Investing in recurring deposits by ICICI Bank is one of the easiest and secure ways of boosting one’s habit of investment. With competitive ICICI RD interest rates, customers can earn decent returns as compared to keeping their money in a regular savings account. Let’s discuss about features of the schemes along with prevailing RD interest rates and ICICI RD calculator.
ICICI RD Interest Rates 2020
ICICI RD Interest Rates for Regular Recurring Deposits –
|Tenure||Rate of Interest (p.a.)|
|Regular Citizens||Senior Citizens|
|Above 3 years to 5 years||6.40%||6.90%|
|Above 5 years to 10 years||6.40%||6.90%|
Note: The above mentioned ICICI RD rates are applicable w.e.f. December 7th, 2019.
ICICI Bank RD Interest Rates for iWish Flexible Recurring Deposits –
|Tenure||ICICI RD Interest Rates|
|Regular Citizens||Senior Citizens|
|7 months – 9 months||5.75%||6.25%|
|10 months – 11 months||6.00%||6.50%|
|12 months only||6.20%||6.70%|
|13 months – 17 months||6.30%||6.80%|
|18 months – 24 months||6.30%||6.80%|
|25 months – 3 years||6.40%||6.90%|
|37 months – 5 years||6.40%||6.90%|
|5 years 1 day – 10 years||6.40%||6.90%|
Note: The above stated ICICI RD rates are applicable w.e.f. December 7th, 2019.
Types of ICICI Bank RD Schemes
The ICICI Bank RD schemes are an ideal choice for investors who are looking for safer investments to get assured returns on maturity. Here are the types of recurring deposit schemes offered by ICICI Bank.
1. ICICI Bank iWish Flexible Recurring Deposit –
This is a goal-based term deposit scheme where customers can save towards their goal as per their affordability and tenure choice. The bank has partnered with Croma, Tanishq and Thomas Cook and Makemytrip to give customers the opportunity to save money towards purchasing latest gadgets, designer jewellery or booking a holiday. All you need to do is to set an iWish and a timeframe to get started. Here are more details about this lucrative RD scheme:
|Tenure||6 – 120 months|
|Deposit Amount||Rs. 500 – Rs. 49,999|
|Rates for Senior Citizens||Preferential interest @ extra 0.50%|
2. ICICI Bank Recurring Deposit with Monthly Income Option –
This deposit scheme is a combination of a recurring deposit scheme and annuity fixed deposit scheme. The scheme has two phases – the investment phase in which the investor pays the installments like an RD and the payout phase in which the investor receives the benefits of the investment like an annuity FD. The payout phase comes with two options viz. monthly income and lump sum + monthly income payout. In the former option, when the investment phase is done with, bank starts crediting monthly income to the account of the depositor. In latter option, on completion of investment or accumulation phase, a certain amount of the fund value is paid to the depositor and regular income payout kicks off.
|Min. Deposit Amount||Rs. 2,000|
|Interest Treatment||Same rate of interest applicable to investment and payout phase|
|Rates for Senior Citizens||Additional 0.50% rate of interest|
|Premature Withdrawal||Not Allowed|
|Premature Closure||Allowed with penalty|
|Features||Monthly Payout Option|
As soon as the investment phase is complete, payment of monthly income starts
Lump Sum + Monthly Payout Option
A certain amount of the total maturity amount (RD installments + accrued interest) paid upfront at the end of investment phase
Common features for both options:
Premature Withdrawal of RD
There is the facility of withdrawing funds prematurely, i.e. before the date of maturity arrives. This option is extended to the customers of recurring deposits along with those of FD schemes of ICICI Bank. However, there are certain terms and conditions that should be considered, viz.:
- Interest to be paid to the depositor on premature withdrawal will be as per the ICICI RD rates applicable for the period for which the RD account remained active
- Penalty on premature withdrawal shall be levied on the applicable ICICI recurring deposit interest rates:
|Original Tenure||Penalty Rates|
|Less than 1 year||0.50%|
|1 year & above – less than 5 years||1.00%|
|5 years & above||1.00%|
ICICI Bank RD Calculator
To know the approximate maturity value of an RD by ICICI Bank before actually making an investment, customers can use the ICICI RD calculator available on Paisabazaar.com as well as on the bank’s official website.
To use this RD calculator, customers need to provide details such as the investment amount, ICICI RD interest rates and tenure of the deposit and find out the maturity value of your investment. The actual maturity value may vary depending on the rate of interest prevailing at the time of investment.
Documents Required to Apply for ICICI Bank RD Schemes
Refer to the list given below to check the documents required for applying:
- Identity proof (Voter ID card, Passport, PAN card, driving license, government ID card, senior citizens card)
- Address proof (Passport, telephone bill, electricity bill, bank statement with cheque, certificate/ID issued by the Post Office)
Note: Customers need to provide original documents along with their photocopies. It is compulsory to provide one’s permanent address and telephone number.
How to Apply for ICICI Bank RD Schemes?
Customers can choose to apply using any of the three methods provided by the bank to open an RD account, viz. offline (at the branch), via internet banking and mobile banking
- Mobile Banking
For Mobile Banking, customers need to download and install the iMobile app in their mobile phones and login using the registered login credentials.
Go to Accounts & Deposit > Deposits > Open FD/RD > Open RD
- Internet Banking
For Internet Banking, login to the official website of ICICI Bank using the registered User ID and password.
Follow the route mentioned below:
Customer Service > Service Request > Deposits > More > Open Recurring Deposit
For offline application, customers can walk in to the nearby branch of ICICI Bank along with the documents required and request to open a recurring deposit account.
Customers can also call the ICICI Bank Customer Care Number via their regd. mobile number.
Frequently Asked Questions
Q. Do the senior citizens get additional interest on ICICI RD?
Yes, the bank offers senior citizens with preferential ICICI Bank RD rates at extra 0.50%.
Q. Will the account automatically close?
On maturity date, the funds shall be credited to the linked savings account and account shall be closed.
Q. Does the TDS apply on recurring deposits by ICICI Bank?
Interest earned above Rs. 40,000 (Rs. 50,000 for senior citizens) shall be subject to TDS as per the applicable rate of interest.
Q. Are there any charges for closure of RD within 7 days of opening?
There shall be no charges applicable and no interest shall be paid to the depositor on closure of the RD within 7 days of opening.
Q. What are Delightful Deposits?
These deposits are designed by ICICI Bank in collaboration with four brands, viz. Croma, Makemytrip, Tanishq Jewellery and Thomas Cook Ltd. These deposits give higher returns due to top-ups added by the brands in collaboration.