ICICI Bank RD Interest Rates 2023: A Detailed Overview

When considering your financial security through recurring deposits, ICICI Bank stands out with competitive RD interest rates. Grasping these rates is vital for sound investment decisions. Let's explore ICICI RD rates, features, and steps to start your investment.

ICICI RD Interest Rates: A Path to Financial Growth

ICICI Bank offers recurring deposit schemes for both regular and senior citizens. As of 2023, the interest rates include:

• Regular Citizens RD: Enjoy a 5.50% interest rate with a tenure between 6 months to 10 years. Minimum deposit: Rs. 500.
• Senior Citizens RD: Get a higher rate of 6.30%. Tenure and minimum deposit are identical.

Key Features of ICICI Recurring Deposit Interest Rates

Maximize your returns by appreciating ICICI RD's features:

1. Loan Facility: Obtain a loan against your RD balance.
2. Flexible Tenure: Duration ranges from 6 to 120 months.
3. Minimum Deposit: Start with Rs. 500.
4. Quarterly Compounding: Boost your returns via quarterly compounding.
5. Tax Implications: TDS is applied per income tax guidelines at account setup.

How to Apply for ICICI RD: Easy Steps

ICICI RD application is simple with these methods:

1. Offline: Visit an ICICI branch with necessary documents.
2. Internet Banking: Log in online and navigate through Customer Service > Service Request > Deposits > Open Recurring Deposit.
3. Mobile Banking: Use the iMobile app > Accounts and Deposits > Open RD.

Tax Exemptions on ICICI RD: Tax Insights

TDS Deductions: Interest over Rs.40,000 (Rs.50,000 for seniors) invokes TDS. Submit Form 15G/15H to avoid deductions if income is below taxable limits.

Eligibility and Premature Withdrawal: Important Aspects

Eligibility: Open to Indian residents.

Premature Withdrawal: Subject to penalties; interest calculated for the amount's tenure with the bank.

ICICI Bank RD Variants: Diverse Options

ICICI offers several RD products:

• Delightful Deposits RD
• Croma iSave2Buy Plan
• MakeMyTrip Holiday Savings Plan
• Tanishq Jewellery Plan
• Thomas Cook Holiday Savings Account
• iWish Recurring Deposit

Documents Required for Opening an ICICI RD: Essential Checklist

Prepare these documents for a hassle-free application:

1. Identity Proof: PAN, Passport, Voter ID, etc.
2. Address Proof: Utility bill, Bank statement, Passport, etc.

ICICI Bank RD combines attractive interest rates with financial adaptability. Stay updated for informed investment in your financial future. Visit the official ICICI Bank website for more details.