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ICICI FD is one of the popular savings schemes amongst investors who prefer fixed income with low risk. The following are the features of this savings scheme:
An ICICI FD Calculator is a simple tool that helps in estimating the returns from an ICICI FD. It calculates the wealth gained and maturity amount that investors might receive if they invested in the ICICI FD Scheme. The ICICI FD Calculator also shows a tabular and graphical representation of how the investment grows during the investment tenure.
ICICI FD calculator takes the investment amount, tenure, interest rate, and compounding frequency to estimate the wealth gained and maturity amount from the investment. However, the ICICI fixed deposit calculator only provides an estimation of wealth that one can earn based on the inputs provided. It doesn’t guarantee any returns. The ICICI FD calculator is a simple tool available online for free. It can be used multiple times to estimate the returns from an ICICI FD investment.
Investor’s always check the return from an investment before investing. Investors understand it better when it’s in terms of money rather than in terms of percentage. Using an ICICI FD calculator will help them estimate the return from the investment and make well-informed decisions. The ICICI FD calculator is an easy-to-use tool and requires simple inputs to give the required outputs. There are two ways one can estimate the returns from FD investment using Scripbox ICICI FD Calculator, and they are the invest amount approach and target amount approach.
Following are steps that you can follow to use the ICICI FD Calculator using the Investment Amount Approach:
The ICICI FD calculator automatically shows the interest and maturity amount. The ICICI FD calculator shows a tabular format of the interest earned each year along with the opening and closing balance. Moreover, the ICICI FD calculator gives a graphical representation of the initial investment and maturity amount.
While the investment amount approach requires you to enter the investment amount, the target amount approach estimates the investment amount based on the amount you expect from the ICICI FD investment. Following are the steps that you need to follow to use the ICICI FD Calculator using the Target Amount Approach:
Investors can make well-informed decisions and choose the right investment options when they align their goals with the investment’s objective. By knowing how much will an investment reap, an investor will know if they will achieve their goal or not. An ICICI FD Calculator will help estimate the maturity amount from the investment and enable investors to make a well-informed decision. Following are the benefits of using the ICICI FD Calculator:
Let us understand how one can calculate ICICI FD interest with the following example.
Ms Kirti wants to invest an amount of INR 4 lakhs in ICICI bank FD for a tenure of 7 years. The interest rate for seven years is 5.5%. She wants the interest at the time of maturity.
To calculate ICICI FD interest amount and maturity value, one can use the FD formula.
A = 400000* (1+5.5%/1)^(1*7)
A = INR 5,81,872
The maturity amount for Ms Kirti is INR 5,81,872
Also, the interest earned is INR 1,81,872
ICICI bank offers a higher interest rate on FD than its saving account. Investors can choose the frequency of interest payment. The interest is taxable in the hands of the investor at their respective tax slab rates. Also, a TDS of 10% is cut on interest income above INR 40,000 (50,000 for senior citizens).
The highest ICICI bank FD rate is 5.5% for a regular investor for the tenure of 5 years one day to 10 years. For the same tenure, the senior citizen FD rate is 6.3%. Returns from ICICI Bank fixed deposits can be calculated using ICICI Bank FD calculators.
One can use a fixed deposit calculator to calculate the maturity amount of an FD investment. Scripbox’s ICICI fixed deposit calculator is available online and is free to use.
Yes, a premature withdrawal facility for ICICI Bank FDs is available. However, one has to pay the penalty to avail the same. The penalty is in the form of interest. For ICICI the penalty is 0.5%-1%. This means the investors will earn 0.5%-1% less on their FD interest rate if their FDs are prematurely withdrawn.
Yes, ICICI Bank provides a loan against FD accounts. Investors can take a loan up to 90% of the FD amount. The interest rate on the loan is 1-2% above the ICICI FD Interest Rate, and the bank uses a fixed deposit as collateral for the loan. Also, the loan tenure is limited to the tenure of the FD. One cannot take a loan against tax-saving FDs.
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