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2 mins Read | 1 Month Ago

How to Invest in Fixed Deposit (FD) Online - Step by Step Guide

How To Open FD Without Opening Savings Account

 

Any investor will acknowledge that Fixed Deposits (FDs) provide secure and guaranteed returns on an investment. A lumpsum amount is invested in FDs at a set rate of interest and for a certain period of time. When the term ends and the FD matures, the investor gets the maturity amount along with the interest. There is no risk as it delivers the amount committed at the time of opening an FD.

ICICI Bank offers a range of Fixed Deposit options that can be easily opened online or through the iMobile Pay app in just a few minutes. 

How to invest in an FD online with ICICI Bank

  1. Website or iMobile Pay: Investors can open a Fixed Deposit online through our website www.icicibank.com or the iMobile Pay app.

  2. Check interest rates: Before you invest, check the prevailing FD interest rates. You can easily access this information online and compare the rates for different tenures and deposit amounts.

  3. Use the FD Calculator: ICICI Bank’s FD Calculator will help you to calculate the interest amount and maturity amount for different tenures and deposit amounts. You just need to adjust the given fields and it will calculate the returns. It is highly recommended to use this tool to make an informed decision.
    Depending on the amounts entered by the investor, the calculator will provide instant results. Use the calculator as many times as you wish. It is simple, quick and convenient.

  4. Select the type of FD and tenure: Choose the type of FD (Traditional or Reinvestment) and the tenure that aligns with your investment goals and preferences.

  5. Set the deposit amount: Determine the amount you wish to invest in an FD. ICICI Bank allows deposits ranging from Rs 10,000 to Rs 2 crore.

  6. Choose the interest payout frequency:
    Monthly
    Quarterly
    At the time of maturity.
    You can choose the interest payout option depending on your financial needs.

  7. Complete the process: Once you have set all the parameters, click on ‘Open an FD’ and follow the instructions. You can easily open your FD online in just a few minutes. Most FDs can only be opened by existing customers of a bank, but this is not a prerequisite for ICICI Bank. Even non-customers can open ICICI Bank FDs online or by visiting any ICICI Bank Branch. They will need to submit a few basic documents for verification.

Making the most of your FD investment

While all Fixed Deposits yield guaranteed returns, not all are similar. Investors need to carefully consider the investment amount, duration of the investment and their age, to get the best interest rates. Longer terms do not always guarantee the highest returns.

ICICI Bank Fixed Deposits currently offer the highest interest rate of 7.75% per annum to senior investors opting for a tenure of 15 months to 2 years. In this case, by choosing a shorter tenure with the highest interest rate, investors can enjoy greater flexibility and higher returns.

Investors who have a large sum of money to deposit can invest in multiple FDs and capitalise on their deposits effectively.

Auto renew option

When it comes to benefitting from the power of compound interest, the longer the investment period, the greater the returns. Most investors prefer long term FDs as their original deposit will gain compound interest year-on-year. But there is a way around this, where investors can earn the best interest over longer terms.

By opting for auto renewal, FDs are automatically reinvested upon maturity. This ensures the best rates are maintained, even if current interest rates fluctuate. If renewal rates are lower, the original higher rate is retained; if higher, the new rate is applied. This feature also minimises investor intervention and saves them the effort of reinvesting. They can choose to renew their deposits for as long as they like and keep earning the interest applicable at the time of renewal.

Additional laddering strategies include diversifying investments across varying tenures and FD types. This diversification not only spreads risk but also offers more access to funds when needed. Investors can also align their FD laddering with major life events, ensuring a steady flow of liquidity while optimising interest rates. Here’s where flexible investments like Recurring Deposits and specialised options like ICICI Bank iWish Goal Based Savings can help with diversification and planning.  

About ICICI Bank Fixed Deposits

ICICI Bank Fixed Deposits offer a wide range of investment tenures from 7 days to 10 years. Customers can open an FD with a minimum deposit of Rs 10,000 while for minors, the minimum deposit is Rs 2,000. The Bank provides partial withdrawal in units of Rs 1,000 and the remaining balance continues to earn interest at the original rate. Additionally, ICICI Bank offers loan facilities up to 90% of the principal amount and accrued interest on an FD.

Choosing the Right Investment Plan

ICICI Bank offers two main investment plans for FDs: Traditional and Reinvestment.

  • Traditional: Interest is payable monthly or quarterly, depending on your preference, with a maturity period ranging from 7 days to 10 years.

  • Reinvestment: Interest is compounded quarterly and reinvested with the principal amount, offering a maturity period ranging from 6 months to 10 years.

Both plans provide unique benefits, allowing you to choose the one that best aligns with your investment goals.

Investing in Fixed Deposits online with ICICI Bank is secure and convenient. If you are clear on how to invest in an FD online now, take the next step and open an ICICI Bank Fixed Deposit today to secure guaranteed returns.

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