ICICI recurring deposit account offers varying rate of returns on different tenures ranging from 6 months to 10 years. The term periods on recurring deposit account option by ICICI bank is divided into short-term, medium-term and long-term tenures. A short-term tenure lasts from 6 months to a year. A medium-term tenure ranges from more than a year to less than 5 years, and a long-term tenure lasts from more than 5 years to less than 10 years.
The ICICI RD Interest Rates for different tenures w.e.f. 14 August 2018, is mentioned in the table below:
|Tenure||Regular RD Interest Rates (p.a)||Senior Citizen RD Interest Rates (p.a)|
|Above 3 years upto 5 years||7.25%||7.75%|
|Above 5 years upto 10 years||7.00%||7.50%|
*The above interest rates are for investments less than Rs.1 crore
Important Information to Note for ICICI Recurring Deposit Scheme
|Minimum Amount to be deposited||Rs. 500 (After the initial amount, multiples of Rs.100 can be submitted.)|
|Tenure||6 months to 10 years|
|Additional Interest rate for senior citizen||0.50%|
|What is the maximum interest rate and in which tenure is it offered?||7.25% for regular citizens and 7.75% for senior citizens for the term periods 27 months, 30 months, 33 months, 36 months and 3-5 years.|
|Eligibility Criteria||The applicant should be a Resident Indian|
|Penalty on delayed installment||A penalty fine of Rs.12 for every Rs.1,000 deposited in an ICICI recurring deposit account.|
Documents Required for ICICI Recurring Deposit
- For identity proof, the documents accepted are Passport PAN card Voter ID card, Driving licence, Government ID card and Senior citizen ID card.
- For address proof, the documents required are Passport, Telephone bill, Electricity bill, Bank Statement along with Cheque Certificate and ID card issued by Post office.
Premature Withdrawal of ICICI Recurring Deposit
If an ICICI recurring deposit account holder wants to prematurely withdraw money from the account, he or she can avail the interest rate for the term period for which the deposited amount has been kept in the ICICI bank. Additional charges levied by the bank for premature withdrawal are as below:
|Tenure||Penal rates (less than Rs.5 crore)||Penal rates( more than Rs.5 crore)|
|Less than 1 year||0.50%||0.50%|
|1 year & above but less than 5 years||1.00%||1.00%|
|5 years and above||1.00%||1.50%|
Get the Highest Interest Rates on ICICI Bank Recurring Deposit
- ICICI Bank provides a lot of benefits to its customers through its products. Among its products, the ICICI Recurring Deposit Account is a very popular one as it offers attractive rates of interest to the depositors.
- The bank also offers a flexible recurring deposit scheme called ‘iWish’, which frees people from the penalty which is charged for missed payments.
- One can deposit money for a minimum period of 6 months (after that in multiples of three months) and a maximum period of 10 years in an ICICI Bank RD account where the minimum amount to be deposited is Rs.500 per month.
Short-Term ICICI RD Interest Rate
- ICICI Bank provides the option of opening a recurring deposit to its depositors for a short-term period.
- Depositors can invest money with the bank for a period of 6 months, 9 months, 12 months. The interest rate for this time period is 6.00%, 6.50% and 6.75% respectively.
Medium-Term and Long-Term ICICI RD Interest Rates
- ICICI Bank allows its depositors to open a medium- and long-term recurring deposit account as well.
- The medium-term recurring deposit account can be opened for a period of more than a year up to 5 years, while a long-term recurring deposit account can be opened for a period of more than 5 years up to 10 years.
- Depositors can earn an interest rate of 7.25% per annum on medium term deposits and 7.00% per annum on long-term deposits.
ICICI Bank Senior Citizen RD Rates
- Senior citizens are offered additional 0.50% interest rate on the rates offered to regular citizens by ICICI recurring deposit scheme.
- For the short-term tenure, ICICI RD scheme offers interest ranging from 6.50% to 7.25%.
- For the medium- and long-term tenure, the ICICI RD scheme offers rate of return ranging from 7.50% to 7.75%, and 7.50% respectively.
Different ICICI Bank Recurring Deposit Schemes
ICICI bank offers two different types of recurring deposit schemes. These are:
- Delightful ICICI recurring deposit account: The ICICI Delightful recurring deposit scheme has been specially designed for people who are interested in buying designer jewellery or those who always wanted to visit their dream destination. ICICI bank in partnership with Tanishq, Croma and Thomas Cook offers attractive rate of return on deposits in this scheme.
- ICICI iWish Flexible Recurring Deposit account: The ICICI iWish Flexible Recurring Deposit Scheme allows a person to deposit their money anytime without worrying about charges levied for delayed payments.
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