FD Xtra is 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. "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 and RDs," said Mishra.The first of the 'FD Xtra' deposits is named 'FD Life'. Available with an FD of at least Rs 2 lakh for a minimum tenure of one year, 'FD Invest' safeguards the principal amount. Simultaneously, it offers an opportunity to customers to invest in mutual funds through the interest generated by the FD.Another variant in the FD Xtra range of deposits is 'FD Income'. Alternatively, they can choose to receive 30 percent of the amount as lump sum on maturity of the investment and the remaining 70 percent as a monthly income for a tenure of their choice.Maximum tenure for all term deposits, including investment phase and payout phase, is 10 years.To apply for FD Xtra deposits, customers can visit their nearest ICICI Bank branch.

Source: Economic Times February 06, 2019 07:18 UTC