ICICI Recurring Deposit Interest Rates

ICICI Bank Recurring Deposit

ICICI Bank Recurring Deposit

A Recurring Deposit (RD) is a safe and convenient investment that allows you to deposit a fixed amount on a regular basis with your bank, and earn interest income on it. It is similar to a Fixed Deposit (FD) where you enjoy a higher rate of interest than a savings account for the same principal amount.

If it is similar to a fixed deposit in terms of interest rate, then what is the difference between the two? The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.

Advantages to opening an RD account:

  • Ideal for people who cannot deposit a large initial lump sum, but want to deposit smaller amounts on a monthly basis.
  • An RD account can be opened with small minimum amount.
  • Lump sum received at maturity, along with the interest accrued
  • The rate of interest is higher as compared to an ordinary saving bank account
  • Interest Rate earned is generally equal to that of an FD
  • Flexible tenure range to suit the budget of the individual
  • Recurring Deposit Interest rate is fixed so you are assured of a fixed return
  • Loan / overdraft facility available with some banks.
  • Safe and secure investment

Disadvantages:

  • The interest earned might be lower than other, riskier, forms of investment, say investing in mutual funds, etc. But the money is protected from market fluctuations.
  • Penalty charges might apply if you wish to withdraw the amount prematurely.

ICICI Recurring Deposit

An RD in ICICI Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make fixed monthly installments to a ICICI Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance. Individuals, Joint Account, Guardian on behalf of minor, HUF, Proprietorship firm, Companies, associations, trust, institutions are eligible to open an RD account.

Features of ICICI RD Account

  • Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
  • Flexible tenure – you can choose a tenure suitable to your budget
  • No cap on maximum amount
  • Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
  • Is a safe, low-risk form of investment.
  • Secure from fluctuations.

Types of Recurring Deposits Offered by ICICI Bank:

Regular Recurring Deposit:

  • Minimum Opening Balance for ICICI RD account: Rs. 500
  • No cap on maximum amount
  • Preferential interest rate for senior citizens
  • TDS on Interest is applicable
  • Deposit period: 6 months in multiples of 3 months therof to a maximum of 10 years
  • Nomination facility
  • Premature Closure of RD Allowed
  • Interest compounded every quarter
  • Loan facility available: Up to 90% of the available deposit balance
  • Easy liquidity options; closure before maturity allowed subject to terms and conditions
  • High rates of interest similar to the fixed deposit rates

iWish - Flexible RD

  • It is not mandatory to deposit money each month.
  • You can deposit money multiple times in a month as per your convenience and availability of funds.
  • There is no penalty involved if funds are not deposited in a month.
  • Earn a higher rate of interest than your Savings Account similar to FD accounts

ICICI Dhanvarsha - Flexi Recurring Deposit Scheme

  • Minimum amount per month: Rs. 1000 and in multiples of Rs. 100 thereafter
  • Maximum instalment amount: Rs. 1 Lakh
  • Tenure ranges from a minimum of 1 year and in multiples of 3 months; Maximum 10 years
  • Interest compounded quarterly.
  • Loan facility available: Up to 90% of the available deposit balance
  • Nomination facility available
  • TDS is applicable
  • Premature closure allowed with applicable nominal penalty

Documents Required for ICICI Bank RD Account:

  • Application in the Bank's prescribed form.
  • Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
  • Photograph of Depositor/s (2 copies).
  • Proof of Identity and address as per KYC Norms.
  • Any other related documents as applicable to proprietorship concern, Partnership Firm, Company, HUF etc.

ICICI Recurring Deposit Interest Rates

ICICI Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a ICICI Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of ICICI Bank RD interest rates including ICICI Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in ICICI, it is advisable to check with the bank directly.

ICICI bank recurring deposit interest rates 2015 – 2016

The Bank offers competitive interest rates which can be change from time to time depending on the bank’s policy. It is advisable to check with the bank for the most up to date interest rates. Following is an overview:

Maturity Period
Rate of Interest (% p.a.)
 
General
Senior Citizen
6 months 6.25 6.75
9 months 6.25 6.75
12 months 6.90 7.40
15 months 7.00 7.50
18 months 7.00 7.50
21 months 7.00 7.50
24 months 7.00 7.50
27 months 6.75 7.25
30 months 6.75 7.25
33 months 6.75 7.25
36 months 6.75 7.25
Above 3 years upto 5 years 6.75 7.25
Above 5 years upto 10 years 6.50 7.00

Tenure wise interest rates for iWish:

Tenure / Maturity Period
Rates of Interest
 
General
Senior Citizen
6 months 6.25 6.75
7 months - 9 months 6.25 6.75
10 months - 11 months 6.50 7.00
12 months only 6.90 7.40
13 months - 24 months 7.00 7.50
25 months - 3 years 6.75 7.25
37 months - 5 years 6.75 7.25
5 years 1 day - 10 years 6.50 7.00

ICICI Bank Senior Citizen RD Interest Rates

Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for a normal citizen of India, depending on the type of RD.

ICICI Bank RD FAQs

What is the minimum amount required to open an RD with ICICI?

The minimum opening balance for a regular recurring deposit with ICICI Bank is Rs. 500 and in multiples of Rs. 100 thereof depending n the type of Recurring deposit.

What is the minimum and maximum deposit period?

The minimum deposit tenure is 6 months and the maximum period is 10 years

How do I apply for a regular recurring deposit?

You can visit your nearest branch and submit the Deposit Account form. Alternatively, you can call the customer care number for help with your query. You can also book an RD through your ICICI Bank NetBanking account.

What is the documentation required to open an RD account?

You will require the following documents:

  • Filled-in application form
  • Passport size photograph
  • Proof of residence; Proof of identity
  • Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
  • Introduction letter from an existing customer of ICICI Bank (if required)
  • Any other KYC documents as required by the bank