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ICICI RD Interest Rates - Discover ICICI Recurring Deposit Rates

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May 10, 2023

5 Minutes

ICICI Bank RD Interest Rates 2023: A Comprehensive Guide

When it comes to securing your financial future through recurring deposits, ICICI Bank emerges as a top choice with its attractive RD interest rates. Understanding the nuances of these interest rates is crucial for making informed investment decisions. Let's delve into the details of ICICI RD interest rates, features, and the steps to kickstart your investment.

ICICI RD Interest Rates: Unlocking Prosperity

ICICI Bank offers two types of recurring deposit schemes catering to both regular citizens and senior citizens. As of the latest update in 2023, the interest rates are as follows:

RD for Regular Citizens: Earn an attractive interest of 5.50% on your recurring deposits with a flexible tenure ranging from 6 months to 10 years. The minimum investment required is Rs. 500.

RD for Senior Citizens: Benefit from an even higher interest rate of 6.30% designed exclusively for senior citizens. The tenure and minimum investment remain the same.

Features of ICICI Recurring Deposit Interest Rates

Understanding the features of ICICI RD interest rates is essential for maximizing your returns:

Loan Facility: Avail a loan against the deposited amount in your RD account.
Flexible Tenure: Choose a deposit tenure ranging from 6 months to 120 months (10 years).
Minimum Deposit: Initiate your investment journey with a minimum deposit of just Rs. 500.
Quarterly Compounding: Enjoy the benefits of quarterly compounding for enhanced returns.
Tax Implications: Be aware of TDS deductions as per prevailing income tax rules at the time of account opening.

How to Apply for ICICI RD: A Seamless Process

Applying for an ICICI RD is a hassle-free process, and you can choose from three convenient options:

Offline: Visit your nearest ICICI Bank branch with the necessary documents to apply for an RD account offline.
Internet Banking: Access the ICICI Bank official website and log in to Internet Banking to apply online. Follow the path: Customer Service > Service Request > Deposits > Additional Information > Open Recurring Deposit.
Mobile Banking: Download the iMobile app, log in with your credentials, and apply for an RD through Accounts and Deposits > Deposits > Open FD/RD > Open RD.

Tax Exemptions on ICICI Recurring Deposit: Navigating the Fiscal Landscape

Understanding the tax implications is crucial for optimizing your returns:

TDS Deductions: If the interest income from your RD exceeds Rs.40,000 per fiscal year (Rs.50,000 for senior citizens), TDS will be deducted. Form 15G/15H can be submitted to prevent TDS if your gross yearly income is below the basic exemption limit.

Eligibility and Premature Withdrawal: Key Considerations

Before diving into ICICI RD, consider the following:

Eligibility: Applicants need to be Indian residents to open an RD account with ICICI Bank.

Premature Withdrawal: ICICI Bank imposes penalties for premature withdrawal, and the interest is calculated for the period the amount has remained with the bank.

Types of Recurring Deposit Offered by ICICI Bank: Tailored to Your Needs

ICICI Bank provides various RD schemes catering to diverse preferences:

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

Documents Required for ICICI Bank RD Account Opening: Smooth Processing

Ensure a smooth application process by having the necessary documents ready:

Identity Proof (Anyone): Government ID card, PAN, Passport, Voter ID, Senior Citizen ID card, Driving License.
Address Proof (Anyone): ID card or certificate from the Post Office, Bank Statement with Cheque, Electricity Bill, Telephone Bill, Passport.

Embark on your wealth creation journey with ICICI Bank RD, where attractive interest rates meet financial flexibility. Keep abreast of the latest updates, and make informed investment decisions for a prosperous financial future. For more information, visit the official ICICI Bank website.