ICICI FD interest rate now at 7.75%; Let compounding magic earn a big amount for you

Much to the joy of investors many private and public sector banks have been hiking their fixed deposit interest rates. This has opened a huge opportunity to make more money than usual as the older interest rates were quite depressed. Stepping into the fund-gathering arena is ICICI Bank, which too has hiked its interest rate. In case you have money lying idle, this is a great chance to make it grow in a big way. Just know that the ICICI FD interest rate now available is 7.75%. However, this is only for senior citizens and not the general public.

While arguably, you could earn more in the stock market, in bank FDs there is virtually no risk as the bank guarantees this return right at the outset. And if the depositor does not break the FD prematurely, the maturity amount will get credited in the bank account.

Another big benefit is that the FD investor will not have to do anything much to earn this money except turn it over to the bank to do its compounding magic.

Let’s take a few assumptions to explain the entire ICICI FD interest rate scenario: first of all is the interest rate of 7.75%, secondly, the investor opens an FD worth Rs 5 lakh and thirdly, the period is 1 year, 3 months and 1 day. 

Since the ICICI FD interest rate is so high, on maturity, you will get Rs 5,50,586. The ICICI FD calculator crunched the numbers and indicated that the FD holder earned over s 50000 in interest. In fact, the exact amount is Rs 50,586.

It is important to know that leaving your money idling at home or in a bank savings account is counter-productive as their value will not increase. Only if you invest in bank fixed deposits or other schemes can you earn inflation-beating returns that will grow your money in a significant manner.

Check ICICI FD interest rate highlights table below:

 ICICI FD interest rate available is a high 7.75% for senior citizens. This is a great opportunity to grow your money. ICICI FD calculator shows you the earnings potential.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today