investment amount required in FD Income is as follows:
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