Most investors have a limited number of investment options they can take up to make their money grow at a rate that is greater than the rate of inflation. There are bank fixed deposits, the Public Provident Fund (PPF), the stock markets and then there are bank recurring deposits. While the other forms of investment are very much in the public’s mind, what generally goes under the radar are bank RD even though they are among the best options available that ensure an investor adopts the savings habit on a permanent basis. And the best part is that the RD interest rates are generally high.
ICICI Bank RD interest rate
Let us assume that the investor picks an ICICI Bank RD to invest in. The amount does not have to be big, but the contributions have to be made on a regular basis, just like PPF. In this case, the investor goes for a Rs 25000 regular monthly contribution for a 10-year period.
ICICI Bank RD interest rate is currently 6.9% for general citizens. What kind of money will this investor get after a decade of investing?
The ICICI Bank RD maturity amount that the investor gets is Rs 43,18,658. The total amount invested was Rs 30,00,000. The total interest earned is Rs 13,18,658.
However, if you are a senior citizen, then you can earn an even bigger amount. ICICI Bank RD interest rate for senior citizens is a whopping 7.4%. This is higher than even PPF, which offers 7.1%.
If all things are the same as the previous assumptions, then this senior citizen will earn a massive Rs 44,39,701. The interest earned is Rs. 14,39,701 alone.
ICICI Bank FD interest rate
And if you want to know how much this person would have earned if he had opened a bank fixed deposit with a Rs 30,00,000 amount, then read on. ICICI Bank FD interest is also 6.90% for a 10-year tenure for a general investor. He will get a whopping amount on maturity. The amount is Rs 59,43,573! The total interest earned is also mouth-watering at Rs 29,43,573.
Of course, the important thing is that everyone may not have a lumpsum amount of Rs 30 lakh to invest. The bank RD scores with the fact that it encourages individuals to save in a dedicated and focused manner for years.
ICICI Bank RD interest rate is 6.9% and it can turn your Rs 25000 investment to start with, into a massive sum of Rs 43 lakh. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
