ICICI Bank Recurring Deposit: Latest Interest Rates, Calculator

What is Recurring Deposit?

A recurring deposit refers to investing a fixed amount of sum at regular intervals, which will be converted into a bigger sum later on. The investor earns interest on the deposited amount and can withdraw the same after maturity. This is similar to a Fixed Deposit (FD) where you save a specific sum of money for a fixed time-period.

As per Indian banking system, individuals are allowed to invest a minimum of Rs. 500 in a recurring deposit. They can increase the sum in multiples of Rs. 500 with no upper limit. The minimum tenure starts from 6 months and goes up to a maximum of 10 years. The investors are told an estimated maturity value according to the amount of investment and assuming that the payments would be received on time.

To fund a recurring deposit, a customer can either make payments personally or opt for the ‘standing instructions’ in which banks are directed to debit the monthly investment amount from the savings/current account of the customer and credit the RD account.

Recurring deposits are a good way to save a considerable sum of money for future needs. The whole purpose of RD is to encourage the saving habits in the lower-middle class and lower class section of the Indian society that usually do not have high income sources and cannot invest in FDs and other one-time deposit schemes. RD helps them to save small amounts of money every month and build a decent capital for covering future needs and even get interest on it.

ICICI Recurring Deposit

ICICI Bank, one of the most popular private sector banks in the country, offers the recurring deposit facility for customers who cannot fix a big chunk of money in FDs and other similar schemes. ICICI recurring deposit scheme has two basic variants, Delightful Deposits, and iWISH Flexible RD.

iWISH Flexible Recurring Deposit: This is a flexible way of saving money as per the availability of funds. The scheme offers interest rate same as a fixed deposit. The scheme also allows you to make multiple deposits in one month. You can make lump sum deposits as and when available. You can save money for almost anything in this scheme. It might be a foreign trip or buying a latest gadget or jewellery, you can do anything from your savings. People who are planning to cover some future expenses can also benefit from ICICI recurring deposit.
Delightful Deposits: ICICI Delightful Deposits RD is a slightly different RD scheme that works in association with partner organisations. The partners are from different sectors altogether. The sectors include travel, jewellery, and electronics. This scheme attracts more interest than Flexible RD in the form of top-up from partner organisations. The bank works with four partner organisations in this scheme. The partner RD schemes are Croma Delightful Deposit, MakeMyTrp Holiday Savings Plan, Tanishq Jewellery Plan and Thomas Cook Holiday Savings Account. Following are the details of the partner RD schemes.

Croma Delightful Deposit: Customers can invest in this scheme for either 6 months or for 12 months. The amount of investment per month is also divided in two categories. It can either be Rs. 5,000 per month or Rs. 10,000 per month. Customers will receive two month’s payments as interest from ICICI and additional top-up from Croma. The interest rate on this scheme goes up to 6.75%. Customers are allowed to enjoy the benefit of Croma top-up at designated Croma stores.

Plan for 12 month Tenure:

Monthly Instalment	Principal Deposit	Interest Earned	Croma Benefit	Total Benefit	Total Maturity Amount
Rs. 5,000	Rs. 60,000	Rs. 2,227	Rs. 5,773	Rs. 8,000	Rs. 68,000
Rs. 10,000	Rs. 1,20,000	Rs. 4,454	Rs. 15,546	Rs. 20,000	Rs. 1,40,000

MakeMyTrip Holiday Savings Plan: In this RD scheme, customers are required to pay 12 instalments and they will get 13^th instalment as interest and top-up from MakeMyTrip. Customers can either choose either a 6 month or 12 month tenure. The interest rate goes up to 6.75% and the total amount along with the e-voucher (MakeMyTrip top-up) is transferred to MakeMyTrip. The top-up can be used for multiple holiday packages and remains valid for 1 year from the date of maturity. The maturity amount can also be transferred to a customer’s linked savings account as per the instructions.

Tenure	Monthly Instalment	Principal Deposit	Interest Earned	Partner Benefit	Total Maturity Amount
6 Months	Rs. 5,000	Rs. 30,000	Rs. 557	Rs. 1,973	Rs. 32,500
12 Months	Rs. 5,000	Rs. 60,000	Rs. 2,227	Rs. 2,773	Rs. 65,000

Tanishq Jewellery Plan: Purchasing jewellery is an investment in itself and such purchases require systematic savings. Tanishq is one of the country’s biggest and most trusted corporate houses known for offering best to their customers. The RD can be opened from a minimum amount of Rs. 3,000 per month and up to Rs. 10,000 per month for 12 months. The customer has to provide instructions to transfer the maturity amount to a Tanishq Jewellery card. Customers will receive 80% value of the first instalment as interest and additional benefits from Tanishq as well. The additional benefits will be added at the time of buying the jewellery. The additional benefit card from Tanishq can be used for making payments at any Tanishq store except for gold coins and silver articles.

Monthly Instalment	Principal Deposit	Interest Earned	Partner Benefit	Total Maturity Amount
Rs. 3,000	Rs. 36,000	Rs. 1,336	Rs. 1,064	Rs. 38,400
Rs. 5,000	Rs. 60,000	Rs. 2,227	Rs. 1,773	Rs. 64,000
Rs. 10,000	Rs. 1,20,000	Rs. 4,454	Rs. 3,546	Rs. 1,28,000

Thomas Cook Holiday Savings Account: This scheme is similar to MakeMyTrip Holiday Savings Plan. The interest rate in this scheme goes up to 6.75% and customers will get a Thomas Cook Holiday Voucher along with the maturity amount (principal + interest). The scheme is valid only for the tenure of 12 months.

Monthly Instalment	Principal Deposit	Interest Earned	Partner Benefit	Total Maturity Amount
Rs. 5,000	Rs. 60,000	Rs. 2,227	Rs. 2,773	Rs. 65,000
Rs. 10,000	Rs. 1,20,000	Rs. 4,454	Rs. 5,546	Rs. 1,30,000