Product Details
Bank Name
ICICI Bank
Eligibility
Individuals and entities who are residents, Hindu Undivided Families, Sole Proprietorship firms, Partnership firms, Limited Companies, Trust Accounts, Non-Resident Indians, Indians, and Minors with Guardianship.
The Savings account should be KYC verified.
Interest Rate
Up to 7.80% per annum.
Tenure
3 months to 10 years.
Fixed Deposit Type
Regular
Monthly payout FD
Tax Benefits
No
Credit Ratings
CARE AAA, [ICRA]AAA
Interest Payment Frequency
Monthly
Cummulative/Non-Cummulative
Non Cumulative
Features
Regular monthly income: Users will get fixed monthly interest payouts, perfect for managing everyday expenses
Safe and secure: Guaranteed returns, with no exposure to market risks.
The minimum amount required to open a monthly payout FD is ₹10,000.
Flexible tenure ranging from 3 months to 10 years.
Option of premature/partial withdrawal in case of urgent fund requirement.
Minimum Investment Amount
10,000
Fees and Charges
Pros
Guaranteed returns
Monthly interest payout.
Safe and secure
Cons
No tax benefits.
Pros & Cons
Account Opening and Procedure
How to Open?
Here’s a step-by-step guide on how to do it:
Access Your Account:Begin by logging into your ICICI Bank account using either Internet Banking or the iMobile Pay app.
Navigate to the FD Section:Once logged in, find the section related to Fixed Deposits. You’ll typically find this under the ‘Investments’ or ‘Savings’ tab.
Fill Out the FD Form:
Provide the necessary details:Investment Amount: Specify the amount you wish to deposit.
Tenure or Duration: Choose the duration of the FD. Select the duration based on your financial goals.
Select Payout Plan:
Decide how you want to receive the interest accumulated on your FD.
Review and Confirm:Before submitting your FD application, review all the details you’ve entered.
Ensure that the investment amount, tenure, and payout plan align with your preferences and financial requirements.
Application Procedure
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