Fixed Deposit with Monthly Income Option - ICICI Bank
Fixed Deposit with Monthly Income Option
Term deposit with features of a Cumulative Fixed Deposit in Investment phase and Monthly Income in Payout phase.
Investment Phase: During this phase, you would open a cumulative Fixed Deposit (FD). On completion of the Investment deposit phase, the entire maturity proceeds (FD amount + interest), as applicable, will be invested in the Annuity Fixed Deposit for the Payout period. Payout Phase: It is a phase where you will receive the benefits of the amount you have invested along with the interest on a monthly basis. Annuity FD: The accumulated corpus will be reinvested and payout will be given to you with on monthly basis along with the interest.
Duration of the Deposit: The Investment phase will be for a minimum period of 24 months and in multiples of 1
months. Maximum will be 8 years. The Payout phase will be for a minimum period of 24 months and in multiples of 12 months.
Amount of Deposit: The minimum deposit amount will be Rs 1 lakh and thereafter in multiples of Rs 25,000.
Illustration:
Type of Product
Fixed Deposit with Monthly Income Option Fixed Deposit with Lump-Sum and Monthly Income Option
Investment Phase
Payout Phase
Instalment Amount Tenure (Rs)
Rate of Interest
(p.a.)
Total Corpus
(Rs)
LumpSum Payment (Rs)
Tenure
Monthly Payout
(Rs)
1,00,000
24 months
7.25%
1,15,454
0
24 months
5,182
1,00,000
24 months
7.25%
1,15,454
34,636
24 months
3,628
Disclaimer: The numbers and data used for the above calculation are for illustrative purposes only. Calculation is basis all instalments being paid on the due date. Interest rates are subject to change. Senior citizens are eligible for additional interest rate. TDS will be applicable on the interest earned as per the prevailing guidelines. In case customer opts for lump-sum with Monthly Income option, 30% of the accumulated corpus shall be paid upfront on
completion of investment phase and balance amount shall be reinvested in an Annuity Fixed Deposit.
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