ICICI Bank Monthly Income Scheme

Documents Required For ICICI Bank Monthly Income Scheme

1. Identity Proof: Aadhar card, Voter ID card, Photo ration card, Driving licence, Passport, Senior citizen ID card, Government ID card. 
2. Address Proof: Aadhar card, Utility bills, Passport, Certificate or ID card issued by the Post office, Bank Statement with the cheque. 

Key Features of ICICI Bank Monthly Income Scheme

1. The minimum amount to be deposited is Rs.1 lakh. After that, you can increase your deposit in multiples of Rs.25,000.  
2. There is an investment phase and a pay-out phase throughout the tenure of this deposit. The pay-out phase is also called the benefit phase.  
3. The minimum period of 2 years is mandatory for the investment and pay-out phases. After that, the investment phase can be increased in multiples of 1 month and the pay-out phase in multiples of 12 months.  
4. A cumulative fixed deposit can be opened during the investment phase.  

1. After the investment period ends, the total maturity amount, including the principal and interest, is placed in a fixed deposit account for the pay-out period. Each month during the pay-out period, the pay-outs will be deposited into your savings account.  
2. Throughout the entire term of your deposit, you will earn a fixed interest rate that is determined at the time of your investment. It means that the interest rate will not change during the investment or pay-out period, even if the general interest rate rises or falls. Your deposit will continue to accrue interest at the originally agreed-upon rate for the duration of the investment and pay-out phases.  
3. The rate of interest applied to your deposit will be based on the entire term of the deposit, including both the investment and pay-out phases. For example, suppose the total tenure of your deposit is eight years, with four years in the investment phase and four years in the pay-out phase. In that case, the interest rate that applies to the deposit in both phases will be the same as the rate that was in effect for an eight-year deposit when you opened the account. This is because you have entered into a contract for an eight-year term.  
4. The interest earned on your deposit during the term of the deposit will have Tax Deducted at the Source (TDS). 

Deposit Tenure 

The tenure of the deposit is calculated from a combination of the investment and pay-out phases. It cannot be changed once the customer specifies it. The data used in the table below is for explanatory purposes.