ICICI Bank FD interest rate has risen as high as 7.25% and that is much higher than would be available in many other investment schemes. In fact, even Public Provident Fund offers you only 7.10%, albeit it has no tax component while bank fixed deposits do. Having said that, in case you have money idling around in a savings bank account, there is no need to leave it there, unless you have put it there for emergency fund purposes. If not, make it sweat and put it to work in the ICICI Bank FD. The returns will be quite eye-opening.
Notably, an investor has many options open to him. Some carry risk, others don’t. The riskier the option, the higher are the returns expected, but then again, the investor can even book losses. For instance, stock market investments carry a lot of risk. The returns expected from them are generally in double digits. Then there is the PPF mentioned above. It is a riskless investment and it even has income tax benefits. Bank fixed deposits fall in between both of these options. While there is no risk involved, unless the bank folds up, there is a tax angle. The FD investor has to pay tax.
To draw investors to them, banks offer high interest rates. And ICICI Bank has just done that by offering a 7.25% interest rate. This is the highest available from the bank. It is applicable only to one tenure though. This ICICICI Bank FD interest rate is available for a FD of between 18 months to 2 years’ tenure.
So, if we assume that an investor opens this ICICI Bank FD and contributes Rs 7 lakh, on maturity for 2 years, he is likely to get Rs 1,08,178. The total amount received would be Rs 8,08,178. In effect, the investor has earned all that money and all he did was open a FD. Not a bad return for just a few minutes of work.
Note: The amounts mentioned here are estimates, the actual amounts will be mentioned in the bank FD receipt.
ICICI Bank FD interest rate: The bank has rolled out interest rates as high as 7.25%. An investor can make over Rs 100,000 if he does this. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
