Hey All,
When you have a PLAN you need to find all the means to execute it. I know its not that easy to follow the PLAN ie the plan is made and its ALL done. There is alot of hard work goes behind the scenes to execute the PLAn. Anyways moving forward, my wife MRs. Preetu Gupta had this wish of having a fixed deposit monthly income and to start with we thought that lets do it for INR 2 lakhs and see how it goes. Yesterday, I made a post about this, and here is the link to the same for reference. Fixed Deposit - Considering as part of MY Investment Plan - Fixed Monthly Income - Lets Explore.... It explains our plan and the reason why we are looking at moving towards an old school investment strategy, even when we have other options available to us, like the stock market, mutual funds, crypto and others. Lets us now get into the execution part.. I decided to do with the ICICI Bank and that too via their mobile App and beelive me the entire process was very SIMPLE and easy to follow...Let us look into it now...
Fixed Deposit - My ₹2 Lakh FD Plan Execution...
There is this old saying, "Don't put all your eggs in one basket" and I think this applies perfectly to our investment strategy as well. While I continue to explore opportunities in the stock market and crypto, I also believe in having a more traditional investment option that can provide a steady and predictable monthly income. And so is the case here which will get me more than 1K INR monthly. ICICI mobile App didnt allow to take screenshots and hence what I did is took the picture of the every screen from my other mobile phone to cpature the process and post it here on the HIVE Blockchain. As seen from the above image the first option was to selcect FP from the App and click - "Create new FB" button and as soon as you clicked it, here is the next screen that comes up...
Enter the deposit amount and then select the deposit tenure the highest paying interest was with tenure being grater than 3 Years and selecting the payout as cumullative. But I knew what I wanted and hence my options where 1 Year with monthy payout which I selected and moved on to the next screen which showed me my actual monthly payout and here is the screenshot showcasing the same..
Yes its INR 1036 montly payout and the same is reflected in my thubnail image and also on the above image which is a picture of the ICICI bank mobile App screen taken from my other phone. Snapshot are not allowed for the banking applications and hence had to take this route. Moving forward, I now had to confirm the details on the screen and lock in the same to complete the process of opening the Fixed Deposit.
Once confirmed, the FD was all set, and now it was time to wait for the monthly interest income to start coming in. Check this final screen out on the congratulations message from bank on the FD been creating... Now what NeXt?
Well this is my small step towards a more traditional investment strategy that has been finally completed and as I said earlier 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 - Not Every Investment Is About High Returns- My ₹2 Lakh FD Plan - 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 Mobile App
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...
