ICICI Bank Ltd on Wednesday launched its new term deposit called ‘FD Xtra’.  The FD Xtra will include term-insurance, savings for the down-payment of home and car, retirement planning and others. It will be available to customers within the next few days.

What does the new set of deposits include?

The FD Xtra consists of various components that include:

1. FD Life: Provides customers between 18-50 years of age the dual benefit of investment growth via FD and security through a free term life insurance of one year for the FD holder. Additionally, the customer gets a complimentary insurance cover for one year.

2. FD Invest: Helps customers invest the interest earned on FDs in monthly Systematic Investment Plans (SIPs) of a mutual fund of their choice from ICICI Prudential Asset Management Company.

3. FD Income: This deposit available in the form of FDs and RDs. Customers can choose to receive the entire maturity amount of the deposits as a monthly income for a tenure of their choice. They can even apply for ‘FD Income’ via internet banking.

The maximum tenure for all term deposits, including phase and payout phase, is 10 years.

The bank also offers customers the convenience of an instant platinum credit card against FD without any joining or annual fees.

Pranav Mishra, Head – Retail Liabilities Group, said, “Fixed and recurring deposits have long been a fundamental investment for most investors. 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 apply for ‘FD Xtra’ deposits, customers can visit their nearest ICICI Bank branch.