ICICI Fixed Deposit with Monthly Income Option
ICICI offers a range of fixed deposit schemes, one of which is the Monthly Income Option. This scheme offers attractive interest rates with a regular and fixed monthly income with an investment of a one-time lumpsum deposit amount.
With the fixed deposit monthly income option, you can deposit a minimum amount of Rs.1 lakh and then increase the deposit amount in the multiples of Rs.25,000. For this fixed deposit scheme, the minimum investment period is 24 months and can be increased in multiples of 1 month. Similarly, the minimum payout phase for this scheme is 1 year which can be further increased in multiples of 12 months.
Features of ICICI Fixed Deposit With Monthly Income Option
The features of the ICICI fixed deposit with monthly income option are given below:
Interest Rates of ICICI Fixed Deposit with Monthly Income Option
The interest rate will be according to the total tenure of the fixed deposit, which includes the investment phase at first and then the benefit or payout phase. The rate of interest will be the same across both the phases and is the same as for the standard FD schemes.
Eligibility Criteria to Open ICICI Fixed Deposit with Monthly Income Option
To open an ICICI fixed deposit with monthly income account, you should be an Indian resident. A single or joint accounts can be opened under this scheme.
Documents Required to Open ICICI Fixed Deposit with Monthly Income Option Scheme
The following documents are required:
For proof of identity, one of the following:
- Voter ID card
- PAN card
- Photo ration card
- Driving licence
- Passport
- Senior citizen ID card
- Government ID card
For proof of address, one of the following:
- Utility bills
- Passport
- Certificate or ID card issued by the Post office
- Bank Statement with cheque
How to Apply for ICICI Fixed Deposit with Monthly Income Option Scheme
You can easily open a FD under this scheme through ICICI Bank's internet banking facility, mobile application (iMobile), and by visiting your nearest bank branch.
FAQs on ICICI Fixed Deposit with Monthly Income Option
- Can I change the tenure of the ICICI Fixed Deposit with Monthly Income Option after opening it?
No, once a tenure is chosen, it cannot be changed.
- Where will the monthly income payouts of the ICICI Fixed Deposit with Monthly Income Option scheme be credited?
All the monthly income payouts will be credited into the savings account of the customer.
- Is the interest earned on the ICICI Fixed Deposit with Monthly Income Option scheme subject to TDS?
Yes, the interest earned on the ICICI Fixed Deposit with Monthly Income Option scheme is subject to Tax Deducted at Source (TDS).
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