Lump Sum Investment & Monthly Income With FD

Here is an example that will explain how it works:

Disclaimer: The numbers and data used for the above calculation are for illustrative purposes only, original numbers may vary.

A Fixed Deposit (FD) is an investment product offered by Banks and NBFCs to their customers. An FD promises you guaranteed returns that are calculated basis the interest offered at the time of opening an FD Account. Interest rates may differ depending upon the tenure and the amount you are opting for.

ICICI Bank offers two types of FDs:

Traditional Fixed Deposit: Interest amount is credited at regular intervals, i.e., Quarterly or Monthly. Customer can opt for Monthly/Quarterly payout at the time of creating the Fixed Deposit

Cumulative Fixed Deposit: Customer will receive a lump sum amount after maturity. The interest accrued is added back to the principal amount at quarterly intervals.

Individuals and entities mentioned below are eligible to apply for a regular Fixed Deposit online:

• Residents

• Hindu Undivided Families

• Sole Proprietorship Firms

• Partnership Firms

• Limited Companies

• Trust Accounts

• Non-Resident Indians

• Minors with Guardianship.

Also, the Savings Account should be KYC verified.