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Save money while enjoying a higher interest rate with ICICI Bank Recurring Deposits. ICICI Bank Recurring Deposit Interest Rates differ for resident and NRI customers. ICICI Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a monthly savings scheme available with banks. It allows account holders to save a fixed amount of money every month while earning interest rates similar to that of term deposits.
It is a well sought-after savings plan by customers who are willing to make a small monthly deposit instead of a lumpsum in fixed deposits.
About ICICI Bank Recurring Deposit Rate
ICICI Bank offers a few different recurring deposit plans to its customers. Account holders can conveniently open a recurring deposit anytime on their internet banking account or from any branch.
Cumulative Recurring Deposit
iWish – Flexible Deposit Scheme
Recurring Deposit with monthly income facility
ICICI Bank has a comprehensive recurring deposit calculator on its website that helps you to find out the maturity amount before you start the account. Just by entering the monthly installment and the tenure, it calculates and displays the interest earned and the maturity amount.
There is also a calculator for the iWish deposit. Here you enter the target amount for your wish, the tenure you wish to deposit for, and it displays the monthly installment you need to deposit. It also shows the interest earned and the maturity amount.
A recurring deposit account can be opened by any resident individual or Hindu Undivided family holding a savings bank account with ICICI Bank. For iWish and Delightful deposits, the account holder should have a valid internet banking login.
1. What is the minimum amount to open a recurring deposit account?
The minimum amount to open a Cumulative recurring deposit account is Rs. 500 per month. To open an iWish Deposit scheme, the minimum amount is Rs.500 per month. For Delightful deposits, the minimum amount is Rs. 5000 and in multiples of 1000 thereafter.
2. How is iWish Flexible deposit different from regular recurring deposit?
An iWish flexible deposit allows you to deposit any amount of money any number of times in a month. This helps you to deposit your surplus money more effectively.
3. Is TDS applicable on recurring deposits?
Yes, the interest earned on a recurring deposit is considered for TDS. Currently, TDS is applicable for interest above Rs.10,000 p.a.
4. How do I add a nominee for my recurring deposit account?
You can add a nominee while opening a recurring deposit account. You can also add/change the nominee during the tenure of the account by filling the appropriate form.
5. How do I open a recurring deposit account?
Existing customers can open a recurring deposit account through any of the following channels – Internet banking, iMobile app, Phone banking, or by visiting the nearest branch. New customers can approach the nearest ICICI Bank branch to open a recurring deposit account.
6. Can I prematurely withdraw my recurring deposit?
Yes, a recurring deposit can be closed prematurely. The interest earned shall be adjusted for any penalty applicable as per terms & conditions prevailing on the date of premature withdrawal.
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