What options are available while opening a Fixed Deposit (“FD”) account with ICICI Home Finance Company Limited (“ICICI HFC”)?
You have the option of opening/renewing the fixed deposits under either of the traditional or cumulative scheme. Under the traditional scheme, interest would be paid on monthly, quarterly, or annual basis depending on the scheme subscribed to, by you as depositor. In cumulative deposits, interest is accumulated with the deposit amount, which again is eligible to earn interest on monthly/quarterly/annually compounding principle. The principal as well as the accumulated interest is paid to the customer only upon maturity or premature withdrawal.
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