ICICI Fixed Deposit (FD)
In India, a retirement savings plan known as the Employees' Provident Fund (EPF) is managed by the Employees' Provident Fund Organization (EPFO). Since the program is needed for all qualified workers in the organized sector, businesses must register with the EPFO and make contributions to the EPF on behalf of their staff members.
ICICI Bank FD Calculator?
ICICI Bank offers fixed deposit rates ranging from 3% to a maximum of 7% for general citizens on investments below ₹2 crore. Senior citizens enjoy an additional 0.50% interest. The interest rates vary based on the chosen tenure, with higher tenures attracting higher rates.
Manual calculations of interest and maturity amounts can be cumbersome. To simplify this process, consider using an online FD calculator. The ICICI FD calculator facilitates easy interest calculations, providing quick results. By entering the estimated investment amount, interest rate, and tenure, you can efficiently determine the maturity amount, aiding informed investment decisions.
How Does the ICICI FD Calculator Work?
Using the ICICI fixed deposit calculator to determine the accurate interest amount is a simple process:
What is the penalty charge for withdrawing an ICICI FD before its maturity?
FD holders may incur penalty charges based on the duration of the deposit with the financial institution. If held for less than a year, a penalty of 0.50% applies. For holding periods ranging from 1 to 5 years, the penalty is 1%. Investments exceeding Rs. 5 Crore will face a higher penalty rate of 1.5%. These penalty charges serve as deterrents for premature withdrawals and encourage adherence to the agreed-upon investment tenure.
Benefits of An Online ICICI Bank FD Calculator
The ICICI FD calculator extends beyond quick and easy calculations, offering additional advantages: