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An Innovative term deposit – FD Xtra by ICICI Bank

Changes call for innovation, and innovation leads to progress ~ Li Keqiang

Innovation is one important thing when you want to achieve better results or results in an improved manner. It’s the century of innovation where a lot of disruption is happening in finance space, technology space, and even the fin-tech space.

A lot of banks, start-ups are competing to achieve the top spot to provide innovative products and services so as to benefit the end users.

ICICI Bank has recently announced the launch of FD Xtra a range of innovative Fixed (FD) and Recurring (RD) deposits with a bundle of offerings for its customers.

This term deposits have been specially designed for you to achieve your goals be it long term goals of retirement or short term goals like buying a car.

In the interim Union Budget, the government has also proposed to increase the TDS (tax deducted at source) threshold on Fixed Deposit and other savings products to Rs. 40,000 from Rs 10,000. This increase in the slab will encourage people to invest more in Fixed Deposits.

Features of FD Xtra by ICICI Bank

FD Life – As per the below illustration you get free term life cover for one year of Rs 3 lakh on term deposit of a minimum of 3 lakh rupees.

It will be offered to customers, who are 18-50 years of age, the dual benefit of investment growth via FD and security through a free term life insurance of one year for the FD holder.

The customer has the option to renew it next year.

RD & FD with monthly income and Lump sum payout –Available in the form of FDs and RDs, you have the flexibility of receiving the maturity proceeds in the way that suits your goals. One can choose to receive the entire maturity amount as a monthly income for a tenure of their choice. Alternatively, one can also choose to receive 30% of the amount as a lump sum on the maturity of the investment and the remaining 70% as a monthly income for a tenure of their choice. Maximum tenure for all term deposits, including the investment phase and payout phase is 10 years.

In the below illustrations, let’s see how one can opt for RD with monthly income and FD with lump sum and monthly income.

FD Invest – This feature will help customers invest the interest earned on FD’s in Mutual Fund SIP’s of their choice from ICICI Prudential Asset Management Company. This is available with an FD of at least Rs 2 lakh for a minimum tenure of one year.

Platinum credit card – ICICI Bank will also offer an instant platinum credit card against FD without any joining or annual fees.

To apply for ‘FD Xtra’ deposits, customers can visit their nearest ICICI Bank branch or visit here. Additionally, they can apply for ‘FD Income’ through internet banking.

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