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  • ICICI Recurring Deposit

    ICICI RECURRING DEPOSIT
     4.5 / 5.0   by 203 users
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    Promised Interest Rate

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    Overview of ICICI Bank

    ICICI Bank is India's largest multinational banking and financial services company belonging to the private sector. It is headquartered in Vadodara, Gujarat, India. ICICI Bank was initially backed by ICICI Limited, an Indian financial institution, in 1994 and was its fully-owned subsidiary. By 2014 it became the second largest bank in India in terms of assets owned as well as its market capitalisation. ICICI Bank offers a wide range of personal and corporate banking products and services to its customers.

    Recurring Deposit from ICICI Bank

    Recurring deposits are a good investment option for small investors if they do not have a lump sum amount to invest at one go, but wish to save a smaller sum of money on a regular basis. As one of the leading private sector banks in India, ICICI Bank offers its customers highly flexible RD options at competitive interest rates. ICICI Bank RD is a good savings solution for investors who want high returns on short term investments with low constraints on liquidity. The bank offers both traditional RD scheme, as well as Flexible Recurring Deposit Scheme called i-Wish which allows an optimal balance between liquidity and returns. Flexible holding periods and easy payouts let depositors plan their investments to suit their individual goals. A Recurring Deposit account with ICICI Bank provides additional benefits such as: loan against the deposit, Tax Deduction at Source (TDS) is not applicable, etc.

    Recurring Deposit schemes offered by ICICI Bank

    ICICI Bank offers Recurring Deposits to customers with many features which include recurring accounts receivable, recurring account payable, recurring account fees checking and recurring debit account transaction details. It also offers the customer the facility of scheduling regular payments to their Recurring Deposit account online. ICICI Bank offers regular RD scheme as well as a Flexible RD scheme. The Regular Recurring Deposit requires the customer to make a fixed amount of monthly installments regularly, for a fixed period of time. i-Wish is a flexible Recurring Deposit offered by ICICI bank that has a high liquidity ratio. This has flexible options that lets you save for your goals, and you can deposit money as and when you have the funds, and earn better interest rates just like a Fixed Deposit.

    Features of ICICI Bank Recurring Deposit

    The features of an ICICI Bank Recurring Deposit are:

    • Rate of interest as high as fixed deposit interest rates.
    • Additional facilities to check on recurring account receivable, recurring account payable, recurring account fees and all recurring debit account transactions.
    • Opportunity to take a loan against the ICICI Bank Recurring Deposit.
    • No Tax Deduction at Source (TDS).
    • The minimum balance in the account should be Rs. 500 per month. Deposits thereafter can be made in multiples of Rs.100.
    • Deposits should be made for a minimum period of 6 months, and thereafter in multiples of 3 months.
    • Option to place a nominee is available.
    • Transfer funds to your Recurring Deposit Account in seconds through Internet Banking.
    • Through your online Recurring Deposit Account you can track your investments and process your recurring payments
    • The Recurring Deposit also comes with a nomination facility.

    Eligibility Criteria

    • Indian citizens can apply.
    • The minimum balance of deposit required is Rs. 500 per month and thereafter, in multiples of Rs. 100.

    Documentation

    In order to start a Recurring Deposit with ICICI Bank, customers need to provide the following documents as Identity Proof and proof of residence.

    Identity proof

    Any of the following can be submitted as proof of identity:

    • Copy of Passport
    • PAN card
    • Voter’s ID
    • Driving license
    • Government ID card
    • Photo ration card
    • Senior citizen ID card

    Address proof

    Any of the following can be submitted as proof of residence:

    • Passport
    • Telephone bill
    • Electricity bill
    • Bank Statement with Cheque
    • Certificate/ ID card issued by Post office

    Interest rates offered on ICICI Bank’s Recurring Deposit

    ICICI Bank offers competitive interest rates on its RD schemes for both its general customers as well as for senior citizens, making it easy to earn more returns on investment over a short period of time. Interest rates vary with the tenure for which the deposits are made, with higher interest accumulation for senior citizens. Interest rates range from 7.75% up to 8.50% for normal customers, and for senior citizens the interest rates range from as high as 8.25% up to 9%.

    Flexible RD from ICICI Bank

    ICICI offers its unique flexible RD scheme called i-Wish to its customers wherein there is no penalty or charges for missed payments. This deposit allows customers to save any amount at any time. It offers flexibility to choose the the amount to be deposited and has no time constraints. It offers better returns since it gives the same interest as a Fixed Deposit. It also offers the feature of ‘Sharing’ goals wherein your friends and family can know about your goals and can help you out with the same with contributions.

    RD For NRIs/NREs

    ICICI Bank offers RD for NRE’s as well. NRE Recurring Deposit Account is maintained in INR and is an great option for NRIs to increase savings by investing a small amount of money every month.

    Features and Benefits

    • Account can be funded in a quick and easy manner by transferring funds every month from your NRE Savings account.
    • Flexible monthly installments: From Rs. 5,000 to Rs.100,000 and in multiples of Rs.1,000.
    • Flexible tenure options range from a year up to 10 years.
    • Round the clock access through free Internet banking.
    • High liquidity of funds since funds are fully repatriable.
    • High tax benefits since interest earned through Recurring Deposits is not taxable in India.
    • Attractive exchange rates during conversion of foreign currency into rupees.

    Nomination for RD

    Nomination

    • Nomination facility is available for Recurring Deposits.
    • A customer is entitled to have one Nominee for a deposit account held individually or jointly.
    • On behalf of a minor, a legally empowered guardian can operate the minor's account and file a nomination .
    • By filling up the form prescribed under the Banking Companies (Nomination) Rules 1985, applicants can make nomination.
    • The nomination details can be changed by making a declaration which will be in effect by submitting the appropriate form.

    How to open a Recurring Deposit account in ICICI Bank?

    Customers can open a Recurring Deposit account with ICICI Bank in any of the following ways:

    • Directly through an ICICI branch.
    • Customers can open a RD with ICICI through the bank’s Internet Banking facility in the following manner:
      • use the Internet Banking user ID and password to log into the bank’s web portal.
      • Under "My Accounts" section, click on ‘Open Fixed/Recurring Deposit’.
      • Click on open Recurring Deposit.
    • ICICI Bank Customer Care can also assist customers with opening a Recurring Deposit account. Verify your account details and enter your Debit Card number & PIN and speak to Phone Banking Officer to seek assistance in opening a Recurring Deposit account.
    • iMobile offers customers the convenience of making safe transactions. Customers can not only check balance, transfer funds or pay bills, but can also open a Recurring Deposit account through iMobile.

    What is the penalty on delayed instalment?

    • For all delayed installments, penalty is charged on monthly interest at the rate of Rs.12 per Rs.1000.
    • For the purpose of calculating the interest, fraction of a month will be treated as a full month.
    • The total interest chargeable shall be deducted from the total amount of interest payable at maturity of the deposit.

    FAQ’s

    1. What is the minimum & maximum amount to open a Recurring Deposit account in ICICI Bank?
    2. You can open a Recurring Deposit account for a minimum deposit of Rs 500/- per month. There is no maximum limit.
    3. What are the minimum or maximum period for RD in ICICI Bank?
    4. You can open a Recurring Deposit for a minimum period of 6 months, after which they can extend the tenure in multiples of 3 months, and up to a maximum period of not more than 10 years.
    5. Taxability for RD: Is TDS (Tax Deductible at Source) applicable on Recurring Deposits?
    6. No, TDS is not applicable on Recurring Deposits.
    7. Does the RD account of ICICI Bank provide loan against the deposit?
    8. Yes, Recurring Deposit account with ICICI Bank offers Loan Facility against RD amount in the Bank.
    9. Do Senior citizens get any extra benefit on Recurring Deposits?
    10. Yes, senior citizens do get extra benefits on Recurring Deposits in the form of higher interest rates.
    11. Can I make premature withdrawal of RD?
    12. If the Recurring Deposit is closed before completing the original term of the deposit, interest will be paid at the interest rate applicable on the date of deposit, for the period during which the deposit has remained with the Bank. In the event of premature withdrawal of the deposit, a penal rate of interest is applicable.
    13. How is the penalty on premature withdrawal of the Recurring / i-Wish deposits calculated?
    14. In case of premature withdrawal, interest will be calculated for the period the deposit has actually remained with ICICI Bank.

    Know the Current Recurring Deposit Rates:

    ICICI Bank RD Schemes

    News About ICICI Recurring Deposit

    • ICICI Bank is Expected to Report Drop in Net Profits Due Regardless ICICI Pru Stake Sale

      The provisions may be high in Q2 results even amid the stake sale in ICICI Prudential life. One of the largest private banks in India, ICICI Bank may report net profit drop by 18.3T to Rs. 2476.9 crore for the second quarter of the financial year from last year’s numbers being at Rs.3030.1 crore in the corresponding quarter. Earnings hence are predicted to be stressed majorly for high provisions. Based on a report and poll reported by CNBC-TV18 the net interest income may be rise by 0.4% at Rs.5273.9 crore as against Rs. 5251.5 crore last year for the same time period.

      7th November 2015

    • ICICI Bank and SBI Add More Reasons to Opt For Home Loans

      Top private banks in India such as State Bank of India and ICICI have launched several benefits including processing fee waivers, rate reductions as well as overdraft facility. SBI has reduced interest rates by 0.15% for their home loans which range up to Rs 75 lakh. ICICI Bank on the other hand has launched their overdraft facility for home loans.

      SBI Home Loans are said to have the lowest rates in the allowing new home buyers and loan transfer to SBI to easily save on the monthly installments based on a statement made by the bank. SBI home loans are now available at 9.15%per and 9.10% for women. ICICI Bank is offering people who are salaried account, credit for amounts between Rs 5 lakh up to a whopping Rs 1 crore with property as collateral.

      2nd November 2015

    • Plan for a holiday and save easily with a Holiday Savings Account.

      A good holiday is a must for every working professional in today’s world, with rising stress factors and workloads. Aspiring for a luxurious holiday is quite easy, but making a committed bulk payment towards a particular holiday package might be a mammoth task for individuals. To ease out the payments required towards holiday packages, companies have introduced an innovative solution in the form of savings holiday schemes offered by travel operators like Kuoni and Thomas Cook. These plans help professionals save up for big holidays, where customers can choose the destination, save the required funds over a period of 12 months with the travel operator’s banking partner using a recurring deposit account. As the 13th installment, the accrued interest from the recurring deposit and a top-up discount added by the travel company, is the total savings for the customer.

      Thomas Cook has partnered with ICICI Bank to introduce the Holiday Savings Account to potential holidaymakers, with the travel company offering a choice of 15 destinations. The main advantage of opting for such a plan is that the holiday package will be booked at the prevailing rate, when the deposit was started. Even if hotel tariffs and airfares rise by the time the recurring deposit matures, the customer need not pay higher rates.

      3rd October 2015

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    ICICI RD Reviews

  • Page 1 of 11 1 2 3 4 5
    • ICICI Bank Recurring Deposit
      "Safety locker"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I hold a recurring deposit with ICICI bank and I got it around 6 months ago. I get good benefits with this very good savings plan. It is flexible because when I need in money anytime, I can with draw and I can switch the amount to savings account, Which is helpful for the safety purposes. The rate of interest I am getting is nominal here.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 15, 2017
    • ICICI Bank Recurring Deposit
      "Very good services in deposit"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the ICICI bank and the interest rate was around 7% per annum. Services were good and I would like to say for deposit ICICI bank is up to the mark. Its easy to track the account through online and mobile application.
      Was this review helpful? 4
      , hyderabad
      Reviewed on May 10, 2017
    • ICICI Bank Recurring Deposit
      "Amazing experience"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate with the ICICI bank for the recurring deposit was around 7% to 7.5% and am with them from the last five to six years of time. Minimum lock in period is nil and maximum is around ten years of time. There will be nil penalty for withdrawing the money duriong prematurity period. Netbanking services are fine with the ICICI bank.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 22, 2017
    • ICICI Bank Recurring Deposit
      "Best one"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with the Oriental bank of commerce and the interest rate is around 8.75% and its only for employee. There is no penalty charges and am having this account from the last two years of time and the tenure is around five years of time , also it can even open for seven days of time.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Apr 19, 2017
    • ICICI Bank Recurring Deposit
      "Satisfactory Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had opened my RD account in ICICI bank. Their tenure period is very much flexible and convenient. The rate of interest provided by them is quite good. I am maintaining this for quite long time. I am a long term customer of ICICI bank, even I hold multiple accounts with them because their services are really good and satisfactory.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Mar 10, 2017
    • ICICI Bank Recurring Deposit
      "Goal to Achieve "
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have opened my I Wish RD account in ICICI on November 2016. It is very much flexible and I could deposit Rs. 5000 to maximum amount in I wish RD account. I have taken the tenure of six months, ICICI offers the interest rate of 6.25% for six months and 6.75% for one year.
      Was this review helpful? 4
      , noida
      Reviewed on Feb 13, 2017
    • ICICI Bank Recurring Deposit
      "Good for saving"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have opened my RD account in ICICI on September 2016, I used to pay the premium amount of Rs. 15,000 for one years. ICICI offers the RD interest rate of 6.7% it is nominal like other banks. After the maturity period of one year, I will be getting the Premium + Interest rate of Rs.1,87,000. I used to make online RD payment through netbanking it is very convenient.
      Was this review helpful? 2
      , noida
      Reviewed on Feb 13, 2017
    • ICICI Bank Recurring Deposit
      "Recurring deposit is fine"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      ICICI RD is there is no limit if we add any amount there is no daily limit per addition, there is no restriction as such there is no need for me to depoist a fixed amount every time he or she can deposit how much ever they want and minimum amount should be 500.
      Was this review helpful? 2
      , new delhi
      Reviewed on Feb 07, 2017
    • ICICI Bank Recurring Deposit
      "Can be better"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had opted in and opted out through online for ICICI RD . Basically liquidation happens within 24 hours of time. it all depends on the time when the executive picks the request they break it followed by which the amount gets transferred to my account instantly no charges for the same. Of course, the premature ( withdrawal charges) are applicable which is 1% on the outstanding principle amount.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 02, 2017
    • ICICI Bank Recurring Deposit
      "Easy process"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a recurring deposit on couple of occasions from ICICI Bank and I am happy with the interest rate they offer. I also have no issues in opening this account and closing the same, as everything is done online and I do not have to visit the bank.
      Was this review helpful? 5
      , yamuna nagar
      Reviewed on Jan 02, 2017
    • ICICI Bank Recurring Deposit
      "RD"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I always use this option for Hidden saving for my urgent needs easy module for online banking with the good interest rate for flexible payments and auto debit and credit mode which is specialty of this Bank I am a customer since 10 yrs of this bank.also, you have many options like saveing,RD, Flexible RD online Money order and much more.
      Was this review helpful? 1
      , aurangabad
      Reviewed on Dec 25, 2016
    • ICICI Bank Recurring Deposit
      "Need improvement in customer service"
      ICICI BANK
      0.5 3.5/5 "Pretty good"
      Minimum tenure with the ICICI bank is around 12 months of time and the services are better for my recurring deposit. I would like to advice its better to go ahead with net banking services rather than approaching customer care service. The deposit amount for recurring deposit will starts from 500 Rupees to 50000 Rupees without pan card and I can say they need to more focus of their customer service.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Dec 13, 2016
    • ICICI Bank Recurring Deposit
      "Go for it "
      ICICI BANK
      0.5 4.0/5 "Great!"
      Its amazing to hold this ICICI RD IWISH account as it is very much flexible. I can deposit how much ever I want and I can withdraw the same amount as well. I am holding this ICICI RD for about a year now. I am very much happy with the terms and conditions. Any time I can close this RD online but I am not sure about the charges.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 15, 2016
    • ICICI Bank Recurring Deposit
      "Convenient banking"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had a recurring deposit with ICICI Bank. I never had to visit the bank for opening this account. I also never visited the ban for closing it as well. I had all online. It was convenient and it was a easy process. The rate of interest was good. They also have good services, when I call in for any kind of a clarification.
      Was this review helpful? 2
      , pune
      Reviewed on Oct 05, 2016
    • ICICI Bank Recurring Deposit
      "Very good"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I had opted for ICICI recurring deposit it is a got very good options in it. I am holding this ICICI RD for a period of 6 months. I dont have any idea about the interest that I earned on this RD. I had closed it because I had some personal commitment I could take it further. Yes, I do get tax benefit for this.
      Was this review helpful? 5
      , bangalore
      Reviewed on Oct 01, 2016
    • ICICI Bank Recurring Deposit
      "Easy to get a RD "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      It was a pretty simple process for me to open a recurring deposit with ICICI Bank. I could do it online and the account gets linked to the savings account. The rate of interest is good. There are no charges taken for this facility. I am happy with the features and benefits.
      Was this review helpful? 4
      , indore
      Reviewed on Sep 13, 2016
    • ICICI Bank Recurring Deposit
      "No hassle"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I had the recurring deposit with the ICICI bank and I was with them for an year of time. Interest rate is a good one with them and it can be open through online and once the plan got matured the amount will be directly credited to the savings account. There are no hassles with the ICICI bank till now.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 30, 2016
    • ICICI Bank Recurring Deposit
      "Most flexible "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The word IWISH states, about the flexibility in holding a recurring deposit. I dont find more conditions applied to the account and its purely based on customer's decision on the transaction made. They give interest based on the tenure and it starts from 7.5%.Its easy to get the updated status about the account through ICICI Bank portal.
      Was this review helpful? 2
      , pune
      Reviewed on Aug 24, 2016
    • ICICI Bank Recurring Deposit
      "Good investment"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I had recurring deposit for a long period of time,I invest for shorter period of time like 15 months and withdraw later and again invest the same amount for 15 months and I will do this periodically.The amount of Rs 5000 will be deducted automatically from my account."I Wish it was a good product with nice innovative.I have closed the RD few days ago.
      Was this review helpful? 8
      , gurgaon
      Reviewed on Jul 16, 2016
    • ICICI Bank Recurring Deposit
      "Acceptable service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have a recurring deposit with ICICI bank and the interest is not much significant but its a kind of okay. Customer service is also okay with them. Interest rate is compounded on monthly basis and there is no penalty if I miss the payment date also.
      Was this review helpful? 3
      , kolkata
      Reviewed on Jun 28, 2016
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