What is Stand Alone Fixed Deposit - Its Features & Benefits

Fixed Deposits (FDs) are financial instruments offered by banks and financial institutions that allow individuals to deposit a specific amount of money for a predetermined period at a fixed interest rate. This investment option is known for its safety, stability and returns that are more or less assured. 

Among the various types of FDs offered by financial institutions, the Standalone Fixed Deposit stands out as a unique and flexible investment option. In this guide, we will get into the concept of these, exploring their features and benefits that make them an attractive choice for investors.

What is a Standalone Fixed Deposit?

As the name suggests, it is a fixed deposit account that can be opened independently without having a Savings Account with the bank. Unlike traditional FDs that often require a linked Savings Account, Standalone FDs at ICICI Bank provide the convenience of a standalone investment product. This feature makes it an ideal choice for individuals who may not want to open an additional Savings Account but still wish to enjoy the benefits of an FD.

Features of ICICI Bank Standalone Fixed Deposit:

Minimum Investment and Tenure:

With a standalone FD, you can open an account with ICICI Bank for a minimum tenure of 6 months, while the maximum is 10 years. The minimum amount needed to start a deposit is Rs 10,000 and the maximum is Rs 1 lakh.

Digital Convenience:

One of the standout features of Standalone Fixed Deposits is the ease of access. Investors can initiate the entire process online through the available digital channels. The end-to-end digital process eliminates the need for branch visits, making it a convenient option for those who prefer online transactions.

Instant KYC and Premature Withdrawal:

Standalone FDs streamline the Know Your Customer (KYC) process, ensuring quick and hassle-free account creation. Moreover, investors enjoy the flexibility of premature withdrawal, allowing them to access funds in unforeseen circumstances. Premature withdrawal can only be feasible through a branch. 

Assured Returns:

Standalone Fixed Deposits offer assured returns at competitive FD interest rates. This makes them an attractive choice for a range of investors.

Benefits of ICICI Bank Standalone Fixed Deposit

Standalone Fixed Deposits have emerged as a versatile and investor-friendly financial instrument, offering a range of benefits that set them apart in the investment industry:

No Requirement for a Savings Account:

One of the primary advantages of Standalone FDs is the independence from opening a linked Savings Account. This simplifies the investment process and caters to individuals who may not wish to maintain multiple accounts.

Flexibility in Investment Planning:

Standalone Fixed Deposits provide flexibility in the deposit amount and tenure, empowering investors to align their investments with specific goals. Whether it's a short-term investment for immediate needs or a long-term plan, investors have the freedom to decide.

Conclusion

ICICI Bank Standalone Fixed Deposits offer a convenient and flexible investment option for those seeking a secure and hassle-free way to grow their savings. With features such as minimal entry requirements, digital accessibility and the absence of a mandatory linked Savings Account, Standalone FDs cater to the diverse needs of investors. As with any financial decision, it is advisable to consider individual financial goals and risk tolerance before choosing an investment avenue.