ICICI Bank RD Interest Rates
Introduction:
When considering opening an RD account, ICICI Bank stands out as one of the top choices. With its enticing ICICI RD interest rates on deposits, you can anticipate a substantial sum upon maturity.
ICICI offers two types of recurring deposits: one for regular citizens, providing an interest rate of 5.50%, and another for senior citizens, offering 6.30% interest.
The investment tenure spans from 6 months to 10 years, with a minimum deposit requirement of Rs. 500.
When considering opening an RD account, ICICI Bank stands out as one of the top choices. With its enticing ICICI RD interest rates on deposits, you can anticipate a substantial sum upon maturity.
ICICI offers two types of recurring deposits: one for regular citizens, providing an interest rate of 5.50%, and another for senior citizens, offering 6.30% interest.
The investment tenure spans from 6 months to 10 years, with a minimum deposit requirement of Rs. 500.
Features of ICICI Bank Recurring Deposit
Features of ICICI Recurring Deposit Interest Rates:
- ICICI offers the option to avail a loan against the deposited amount in your RD account.
- ICICI RD interest rates in 2024 resemble the interest rates of fixed deposits.
- The deposit tenure can range from as low as 6 months to 120 months (10 years).
- TDS deductions are applicable as per the existing income tax rules at the time of opening the account.
- The bank accepts minimum deposits starting from Rs. 500.
- Interest on ICICI RD accounts is compounded quarterly.
- One can access this service by visiting any ICICI branch or through internet banking.
Features of ICICI Recurring Deposit Interest Rates:
- ICICI offers the option to avail a loan against the deposited amount in your RD account.
- ICICI RD interest rates in 2024 resemble the interest rates of fixed deposits.
- The deposit tenure can range from as low as 6 months to 120 months (10 years).
- TDS deductions are applicable as per the existing income tax rules at the time of opening the account.
- The bank accepts minimum deposits starting from Rs. 500.
- Interest on ICICI RD accounts is compounded quarterly.
- One can access this service by visiting any ICICI branch or through internet banking.
Recurring Deposit Interest Rates - 2024
Banks
Interest
Rates (PA)
Interest
Rates (PA)
Interest Rate
for Seniors (PA)
Interest Rate
for Seniors (PA)
Bandhan Bank RD Interest Rate
Bandhan Bank RD
Interest Rate
3.0% - 7.25%
3.5% - 7.75%
₹15,000
Kotak Mahindra Bank RD Interest Rate
Kotak Mahindra
Bank RD Interest Rate
Kotak Mahindra Bank RD
Interest Rate
4.0% - 7.25%
4.0% - 7.25%
4.0% - 7.75%
IDFC First Bank Rd Interest Rate
Central Bank
of India
3.5% - 7.0%
3.5% - 7.0%
4.0% - 7.5%
YES Bank RD Interest Rate
YES Bank RD
Interest Rate
7.45% - 7.75%
7.95% - 8.25%
RBL Bank RD Interest Rate
RBL Bank RD
Interest Rate
3.0% - 7.25%
3.0% - 7.25%
3.5% - 7.75%
Eligibility Criteria for RD in ICICI Bank
The applicants need to be Indian residents.
The applicants need to be Indian residents.
The applicants need to be Indian residents.
Documents Required
Below are the documents required for submission:
Identity Proof (Any one of the following):
Government ID card
Senior Citizen ID card
PAN card
Passport
Voter ID card
Driving License
Address Proof (Any one of the following):
ID card or certificate issued by the Post Office
Bank statement with a cheque
Electricity bill
Telephone bill
Passport
Below are the documents required for submission:
Identity Proof (Any one of the following):
Government ID card
Senior Citizen ID card
PAN card
Passport
Voter ID card
Driving License
Address Proof (Any one of the following):
ID card or certificate issued by the Post Office
Bank statement with a cheque
Electricity bill
Telephone bill
Passport
Below are the documents required for submission:
Identity Proof (Any one of the following):
Government ID card
Senior Citizen ID card
PAN card
Passport
Voter ID card
Driving License
Address Proof (Any one of the following):
ID card or certificate issued by the Post Office
Bank statement with a cheque
Electricity bill
Telephone bill
Passport
Types of ICICI Bank Recurring Deposit Schemes
ICICI Bank provides a variety of recurring deposit schemes tailored to meet different needs:
1. Delightful Deposits RD:
Offered in collaboration with partners in sectors like electronics, jewelry, and travel, these RDs provide more than just interest rates, with additional top-up amounts.
2. Croma iSave2Buy Plan Deposits:
This scheme allows the account holder to purchase appliances at Croma stores worth the accumulated maturity amount. Additionally, a Croma gift voucher is provided upon maturity.
3. MakeMyTrip Holiday Savings Plan:
With this scheme, the maturity amount and earned interest can be redeemed as a voucher for trip payments through MakeMyTrip, valid for one year. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
4. Tanishq Jewellery Plan:
This plan offers special benefits from Tanishq, including a top-up amount for jewelry purchases. Upon maturity, 80% of the initial installment value is returned as RD interest, along with other Tanishq benefits. A Tanishq jewelry card is issued, valid for one year. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
5. Thomas Cook Holiday Savings Account:
The maturity amount can be redeemed as a voucher for trip payments through Thomas Cook, for a variety of domestic and international holiday packages. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
6. iWish Recurring Deposit:
This online flexible RD allows deposits at any time during the tenure. The accumulated amount can be redeemed as a voucher at any Croma outlet. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
ICICI Bank provides a variety of recurring deposit schemes tailored to meet different needs:
1. Delightful Deposits RD:
Offered in collaboration with partners in sectors like electronics, jewelry, and travel, these RDs provide more than just interest rates, with additional top-up amounts.
2. Croma iSave2Buy Plan Deposits:
This scheme allows the account holder to purchase appliances at Croma stores worth the accumulated maturity amount. Additionally, a Croma gift voucher is provided upon maturity.
3. MakeMyTrip Holiday Savings Plan:
With this scheme, the maturity amount and earned interest can be redeemed as a voucher for trip payments through MakeMyTrip, valid for one year. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
4. Tanishq Jewellery Plan:
This plan offers special benefits from Tanishq, including a top-up amount for jewelry purchases. Upon maturity, 80% of the initial installment value is returned as RD interest, along with other Tanishq benefits. A Tanishq jewelry card is issued, valid for one year. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
5. Thomas Cook Holiday Savings Account:
The maturity amount can be redeemed as a voucher for trip payments through Thomas Cook, for a variety of domestic and international holiday packages. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
6. iWish Recurring Deposit:
This online flexible RD allows deposits at any time during the tenure. The accumulated amount can be redeemed as a voucher at any Croma outlet. Minimum tenure is 6 months with a minimum deposit of Rs. 500.
ICICI Bank RD Premature Withdrawal Facility
ICICI Bank imposes penalties on account holders for premature withdrawal from the RD account. Interest is calculated for the duration the amount has been held by the bank. The penalty rates are as follows:
- Less than 1 year: 0.50%
- More than 1 year but less than 5 years: 1.00%
- 5 years and above: 1.00% to 1.50%
ICICI Bank imposes penalties on account holders for premature withdrawal from the RD account. Interest is calculated for the duration the amount has been held by the bank. The penalty rates are as follows:
- Less than 1 year: 0.50%
- More than 1 year but less than 5 years: 1.00%
- 5 years and above: 1.00% to 1.50%
Tax Exemptions on ICICI Bank
If the total interest income earned from both recurring deposit and fixed deposit accounts across all bank branches surpasses Rs. 40,000 per financial year, TDS (Tax Deducted at Source) will be applicable.
For senior citizens, the threshold is Rs. 50,000 annually. If your annual gross income falls below the basic exemption limit, you can utilize Form 15G/15H to request the bank to refrain from deducting tax at the source.
If the total interest income earned from both recurring deposit and fixed deposit accounts across all bank branches surpasses Rs. 40,000 per financial year, TDS (Tax Deducted at Source) will be applicable.
For senior citizens, the threshold is Rs. 50,000 annually. If your annual gross income falls below the basic exemption limit, you can utilize Form 15G/15H to request the bank to refrain from deducting tax at the source.
How to Open a Recurring Deposit Account in ICICI Bank?
Customers have three options to apply for an RD account provided by the bank: offline (at the branch), internet banking, or mobile banking.
For offline applications, customers can visit a nearby ICICI Bank branch with the required documents and request to open a recurring deposit account.
To apply through internet banking, customers need to log in to the ICICI Bank official website using their registered User ID and password. Then, they should navigate through the following path:
Customer Service > Service Request > Deposits > Additional Information > Open Recurring Deposit
For mobile banking applications, customers can utilize the iMobile app by downloading and installing it on their mobile devices. Upon logging in with their registered credentials, they can proceed as follows:
Accounts and Deposits > Deposits > Open FD/RD > Open RD
Customers have three options to apply for an RD account provided by the bank: offline (at the branch), internet banking, or mobile banking.
For offline applications, customers can visit a nearby ICICI Bank branch with the required documents and request to open a recurring deposit account.
To apply through internet banking, customers need to log in to the ICICI Bank official website using their registered User ID and password. Then, they should navigate through the following path:
Customer Service > Service Request > Deposits > Additional Information > Open Recurring Deposit
For mobile banking applications, customers can utilize the iMobile app by downloading and installing it on their mobile devices. Upon logging in with their registered credentials, they can proceed as follows:
Accounts and Deposits > Deposits > Open FD/RD > Open RD
How to Calculate the Maturity Amount on ICICI Bank RD?
The maturity amount represents the total sum received upon the completion of the RD tenure, indicating the accumulated interest earned. Utilizing an RD calculator significantly simplifies interest calculation. However, the following formula provides a method to compute interest manually:
A = P*(1+R/N)^(Nt)
Here, 'R' denotes the interest rate, 'P' signifies the initial deposit, 'n' represents the tenure in months, and 't' indicates the applicable duration.
The maturity amount represents the total sum received upon the completion of the RD tenure, indicating the accumulated interest earned. Utilizing an RD calculator significantly simplifies interest calculation. However, the following formula provides a method to compute interest manually:
A = P*(1+R/N)^(Nt)
Here, 'R' denotes the interest rate, 'P' signifies the initial deposit, 'n' represents the tenure in months, and 't' indicates the applicable duration.
1.) How can I close my RD account?
You can close your RD account either by visiting your bank branch, using net banking, or through the bank's mobile application.
2.) Where will the closure proceeds be deposited?
The closure proceeds will be credited to the same savings bank account from which the recurring deposit payments were deducted.
3.) Is it necessary to visit the bank branch to close the RD account?
No, you can also close your RD account using net banking or the bank's mobile application.
4.) Can I close my RD account online?
Yes, you can close your RD account online through net banking or the bank's mobile application.
5.) Will I receive the closure proceeds immediately?
The closure proceeds will be deposited into your savings account, usually within a few business days after the closure request is processed.
Author
Harish Malhi
Read More 📖
West Bengal Caste Certificate
West Bengal Caste Certificate
June 22, 2024
June 22, 2024
Star Health Insurance Customer Care
Star Health Insurance Customer Care
June 22, 2024
June 22, 2024
SBI Savings Account
SBI Savings Account
June 22, 2024
June 22, 2024
How to Check FASTag Balance
How to Check FASTag Balance
June 22, 2024
June 22, 2024
Bhoomi Online - Karnataka's Land Records & RTC
Bhoomi Online - Karnataka's Land Records & RTC
June 22, 2024
June 22, 2024
Current Petrol Price in Bangalore
Current Petrol Price in Bangalore
June 22, 2024
June 22, 2024
View More