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ICICI Recurring Deposit

ICICI Bank allows its customers to open a recurring deposit account with them. The RD accounts can be opened for a period that ranges between 6 months and 10 years with the offered rate of return being in the range of 4.75% p.a. to 6.50% p.a.

Rate of return offered by ICICI Bank on RDs

Listed below are the interest rates offered by ICICI Bank on recurring deposits depending on the type and the tenure:

The interest rates offered by the lender on Delightful Deposits are as follows:

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
6 months 4.75% 5.25%
9 months 5.25% 5.75%
1 year 5.80% 6.30%
1 year 3 months 5.80% 6.30%
1 year 6 months 5.80% 6.30%
1 year 9 months 5.80% 6.30%
2 years 5.80% 6.30%
2 years 3 months 6.00% 6.50%
2 years 6 months 6.00% 6.50%
2 year 9 months 6.00% 6.50%
3 years 6.00% 6.50%
3 years to 5 years 6.00% 6.50%
5 years to 10 years 6.00% 6.50%

The interest rates offered by ICICI bank on iWish RDs are:

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
6 months 4.75% 5.25%
7 months - 9 months 5.25% 5.75%
10 months - 11 months 5.50% 6.00%
1 year 5.80% 6.30%
1 year 1 month - 1 year 5 months 5.80% 6.30%
1 year 6 months - 2 years 5.80% 6.30%
2 years 1 month - 3 years 6.00% 6.50%
3 years 1 month - 5 years 6.00% 6.50%
5 years 1 months - 10 years 6.00% 6.50%

Note: The interest rates mentioned in the tables are effective 4 May 2020

Types of Recurring Deposits offered by ICICI Bank

The bank offers two types of recurring deposit. They are:

  • Delightful Deposits
  • iWish Flexible RDs

Features of Delightful Recurring Deposit

The features of Delightful Recurring Deposit are listed below:

  • Can be opened with a minimum deposit of Rs.500
  • Nomination facility available
  • Loan against deposit available

Features of iWish Flexible Deposits

Listed below are the features of iWish Flexible deposits:

  • Can be opened with a minimum deposit of Rs.50
  • There is no penalty for missed deposits
  • Can make multiple deposits in a month
  • Comes with the option of increasing the deposit amount at any time

Who can open a Recurring Deposit account with ICICI Bank?

An RD account with ICICI Bank can be opened by a resident Indian/Hindu Undivided Family (HUF).

How to open a Recurring Deposit account with ICICI Bank?

You can open an RD account with ICICI Bank by visiting the bank branch, using the net banking facility or by reaching out to the bank’s customer care cell.

Documents Required

The documents which need to be submitted are listed below:

  • Identity proof
  • Address proof

Short-term Recurring Deposit Interest Rates

A short-term RD account is one that is opened for a period that ranges between 6 months and less than a year. ICICI Bank offers a rate of return between 4.75% p.a. and 5.25% p.a. on delightful deposits. Senior citizens are offered in the range of 5.25% p.a. and 5.75% p.a. When it comes to iWish Flexible RD, the interest payable is in the range of 4.75% p.a. and 5.50% p.a. for general citizens. Citizens above the age of 60 years are offered in the range of 5.25% p.a. and 6% p.a.

Medium Recurring Deposit Interest Rates

Accounts opened for a period between 1 year and 3 years are known as medium-term recurring deposits. The interest offered to general citizens by the lender on such RD tenures for both delightful deposits and iWish Flexible deposits is in the range of 5.80% p.a. to 6% p.a. Citizens above the age of 60 years are offered additional interest of 0.50% on the tenures.

Long Term Recurring Deposit Interest Rates

Any RD account opened for a period of more than 3 years are known as long-term recurring deposits. The interest paid on such deposits when it comes to delightful deposits and iWish Flexible RDs is 6% p.a. for general citizens while senior citizens are offered 6.50% p.a.

ICICI Recurring Deposit FAQs

  1. What is the penalty for delayed payment of instalments when it comes to delightful deposits?

    The penalty is charged at the rate of Rs.12 for every Rs.1,000.

  2. Which documents can be submitted as address proof?

    You can submit the passport, telephone bill, electricity bill, bank statement with cheque, and certificate or ID card issued by Post Office can be submitted as address proof.

  3. Is TDS applicable on the interest paid or accrued?

    Yes, TDS is applicable on the accrued interest.

  4. Will the bank charge a penalty for premature closure of the iWish Flexible RD account?

    Yes, ICICI Bank will charge you a penalty for premature closure of the RD account.

  5. What is the penalty for foreclosing my iWish Flexible RD account?

    The penalty for foreclosing your iWish Flexible RD account is 0.50% if the original tenure is less than 1 year and 1% if the tenure was more than 1 year

  6. What is the minimum & maximum amount to open a Recurring Deposit account in ICICI Bank?

    Ans: You can open a Recurring Deposit account for a minimum deposit of Rs 500/- per month. There is no maximum limit.

  7. What are the minimum or maximum period for RD in ICICI Bank?

    Ans: 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.

  8. Taxability for RD: Is TDS (Tax Deductible at Source) applicable on Recurring Deposits?

    Ans: No, TDS is not applicable on Recurring Deposits.

  9. Does the RD account of ICICI Bank provide loan against the deposit?

    Ans: Yes, Recurring Deposit account with ICICI Bank offers Loan Facility against RD amount in the Bank.

  10. Do Senior citizens get any extra benefit on Recurring Deposits?

    Ans: 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?

    Ans: 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.

  12. How is the penalty on premature withdrawal of the Recurring / i-Wish deposits calculated?

    Ans: In case of premature withdrawal, interest will be calculated for the period the deposit has actually remained with ICICI Bank.

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.

    7 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.

    2 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.

    3 October 2015

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