ICICI Bank offers various personal finance products to its customers including recurring deposit. If you wish to deposit a certain amount of money and earn a rate of interest in order to meet your future financial needs, you can do so by opening a Recurring Deposit Account at ICICI Bank.
However, before you decide to open a recurring, you must determine the amount you will deposit and the tenure so that you can figure out the maturity amount you will earn at the end of the tenure and whether it will be suitable for you or not. In order to check the amount which will be suitable for you to deposit and the tenure depending on your financial needs, you can use the Recurring Deposit Calculator offered by ICICI Bank. You can use this calculator to determine the amount you must invest and the tenure before availing the product.
We will have a look at the steps you must follow in order to use the RD calculator offered by ICICI Bank.
- Visit the official website of Axis Bank. Under the ‘Products’ section, click on ‘Accounts and Deposit’, under which you will have to click on ‘Recurring Deposit’.
- You will be directed to the Recurring Deposit page where you will have to click on ‘RD Calculator’. You will be directed to a new page where you will be able to use the recurring deposit calculator.
- The first step will require to you to select whether you are a normal citizen or a senior citizen. If you aged 60 years and above, then you can click on the senior citizen option, otherwise you will have to click on normal citizen option.
- The next step will require you to enter the amount you will deposit on a monthly basis. ICICI Bank allows you to deposit up to Rs.10 lakh if you open a recurring deposit account.
- You will then have to choose the tenure for which you will keep your recurring deposit account active. You can choose up to 10 years as the tenure for which you would like to keep your recurring deposit active.
- Once you have entered the following details, you will be able to check the rate of interest you will earn and the maturity amount which you will receive at the end of the tenure. You can view the amount and interest both as a graph and in a tabular format.
- You can continue entering different investment amounts and tenures before deciding the amount you must invest and a tenure which you feel will be suitable for you.
- Once you are sure regarding the amount you would like to invest and the tenure for which you would like to invest, you can go ahead and open a recurring deposit account and start depositing the said amount on a monthly basis.
ICICI RD Calculator FAQs
- What is the minimum and maximum tenure to open a bank RD?
- What is the minimum and maximum monthly instalment needed to invest in bank RD?
- Will I get a receipt for my recurring deposit?
- What are the other alternative ways through which I can open an RD account?
- What are the nomination facilities available on recurring deposits?
- Is TDS applicable on recurring deposits?
The minimum and maximum tenure to open a bank RD is 6 months and 10 years respectively.
The minimum and maximum monthly instalment is Rs.500 and Rs.10 lakh respectively.
No, you will not get a receipt for the deposits made by you. However, the details of the recurring deposit will be updated in your account statement which you can view anytime by using your net banking or mobile banking credentials.
The process to open a recurring deposit Account is very simple. You can either visit the official website of ICICI Bank or simply download the mobile app of the lender in order to open a recurring deposit account provided you submit all the relevant documents. You can also visit the nearest branch of ICICI Bank with all the relevant documents where a representative from the bank will help you with the process of opening a recurring deposit account.
Nomination facility is available for relationships in the names of individuals.
Yes, TDS shall be applicable on the interest earned on recurring deposit/ variable recurring deposits etc.