ICICI Bank introduces FD Xtra, a range of innovative term deposits

Mumbai: ICICI Bank announces the launch of ‘FD Xtra’, a range of innovative Fixed (FD) / Recurring (RD) deposits with exclusive new benefits to customers. The new unique term-deposits have been specially designed to meet life-stage needs and goals of customers including term-insurance, saving for down-payment of home and car, retirement planning, child education and fulfilling travel aspirations among others. The new range of deposits will be available to customers within the next few days. Speaking on the occasion, Pranav Mishra, Head – Retail Liabilities Group, said, “Fixed and recurring deposits have long been a fundamental investment for most investors, irrespective of their risk profile. With the prevailing volatility in financial markets, we see a renewed interest by customers to invest in fixed and recurring deposits as they offer a combination of attractive interest rates, liquidity, safety of capital and assured returns. To offer our customers added advantage in their investment in this category, we are delighted to launch ‘FD Xtra’, a new range of fixed and recurring deposits. These deposits are aligned to various life-goals of a customer like protection through a term plan, option of investing in equity markets through mutual fund SIPs or planning for requirements like higher education, retirement corpus, travel among others. In the interim Union Budget, the government has also proposed to increase the TDS (tax deducted at source) threshold on Fixed Deposit and other savings products to Rs. 40,000 from Rs 10,000. This increase will encourage customers to invest more in Fixed Deposits. We believe that with our FD Xtra initiative, coupled with the additional tax incentive proposed in the Budget, will attract customers to invest more money in FDs & RDs.”