Fixed deposit has traditionally been one of the most popular investment vehicle used by many Indians. Even the high risk taking financial planners usually allocate some amount of their investment towards a fixed deposit. Fixed deposit or FD as it is commonly known is popular owing to the safety and government assurance behind the principle amount. It has a number of intrinsic advantages compared to other investment vehicles apart from guaranteed returns.
Flexibility of maturity date and easy loan availability of a fixed deposit make it a popular investment for the masses. People investing in fixed deposits for a long term or more than 5 years are also eligible for tax deduction under section 80C of the income tax act subject to a maximum limit of Rs 1 Lakh. While amid all these advantages the downside is that fixed deposits offer a limited growth perspective which in a hard pressed economic scenario may not be enough to beat the rising inflation, the advantages outweigh the disadvantages when it comes to secure returns with better interest rates than parking money in a savings bank account.
Overview of ICICI Bank Fixed Deposits:
ICICI Bank is one of the popular private sector banks offering fixed deposit accounts for with a host of added benefits. The ease of opening a fixed deposit account with ICIC bank makes it one of the strongest banking players in the market today. ICICI Bank offers users the choice of two FD investment plans namely traditional plan and reinvestment plan.
In the traditional plan, the interest is paid on a monthly or quarterly basis as per the user preference with maturity period from 7 days to 10 years. The reinvestment plan on the other hand allows users to earn quarterly compounded inters which is reinvested with the principal amount on maturity.
ICICI Bank allows fixed deposit accounts to be opened on a minimum deposit of Rs.10,000 for general clients and Rs. 2000 in case of minors. ICICI Bank allows premature withdrawals on all fixed deposit accounts. Loan or overdraft facility is also allowed and users can avail loan for up to 90% of the fixed deposit amount.
ICICI Bank FD Rates:
ICICI bank offers a wide range of interest rates for various fixed deposit accounts. For domestic deposit accounts less than Rs. 1 crore the rate of interest ranges from 4.5% for 7 to 14 days to 8.5% for deposits more than 5 years 1 day up to 10 years. ICICI Bank also offers Tax saving fixed deposits known as Tax Saver FD 80C - 5 year with interest rate of 8.5% for general investor and 9% for senior citizen. Interest rates for NRO fixed deposit accounts less than Rs. 15 Lakh ranges between 4.5 to 8.75% for 2 years 1 day up to 5 years. NRE fixed deposits greater than Rs. 1 Crore come with an interest rate of 8% for maturity period of 1 year to 389 days to 9.25% for maturity period of 5 years 1 day up to 10 years.
Flexibility of maturity date and easy loan availability of a fixed deposit make it a popular investment for the masses. People investing in fixed deposits for a long term or more than 5 years are also eligible for tax deduction under section 80C of the income tax act subject to a maximum limit of Rs 1 Lakh. While amid all these advantages the downside is that fixed deposits offer a limited growth perspective which in a hard pressed economic scenario may not be enough to beat the rising inflation, the advantages outweigh the disadvantages when it comes to secure returns with better interest rates than parking money in a savings bank account.
Overview of ICICI Bank Fixed Deposits:
ICICI Bank is one of the popular private sector banks offering fixed deposit accounts for with a host of added benefits. The ease of opening a fixed deposit account with ICIC bank makes it one of the strongest banking players in the market today. ICICI Bank offers users the choice of two FD investment plans namely traditional plan and reinvestment plan.
In the traditional plan, the interest is paid on a monthly or quarterly basis as per the user preference with maturity period from 7 days to 10 years. The reinvestment plan on the other hand allows users to earn quarterly compounded inters which is reinvested with the principal amount on maturity.
ICICI Bank allows fixed deposit accounts to be opened on a minimum deposit of Rs.10,000 for general clients and Rs. 2000 in case of minors. ICICI Bank allows premature withdrawals on all fixed deposit accounts. Loan or overdraft facility is also allowed and users can avail loan for up to 90% of the fixed deposit amount.
ICICI Bank FD Rates:
ICICI bank offers a wide range of interest rates for various fixed deposit accounts. For domestic deposit accounts less than Rs. 1 crore the rate of interest ranges from 4.5% for 7 to 14 days to 8.5% for deposits more than 5 years 1 day up to 10 years. ICICI Bank also offers Tax saving fixed deposits known as Tax Saver FD 80C - 5 year with interest rate of 8.5% for general investor and 9% for senior citizen. Interest rates for NRO fixed deposit accounts less than Rs. 15 Lakh ranges between 4.5 to 8.75% for 2 years 1 day up to 5 years. NRE fixed deposits greater than Rs. 1 Crore come with an interest rate of 8% for maturity period of 1 year to 389 days to 9.25% for maturity period of 5 years 1 day up to 10 years.