Money Multiplier Fd Icici Calculator

ICICI Bank's Money Multiplier Fixed Deposit (FD) is a unique investment product that offers higher interest rates compared to regular fixed deposits. This calculator helps you estimate your potential returns based on the deposit amount, tenure, and interest rate.

What is Money Multiplier FD?

Money Multiplier FD is a special fixed deposit scheme offered by ICICI Bank that provides higher interest rates than regular fixed deposits. The interest rates are typically higher than the bank's regular FD rates and are calculated on a quarterly basis.

Money Multiplier FD is designed for investors who want to earn higher returns on their deposits while maintaining the safety and liquidity of fixed deposits.

Key Features

Higher interest rates compared to regular FDs
Quarterly interest payout
Flexible tenure options
Tax benefits under Section 80C of the Income Tax Act

Eligibility

Money Multiplier FD is available to Indian residents. There are no specific income or age restrictions, but the deposit amount and tenure may vary based on the bank's policies.

How to Use This Calculator

Using this calculator is simple. Just enter the following details:

Deposit amount (in INR)
Tenure (in months)
Interest rate (in % per annum)

Click the "Calculate" button to see your estimated returns. The calculator will display the total interest earned and the maturity amount.

Maturity Amount = Deposit Amount + (Deposit Amount × Interest Rate × Tenure) / 1200

Interest Calculation

The interest on Money Multiplier FD is calculated on a quarterly basis. The interest rate is applied to the deposit amount for each quarter, and the interest is credited to the account.

Example Calculation

Let's say you deposit ₹1,00,000 for 12 months at an interest rate of 7% per annum.

Quarter 1: ₹1,00,000 × 7% × 3 months / 12 = ₹2,100
Quarter 2: ₹1,00,000 × 7% × 3 months / 12 = ₹2,100
Quarter 3: ₹1,00,000 × 7% × 3 months / 12 = ₹2,100
Quarter 4: ₹1,00,000 × 7% × 3 months / 12 = ₹2,100

Total interest earned: ₹8,400

Maturity amount: ₹1,00,000 + ₹8,400 = ₹1,08,400

Comparison with Regular FD

Money Multiplier FD offers higher interest rates compared to regular fixed deposits. The table below compares the two investment options.

Feature	Money Multiplier FD	Regular FD
Interest Rate	Higher (typically 1-2% more)	Standard rates
Interest Payout	Quarterly	Annually or at maturity
Tenure Flexibility	Flexible tenure options	Fixed tenure options
Tax Benefits	Yes (under Section 80C)	Yes (under Section 80C)

While Money Multiplier FD offers higher interest rates, it's important to consider the tenure and interest payout frequency before choosing between the two options.

FAQ

What is the minimum deposit amount for Money Multiplier FD?: The minimum deposit amount for Money Multiplier FD is typically ₹1,000. However, the exact amount may vary based on the bank's policies.
Can I withdraw my deposit before maturity?: Money Multiplier FD is a fixed deposit, and premature withdrawal may attract a penalty. It's advisable to check the bank's terms and conditions before investing.
Is there any tax on the interest earned from Money Multiplier FD?: The interest earned from Money Multiplier FD is taxable as per the applicable income tax slab. However, investors can claim tax benefits under Section 80C of the Income Tax Act.
Can I renew my Money Multiplier FD automatically?: Yes, ICICI Bank offers the option to renew your Money Multiplier FD automatically. This feature helps investors earn compounded interest on their deposits.
What is the lock-in period for Money Multiplier FD?: The lock-in period for Money Multiplier FD varies based on the tenure chosen. Typically, the lock-in period ranges from 6 months to 5 years.