Hey All,
Having a good investment plan in itself is a very big task, and then following it and being consistent with your plan is another. Many times, I have made many investment plans but have failed to follow and stick to them and keep investing regularly. For example, I started with mutual funds SIP [Systematic Investment Plan] invesetd for like 5 years but then did not renew the SIP and finally landed up withdrawing all the money seeing good retunrs. I guess its human nature as soon as they start to see profits they take quick actions and as a result the enitre investment plan goes for a toss. Anyways coming to the main topic for this post is around investing in fixed deposits for a fixed monthly income. So why ALL of a sudden plan to haivng a fixed deposit? Well I have a story for that and it is as follows...
Fixed Deposit - Considering as part of MY Investment Plan...
At first it may sound like an old school kind of investment, but still, when it brings joy to your better half my wife Mrs. Preetu Gupta, then you need to look at it differently. After all, investments are not always about earning higher returns or building wealth. Sometimes, it is also about happiness, peace of mind and the satisfaction of doing something for the person you love. My wife expressed me that lets build an fixed deposit corpus and to start with she suggested that lets first invest around Rs.2 Lakhs INR which is approximately like $2.5K dollars. I would says its a decent amount to start with and see how it goes. Right now I have not invested but started to look at the various options. Have a look at the above image which is a fixed deposit caclulator on ICICI bank website and it indicated that investing Rs. 2 lakhs INR would get me around Rs.1K+ on a monthly basis ... not that bad at all. If I do rough math then its like 6.5% interest rate per annum. It can increase if I take the payout at the maturity but then that is not my objective here. The objective is the build income on a monthly basis. The next I did is build up a table to see how the monthly income would look like for an investment of ₹2 lakh, ₹5 lakh, and ₹10 lakh ICICI Bank Fixed Deposits, using the interest rates provided on ICICI bank website and here is the table...
ICICI Bank FD: Monthly Interest Income on ₹2 Lakh, ₹5 Lakh and ₹10 Lakh Investments
| Investment Amount | Investment Duration | General Interest Rate (%) | General Monthly Interest (₹) | Senior Citizen Rate (%) | Senior Citizen Monthly Interest (₹) |
|---|---|---|---|---|---|
| ₹2 lakh | 3 months | 4.75% | ₹788 | 5.25% | ₹871 |
| ₹2 lakh | 1 year | 6.70% | ₹1,110 | 7.20% | ₹1,193 |
| ₹2 lakh | 5 years | 6.90% | ₹1,143 | 7.50% | ₹1,242 |
| ₹2 lakh | 10 years | 6.90% | ₹1,143 | 7.50% | ₹1,242 |
| ₹5 lakh | 3 months | 4.75% | ₹1,972 | ₹871? | ₹2,178 |
| ₹5 lakh | 1 year | 6.70% | ₹2,776 | 7.20% | ₹2,982 |
| ₹5 lakh | 5 years | 6.90% | ₹2,859 | 7.50% | ₹3,106 |
| ₹5 lakh | 10 years | 6.90% | ₹2,859 | 7.50% | ₹3,106 |
| ₹10 lakh | 3 months | 4.75% | ₹3,943 | 5.25% | ₹4,356 |
| ₹10 lakh | 1 year | 6.70% | ₹5,552 | 7.20% | ₹5,964 |
| ₹10 lakh | 5 years | 6.90% | ₹5,717 | 7.50% | ₹6,211 |
| ₹10 lakh | 10 years | 6.90% | ₹5,717 | 7.50% | ₹6,211 |
So now what neXt? The next steps are simple which is to final lock down the bank with which I did like to puruse my fixed deposit investment plan and most probably it is going to be my wife bank account with ICICI. Probably in a day or two, I would take the next step and initiate the Fixed Deposit through the online banking process. Once that is done, it should be all set, and then I can simply wait for the monthly interest income to be credited. And before I end this post as I said earlier in the post at times it is not just about how much you invest or how much you earn, but also about the little things that bring happiness to your family. And for me, this is one such small step... Ok this should be it for todays post on - "Fixed Deposit - Considering as part of MY Investment Plan - Fixed Monthly Income - Lets Explore..." Happy Investing.... Do Good n Good will follow.... its that SIMPLE... cheers
Have Your Say on Fixed Deposit as an Investment Strategy...
Is fixed deposit part of our investment strategy? Fixed Deposit Vs Stock Market Vs Crypto - Whats is your prefrence. Monthly income via fixed deposit? Let me know your valuable views in the comment box below.
#fixeddeposit #fd #icicibank #interestrate #investment #personalfinance
Image Courtesy:: Procanva license, ChatGpt, ICICI Bank
Best Regards
Paras
PS:- None of the above is a FINANCIAL Advice. Please DYOR; Do your own research. I've an interest in Blockchain, Stocks & Cryptos and have been investing in many emerging projects. Also I am using ChatGpt for structing of the table content in markdown language at times...
