ICICI Monthly Income Scheme 2024

Achieve financial stability with ICICI Monthly Income Scheme. Secure monthly income & reliable returns. Start investing today! #ICICIMonthlyIncomeScheme

ICICI Monthly Income Scheme Interest Rates

ICICI Bank offers a monthly income scheme through fixed deposits with stable returns. The interest rates for the ICICI monthly income scheme vary based on the tenure and investment phases.  To better understand how the investment and payout phases work, let’s consider an example with two different investment amounts.

Investment Phase:

1. Amount Invested: ₹5,000
2. Tenure: 24 months
3. Rate of Interest: 7.25%
4. Total Corpus at the End of Investment Phase: ₹129,437
5. Amount Invested: ₹10,000
6. Tenure: 24 months
7. Rate of Interest: 7.25%
8. Total Corpus at the End of Investment Phase: ₹258,874

Payout Phase:

1. Lump-Sum Payment: ₹0 
2. Tenure: 24 months
3. Monthly Payout: ₹5,810 (for the first investment of ₹5,000)
4. Lump-Sum Payment: ₹0 
5. Tenure: 24 months
6. Monthly Payout: ₹11,620 

Disclaimer:

Please note that the numbers and data used in this example are for illustrative purposes only. The actual returns and amounts may vary based on the specific terms of the investment, market conditions, and other factors. It’s essential to refer to the official documentation and consult with financial experts from Vakilsearch for accurate and personalised information regarding your investment.

Elements of ICICI Monthly Income Scheme

1. Principle Amount – The principal amount for the ICICI monthly income scheme can be chosen based on the investor’s preference and financial capability.
2.  Tenure – The tenure for the monthly income scheme can range from 2 years to 10 years, with varying interest rates based on the chosen tenure.
3.  Rate of Interest – The rate of interest for the ICICI monthly income scheme ranges from 5.15% p.a. to 5.50% p.a. for tenures above 2 years and up to 10 years[3].
4.  Sum Total – The sum total at maturity can be calculated based on the principal amount, tenure, and the applicable interest rate.
5.  Monthly Pay-out – The monthly payout is determined based on the principal amount, tenure, and the chosen interest rate.

Eligibility of ICICI Monthly Income Scheme

1.  Indian Citizens – The ICICI monthly income scheme is available for Indian citizens.
2.  Age Requirement – The age requirement for investing in the ICICI monthly income scheme may vary based on the bank’s policies. It’s advisable to check the specific age requirements at the time of investment.
3.  KYC Documents – The KYC documents required for the ICICI monthly income scheme typically include identity proof, address proof, income proof, and passport-size photographs.

Documents Required for ICICI Monthly Income Scheme

1. Identity Proof – Valid identity proof such as an Aadhar card, PAN card, passport, or voter ID may be required.
2. Address Proof – Address proof documents like Aadhar cards, utility bills, or rental agreements may be necessary.
3. Income Proof – Income proof documents such as salary slips, Form 16, or income tax returns may be required.
4. Passport Size Photographs – Passport-size photographs are typically required for account opening and documentation.

Features of ICICI Monthly Income Scheme

1.  Monthly Payment – The ICICI monthly income scheme offers a regular monthly payment to the investor, providing a steady stream of income.
2.  Life Cover – In the event of an unfortunate occurrence during the policy period, the scheme provides an assured payout to the investor’s loved ones, offering financial protection.
3.  Flexibility in Premium Payment – The scheme may offer flexibility in premium payment options, allowing investors to choose a payment schedule that suits their financial situation.
4. Flexibility in Payout Options – The ICICI monthly income scheme may provide flexibility in payout options, allowing investors to choose the most suitable method for receiving their payouts.
5.  Tax Benefits – Premiums paid under the policy may qualify for tax deduction under Section 80C of the Income Tax Act, 1961, subject to conditions.

Before Buying a Monthly Income Scheme

1.  Assess Your Requirements – It’s important to assess your financial requirements, payment terms, coverage needs, and payout options before investing in a monthly income scheme.
2. Senior Citizens – Senior citizens may find monthly income schemes beneficial for supplementing their regular income and providing financial security.
3. Budget-friendly Premiums – Monthly income schemes may offer budget-friendly premium options, making it accessible to a wide range of investors.
4.  Buy Online – Some banks may offer the option to buy the monthly income scheme online for added convenience.
5.  Flexible-Premium Payment – The scheme may provide flexibility in premium payment, allowing investors to choose a payment schedule that aligns with their financial situation.

FAQs on ICICI Bank Monthly Income Scheme

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