Plan Your Dream Wedding with a Fixed Deposit Investment

A wedding is a milestone for which families plan and prepare for years. It is a special time when family and friends come together to celebrate a couple's love and special bond. Indian parents as well as young adults often choose to set aside funds for wedding expenses in Fixed Deposits (FDs), because FDs are low-risk investments that provide assured returns over time. In this blog post, you will learn more about how you can plan your dream wedding using FDs.

How FDs can be used to save for weddings

Attire

Opulent outfits and accessories are often the highlight of a wedding. An FD can assist in saving for your ideal wedding dress, be it a graceful saree, a designer lehenga​ or a sleek suit.

• Decoration

Designing and decorating the wedding venue so that it matches your vision of your dream wedding requires considerable financial commitment. Financial advisors can help ensure that you have allocated enough funds for aspects like décor to help you craft a beautiful setting for your special day.

• Food and Catering Services

Food plays a vital role in every wedding celebration. Using funds saved in an FD, you can allocate funds for top-notch catering services to guarantee a memorable dining experience for your guests.

• Presents and Invites

You can use your FD savings to manage expenses for wedding invitations and gifts for your guests without any added stress.

• Post-wedding holiday

After the wedding ceremony, you can also use your FDs to fund your holiday trip with your partner. This can include your tickets, hotel bookings and more. 

Why choose Fixed Deposits for your wedding expenses?

Saving with FDs is a way to guarantee that your big day is managed in a stress-free and worry-free way. Here are the key advantages of saving for your wedding using an FD:

• Assured Returns

FDs offer assured returns and are considered a secure and dependable investment option for individuals seeking financial stability and growth certainty. This is a contrast when compared with investments linked to market fluctuations that can yield unpredictable returns.

• Flexible Terms

FDs allow you to select a tenure that aligns with your wedding date. Whether you are planning for a wedding set to take place in six months or setting aside funds for a grand destination wedding in two years, you can select an FD duration to suit your specific requirements.

• Open FD Instantly

You can begin saving immediately by opening an FD online, from anywhere and at any time. ICICI Bank lets you open an FD through digital channels like Internet Banking and the iMobile app which are available 24X7.

• Partial Withdrawals

FDs offer the convenience of making withdrawals when unforeseen costs crop up before the FD term is complete. You can access a portion of your funds without needing to prematurely close the FD, thereby ensuring financial flexibility.

• Better Interest Rates

FDs tend to provide better interest rates than standard savings options. This can help accelerate the growth of your savings and cover substantial wedding expenses such as outfits, venue rentals and catering.

• Peace of Mind

With FDs, your wedding funds are secure and grow steadily, allowing you to fully immerse yourself in the excitement of preparing for your big day without worrying about finances. 

How can I apply for a Fixed Deposit with ICICI Bank? 

You can open a Fixed Deposit (FD) with ICICI Bank in the following ways:

Through Internet Banking

Step 1: Log into Internet Banking

Login, navigate to the ‘Deposits’ section and click on ‘Create FD’.

Step 2:  Enter the FD amount and tenure

• Select the FD type and specify the amount you want to invest in the FD. You can open an FD with ₹ 10,000 or more

• Select the FD duration that matches your goals. ICICI Bank provides a range of tenures, from 7 days to 10 years

Step 3: Choose your payment schedule

Choose how you would like to receive your interest payments-monthly, quarterly or annually. Review the information before submitting. 

Through iMobile App:

Step 1: Log into iMobile

Login, navigate to the ‘Accounts & FD/RD’ section and click on ‘Fixed Deposit’. Click on ‘Open FD’.

Step 2:  Enter the FD amount and tenure

• Select the FD type and specify the amount you want to invest in the FD. You can open an FD with ₹ 10,000 or more

• Select the FD duration that matches your goals. ICICI Bank provides a range of tenures, from 7 days to 10 years.

Step 3: Choose your payment schedule

Choose how you would like to receive your interest payments-monthly, quarterly or annually. Review the information before submitting.  

Use an FD Interest Calculator to improve your budget management

Consider using an FD interest calculator to maximise your savings and manage your finances effectively. By entering details such as the amount you plan to invest, the duration of the investment and the applicable interest rate, this calculator can help you predict the returns on your Fixed Deposit. It estimates your overall earnings including interest gains throughout the FD period.

By using the calculator provided on our website or the iMobile app, you can explore how changing the deposit amount and duration impacts your earnings. The calculator will help you determine the amount to invest and the best time to start your FD, aligning it with your financial goals. The FD interest calculator streamlines the budget planning process and makes it more effective. 

Conclusion

FDs serve as a sound option to save and grow your funds for your wedding day due to their higher returns and financial stability. FDs also ensure fast access to funds when needed due to diverse tenures and the option for partial withdrawals. Start saving by opening an FD online and ensure that your wedding day is as memorable as you envisioned!