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2 mins Read | 3 Years Ago

Tips to help you put your money on auto mode

Tips to help you put your money on auto mode

Automating savings is a great way to manage money without putting in too much effort, provided you know where to invest your funds. If you are oblivious on how to save money, it will be tough for you to fund your future goals. To start with an auto mode savings, you first need to set aside a portion of the money as savings, as soon as you start earning. Putting money on an auto mode works just like the air conditioner, when you put it on auto setting, wherein the temperature changes depending on the room.

Just like electronic gadgets, it is also possible to automate investments required to fund your various goals. To help you start with it, here are some investment tips you can consider.

  1. Recurring Deposit: It is a type of Term Deposit with low-risk exposure. Recurring Deposit (RD) is a popular online investment option in India, as it gives conservative investors the flexibility to choose the tenure and investment amount. The maturity period of Recurring Deposits can range from 6 months to 10 years. The money is deposited on a fixed date every month. You can initiate an RD with a minimum investment amount of Rs 500. The interest rate is fixed and remains unaffected by the market sentiments. 
  2. Fixed Deposit: Allow your money to multiply at the maximum possible interest rate by opening a Fixed Deposit/Money Multiplier Account with ICICI Bank. By creating an FD linked to your Savings Account, a fixed amount automatically gets debited from the savings in multiples of Rs 5,000, until the tenure reaches maturity. In fact, the account renewal is also automatic without any intervention.
  3. Systematic Investment Plans: The auto mode can also be activated for Mutual Fund SIP, one of the best investment funds for letting your money work for you. A Systematic Investment Plan or SIP is a payment method through which you can invest in any asset class – Equity, Debt or Hybrid Mutual Fund. By activating the auto-debit feature, a fixed amount gets deducted from your Savings Account at regular intervals. You can select the Mutual Fund based on your investment objectives. 
  4. Public Provident Fund: If you are looking to save tax and accumulate a corpus for the golden years of your life, you can automate your savings into the Public Provident Fund or PPF. Just like the above-mentioned savings plan, where a stipulated amount gets debited from your existing Savings Account, similarly the PPF Account also requires a fixed amount of investment at regular intervals. PPF has a lock-in period of 15 years. You can open the account with a minimum investment of Rs 500. 

These are some of the investment options you can choose to automate savings. One should select a savings option depending on one’s goals. Along with regular investments, it is also essential for you to review your portfolio once in every six months to ensure you are in line with your financial goals. 




The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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