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2 mins Read | 6 Months Ago

Fixed Deposit Double Scheme - ICICI Bank

Fixed Deposit Double Scheme - ICICI Bank


In the extensive world of investments, Fixed Deposits have long been a reliable and preferred choice for investors. They are especially favoured by individuals looking for a safe, secure and hands-off investment strategy. Among the variety of FD schemes available, the Fixed Deposit Double Scheme stands out as a unique and enticing option.

A Closer Look: What is the FD Double Scheme? 

The Fixed Deposit Double Scheme is designed to help investors grow their principal investment amount twofold. How does it accomplish this? The secret lies in the power of compound interest. Under this scheme, the interest accrued is regularly reinvested into the principal amount, thereby earning interest on the initial amount and the accumulating interest. This reinvestment eventually doubles the initial deposit over a predetermined tenure.

For instance, if an investor starts with an initial principal amount of Rs 1,00,000, with an 8% interest rate, the scheme would operate as follows:

● Year 1: Principal of Rs 1,00,000 earns Rs 8,000 interest, meaning the total amount at the end of year 1 is Rs 1,08,000.

● Year 2: The new principal, Rs 1,08,000, earns Rs 8,640 interest, becoming Rs 1,16,640 at the end of year 2.

The pattern continues, with each year's principal accumulating more interest than the previous year.

By the end of the tenure, the power of compounding will have worked its magic, turning the initial investment into a sum twice of the originally invested amount.

Unique Selling Points: Why Choose FD Double Scheme? 

The Fixed Deposit Double Scheme, as offered by financial institutions, is aimed at individuals oriented towards long-term, assured and high-return investments. Unlike regular FD schemes where the returns, albeit stable, might be lower, this scheme ensures that the maturity amount will be double the investment amount.

Guaranteed Return Plan 

The returns are more or less assured with a Fixed Deposit Double Scheme. Given the pre-set interest rates and known tenure, an investor can easily predict the maturity amount.

Higher Interest Rates 

Generally, the FD Double Scheme offers higher interest rates than regular Fixed Deposits. ICICI Bank, for instance, offers competitive interest rates on this scheme, which becomes an appealing factor for many investors. Furthermore, senior citizens often enjoy additional interest rate benefits.

Stability amidst Market Volatility 

In a fluctuating market where Mutual Funds (MFs) and stocks can be risky, the FD Double Scheme stands as a beacon of stability. Your principal amount remains secure and the returns are almost guaranteed, shielding your investment from market risks.

Flexibility and Customisation 

The scheme offers substantial flexibility. Investors can opt for a tenure that aligns with their financial goals, generally ranging from a year to <10> years, which can be even more. Moreover, they can choose the frequency of interest pay-outs: monthly, quarterly, half-yearly or annually.

Tax Benefits 

Investing in the FD Double Scheme is also a savvy move for tax planning. Under Section 80C of the Income Tax Act, an investor can claim a deduction of up to Rs <1.5> lakh on the amount invested in this scheme.

A Comparative Analysis: FD Double Scheme vs Regular FD 

While the Fixed Deposit Double Scheme aims to double the investment amount over time, a regular FD yields returns at a consistent, pre-determined rate. This distinction makes the Money Double Scheme particularly appealing to investors with a longer investment horizon, who are willing to let their money grow without frequent intervention.

Making Informed Decisions: Tools and Calculators 

Many banks offer online tools like FD calculators that empower investors to analyse potential returns under different scenarios. Such tools enable investors to plan effectively and make informed decisions.

Conclusion: The Promise of Fixed Deposit Double Scheme 

In summary, the Fixed Deposit Double Scheme emerges as a compelling investment avenue, especially when trusted and reputed banking institutions offer it. It promises the safety of your principal amount and an assured path to doubling that amount over a set tenure. It is a hassle-free, high-return and secure investment option that stands resilient even when the market is volatile. For anyone from a young professional starting their investment journey to a retiree looking to secure their savings, this scheme offers a robust and reliable choice.

The Fixed Deposit Double Scheme is designed to be a safe and rewarding option. However, potential investors are encouraged to consult with a financial advisor and thoroughly read the terms and conditions associated with the scheme, before investing.

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