ICICI Bank RD interest rate: Among the many investment options open to Indian citizens, one that generally escapes under the radar is a recurring deposit. It is also something that most bank officials don’t look to hard-sell to you every time you visit your bank’s branch. However, it is one of the better investment options for everyone to look at to grow money in a big way and that too quickly. Here we take a look at the returns that an investment can look forward to via the ICICI Bank RD interest rate that is now available.
Notably, ICICI Bank RD interest rate is at a high 7%. This can generate great returns to anyone who does not have a large lump sum to invest at the beginning of their investment journey, but has a certain amount that can be invested month after month.
So, if a person opens an ICICI Bank RD, and invests an amount of Rs 6000 every month for 4 years together, he can earn a huge amount of money. Want to know how? Check out the calculation by the ICICI Bank RD calculator.
The account holder, after the RD has reached maturity, will receive a sum of Rs 3,32,901. The most important part is that the person invested a sum of just Rs 2,88,000 and yet earned a huge amount. The ICICI Bank RD interest generated for the subscriber was a whopping Rs 44,901!
Notably, if the investor was a senior citizen, he would have got a .5% extra interest. That would make the interest earned on his money would be paid at the rate of 7.5%.
On the same amount of investment and tenure as above, the senior citizen would will have received a sum of Rs 3,36,414. The sum invested would have been Rs 2,88,000 and the interest earned would be a massive Rs 48,414.
ICICI Bank RD interest rate has been pegged at 7% and it can help you turn a regular Rs 6000 investment into Rs 332901. Know how you can do it Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
