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2 mins Read | 4 Months Ago

Achieve 2024 financial goals: Security of a Fixed Deposit

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Achieving financial goals in life is important for everyone. Whether it is buying a dream home, funding your child's education, planning for a comfortable retirement or going on a dream vacation, smart financial planning is the key. Fixed Deposit (FD) is a reliable and secure investment, providing stability and assured returns. Let us learn more about FD and understand why it is an excellent investment.

Understanding a Fixed Deposit

Fixed Deposit is a time-tested investment instrument offered by banks and financial institutions. Investors deposit a lumpsum amount for a fixed tenure at a predetermined interest rate. FD comes with stability and security. Unlike riskier market-linked investments, an FD offers guaranteed returns on investment, making it an ideal choice for individuals who do not want to take big risks with their money. As you aim to reach your 2024 financial goals, it is important to understand how an FD can provide financial safety and stability.

Benefits of a Fixed Deposit

  • Stability for conservative investors:

  • An FD provides stable returns on investment without exposure to market volatility. This stability is important for conservative investors looking for capital protection. It is like having a financial anchor during uncertain times.

  • Assured return for effective planning:

  • The FD interest rate is fixed when you invest, ensuring that investors have a clear understanding of their returns upon maturity. This predictability is essential for effective financial planning, allowing individuals to set realistic goals and timelines for achieving their financial objectives.

  • Tailored flexibility to meet specific goals

  • An FD offers flexibility in choosing the tenure of investment, ranging from a few months to several years. This adaptability enables investors to align their FDs with specific financial goals and timelines, providing a personalised approach to wealth management.

  • Financial flexibility through loan facility

  • An FD comes with the added benefit of a loan facility. In times of need, investors can leverage their FDs to secure loans, eliminating the necessity of prematurely breaking the deposits. This feature adds a layer of financial flexibility, allowing individuals to address unforeseen expenses without compromising on their long-term investment plans.

  • Tax efficiency with Section 80C benefits

  • A Tax-Saving FD provides tax deductions under Section 80C of the Income Tax Act, 1961 up to a certain limit. Beyond being a secure investment, an FD becomes a tax-efficient tool, helping individuals optimise their tax liabilities while growing their wealth.

As we enter 2024, investors are actively seeking avenues that promise not just financial security but also help in achieving their diverse financial goals. A range of FDs offered by ICICI Bank is a strategic choice, offering tailored solutions for investors to meet their financial goals throughout the year.

Types of Fixed Deposits to look out for in 2024

To achieve financial security, you can explore three different types of FDs, each catering to unique financial needs while providing a solid foundation for growing your wealth:

  • Regular Fixed Deposit:

  • A Regular FD offered by ICICI Bank is an easy investment option. With a minimum deposit of just Rs 10,000 , this FD offers a simple yet strong investment product, providing safety, liquidity, flexibility and assured returns. Investors can choose flexible tenures ranging from 7 days up to 10 years, tailoring their investment to match specific financial goals. The added benefit of an Overdraft (OD) facility allows individuals to access up to 90 % of the FD amount as a loan, offering financial flexibility, and the option of premature or partial withdrawal caters to the urgent fund requirements, making it a convenient choice for all your financial needs in 2024.

  • Money Multiplier FD:

  • ICICI Bank Money Multiplier FD offers the twin benefits of liquidity (offered by a Savings Account) and high earnings (slightly more than a regular FD).To initiate this feature, a minimum balance of Rs 15,000 is required in the Savings Account/ Current Account. Linked FDs under the same Customer ID have a minimum tenure of one year for the Savings Account customers. The automatic reverse sweep ensures that FDs linked to the account are broken on a Last In, First Out (LIFO) basis when the balance falls below Rs 10,000 providing optimal liquidity. The auto-renewal feature ensures that the FD is renewed for the same tenure as the original with interest rates applicable at the time of renewal. Leveraging this FD can provide liquidity while ensuring substantial returns.

  • Tax Saver Fixed Deposit:

  • ICICI Bank Tax Saver FD offers a unique combination of assured returns and tax savings. Investors can start with as little as Rs 10,000 for a fixed tenure of five years. The standout feature is the tax deduction benefit up to Rs 1.5 lakh under Section 80C of the Income Tax Act. This FD provides flexibility in interest payouts—monthly, quarterly or reinvestment in the principal amount—allowing individuals to align returns with their financial preferences. While premature withdrawal is restricted, the auto-renewal facility ensures the continuity of investments. It is important to note that the interest earned is taxable and the deductions are subject to the Income Tax Act of 1961 and its amendments. With flexible interest payout options and the auto-renewal facility, this FD becomes a strategic tool for investors looking to optimise tax benefits while working towards their financial goals in 2024.

Each type of FD offered by ICICI Bank caters to distinct financial objectives, providing investors with a convenient toolkit to navigate their financial goals in 2024. ICICI Bank is currently offering a peak interest rate of 7.2 % for tenures ranging from 15 months to 2 years. For Senior Citizens, the interest rate is a competitive 7.75 %.

Financial success for senior citizens in 2024 with ICICI Bank Fixed Deposit

For senior citizens stepping into 2024, ICICI Bank FD offers not just security but assured high returns as well. Recognising the financial needs and preferences of this segment, ICICI Bank provides an additional 0.50 % interest on their FDs. This exclusive benefit ensures that senior citizens can enjoy enhanced returns with steady incomes and financial stability throughout the year.

The flexibility extends further with the FD amount accommodating a wide spectrum—from Rs 10,000 to Rs 2 crore. This range empowers senior citizens to align their investments with their financial capacities and specific goals. Whether it is supplementing their regular income, funding healthcare expenses or creating a financial cushion for unforeseen circumstances, ICICI Bank FD caters to the diverse needs of senior investors.

ICICI Bank also has the Golden Years FD, an exclusive offering tailored for senior citizens. With this specialised FD, senior citizens can enjoy an additional 0.10 % above the standard 0.50 % further enhancing the returns on their investment. This enhanced interest rate ensures that senior citizens can capitalise on their savings, making the Golden Years FD a wise choice for those looking to maximise their financial gains in 2024.

To new financial beginnings

With competitive interest rates and flexible tenure options, ICICI Bank is a strategic partner for individuals looking to achieve their financial goals in 2024.

 

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