ICICI Bank, the second biggest private sector bank in the country offers fixed deposits in 13 different tenures. Let’s see how much interest can one earn by depositing Rs 1 lakh, 3 lakh and Rs 5 lakh in FDs of the tenures that bear the higher interest rates in ICICI Bank.
The bank offers the highest interest rate of 7.25% for non-senior citizens and 7.80% for senior citizens in FDs that mature anywhere from 15 months to less than 18 months. It is to be noted that senior citizens are paid 0.55% additional interest only for this tenure, while for other tenures, the FD carries 0.50% more for those above 60 years.
Interest on Rs 1 lakh
Let a person deposit Rs 1 lakh in an FD for 15 months 1 day. The interest rate in this tenure is the highest 7.25% for a non-senior citizen. The amount that will be paid to him/her on maturity will be Rs 109,419.
If the customer is a senior citizen, he/she will be eligible for 7.80% interest which will fetch a total maturity amount of Rs 1,10,161.
Interest on Rs 3 lakh
Let a person below 60 years of age deposit Rs 3 lakh in an FD for 15 months 1 day. The amount that will be paid to him/her on maturity will be Rs 328,256. The interest earned is Rs 28,256. If the customer is a senior citizen, he/she will be eligible for 7.80% interest which will fetch a total maturity amount of Rs 3,30,484.
Interest on Rs 5 lakh
Let a person below 60 years of age deposit Rs 5 lakh in an FD for 15 months 1 day. The amount payable on maturity will be Rs 547,094. The interest earned is Rs 47,094. If the customer is a senior citizen, he/she will be eligible for 7.80% interest which will fetch a total maturity amount of Rs 5,50,806.
Let a senior citizen invest Rs 5 lakh for 1 year 5 months and 29 days, which is the last day of the highest tenure. On maturity, he/she will get a total amount of Rs 5,61,280.
ICICI Bank is the second biggest private sector bank in India. It offers retail fixed deposits in 13 different tenures for customers. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
