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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.

ICICI Bank Recurring Deposit Schemes

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.

Benefits of ICICI Bank Recurring Deposit Account

  • Monthly installments starting from just Rs.500
  • Option to choose a tenure of 6 months to 10 years
  • Convenience of opening a recurring deposit account on internet banking, phone banking or in the branch
  • Loan facility available on the balance in the recurring deposit account
  • Nomination facility at the time of opening the account

Types of Recurring Deposit accounts available with ICICI Bank

Cumulative Recurring Deposit

  • A simple recurring deposit account that is suitable for all customers
  • Account can be opened solely or jointly
  • Monthly installment starts from Rs.500 and in multiples of 100 thereafter
  • It has a minimum tenure of 6 months and can be extended up to 10 years
  • Loan facility can be availed, on the latest balance amount in the account, as per the terms and conditions set by the bank
  • Nomination facility can be availed at the time of account opening
  • Easy account opening with internet banking, phone banking or at the branch

iWish – Flexible Deposit Scheme

  • A truly flexible recurring deposit scheme that allows you to deposit any amount at any point in the tenure while earning the same interest rate as a regular recurring deposit
  • Account holders can create a wish, like a vacation, new car, new gadget, etc; Then enter the target amount and the tenure you want to achieve it in. The system calculates the minimum monthly installment. You can set standing instructions for the monthly installment.
  • Multiple deposits allowed in one month
  • Tenure ranging from 6 months and 10 years
  • Option to create multiple iWish accounts at a time
  • Minimum deposit of Rs.500 and maximum of Rs.49,999
  • Premature withdrawal is allowed upon payment of a nominal penalty

Recurring Deposit with monthly income facility

  • An recurring deposit scheme that invests the entire maturity proceeds in an Annuity Fixed Deposit plan that will give monthly income to the account holder
  • The account holder can invest a fixed monthly installment, for a minimum of 24 months and then in multiples of 3 months
  • Monthly income can be set to be received for a minimum of 24 months and in multiples of 12
  • There is also an option to receive 30% maturity amount as a lumpsum at the end of the investment period and receive the remaining amount as monthly income
  • Premature closure allowed after applying a nominal penalty charge

Delightful Deposits

  • Offered in association with partner establishments like jewellery, electronics, travel partners
  • Offers additional offers and discounts from partners on top of recurring deposit interest
  • Croma Delightful Deposit – Systemic saving to buy electronics and gadgets from Croma Store
    • Minimum monthly installment of Rs.5000 and in multiples of 1000 thereafter
    • Tenure of 6 months to 12months
    • At the end of the tenure, the entire maturity amount along with the bonus from Croma is issued as a gift voucher that can be redeemed at any of the Croma stores across the country or on their website
  • Similar to Croma, Tanishq and Thomas Cook offer Delightful deposits account

ICICI Bank Recurring Deposit Interest Rates

ICICI Bank Recurring Deposit Rates
TenureInterest Rate (% p.a)Senior Citizens (% p.a)
6 months6.25%6.75%
9 months6.50%7.00%
12 months6.90%7.40%
15 months7.10%7.60%
18 months7.10%7.60%
21 months7.10%7.60%
24 months7.10%7.60%
27 months7.50%8.00%
30 months7.50%8.00%
33 months7.50%8.00%
36 months7.50%8.00%
3 years - 5 years7.25%7.75%
5 years - 10 years7.25%7.50%

Interest rates for an iWish Deposit

TenureInterest Rate (% p.a)Senior Citizens (% p.a)
6 months6.25%6.75%
7 months - 9 months6.50%7.00%
10 months - 11 months6.75%7.25%
12 months only6.90%7.40%
13 months - 24 months7.10%7.60%
25 months - 3 years7.50%8.00%
37 months - 5 years7.25%7.75%
5 years 1 day - 10 years7.00%7.50%

Recurring Deposit Calculator

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.

Who can open a Recurring Deposit account?

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.

FAQs - ICICI Bank Recurring Deposit Rate

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.

Icici Bank Recurring Deposit Rate - Customer Reviews

4 / 5 (2 Reviews)
9 Oct 2020

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