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THE
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2 mins Read | 2 Months Ago

Why should you opt for an FD during uncertain times?

why-fixed-deposit-is-a-smart-way-of-investment

A good investment plan helps grow your hard-earned money even during unprecedented times while keeping your funds safe. Adding fixed-income instruments like Fixed Deposits to your portfolio can be a great decision. Find out why you should invest in an FD and how it can help you manage unforeseen expenses.

The Covid-19 pandemic disrupted global and national economic progress and several households suffered immeasurable financial setbacks. People lost their jobs, faced salary cuts, companies started laying employees off and market performance deteriorated. Such events are unforeseen but you can prepare yourself by investing your hard-earned money. While there are many financial instruments, you can always rely on the good old Fixed Deposit account to ensure safety of funds and assured returns. Find out why it is an apt solution to help you during crises:

1. Easy liquidity: In times of emergency, you can withdraw from the FD Account anytime. For instance, the ICICI Bank Fixed Deposit Account lets you close the Account before maturity and credit the funds to your Savings Account. However, tax saver FDs have a mandatory lock-in period of 5 years.

2. High rate of interest: When choosing an investment product, earning high interest is an obvious lookout. The Fixed Deposit has high interest rates and these remain fixed throughout its tenure. On a regular FD Account with ICICI Bank, you can earn returns at an attractive FD rate of 2.50% p.a. if you choose a tenure between 7 and 14 days. For a long term, i.e., 5 years or more, you can earn at the rate of 5.75% p.a. At ICICI Bank, senior citizens get an additional interest rate of 0.50% over and above regular FD interest rates.

3. No impact of market volatility: An FD Account generates assured returns as its performance is undeterred by the market’s ups and downs. You can start investing in an FD Account, starting with a minimum deposit of Rs <10,000> at one go.

4. Overdraft facility:Overdraft facility against an FD Account is the best way to avail instant funds when in dire need of cash. ICICI Bank offers OD against FD up to 90% of the principal amount plus accrued interest and lets you manage any short-term fund requirement with ease.

5. Ease of investing: Any Indian resident can open an FD Account online with ICICI Bank. You can initiate the online process through the iMobile Pay app or Internet Banking. Visit the nearest ICICI Bank Branch, call our Customer Care or book through an ICICI Bank ATM.

Now that you know how FD Accounts work during uncertain times, you can instantly open a Fixed Deposit Account with ICICI Bank if required. The Bank offers attractive FD rates, assured returns, flexible interest pay-outs and other benefits.

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