When contemplating opening a Recurring Deposit (RD) account, ICICI Bank emerges as a leading option, offering attractive interest rates. The ICICI RD interest rates promise a significant return by maturity.

ICICI Bank provides two RD schemes: one for regular citizens with a 5.50% interest rate and another for senior citizens offering 6.30% interest. Investment tenures range from 6 months to 10 years, with a minimum deposit requirement of Rs. 500.

Eligibility Criteria for RD in ICICI Bank

Applicants must 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

Types of ICICI Bank Recurring Deposit Schemes

ICICI offers various RD schemes to suit different needs:

1. Delightful Deposits RD:

This scheme, in collaboration with partners in electronics, jewelry, and travel sectors, provides additional top-up amounts alongside interest rates.

2. Croma iSave2Buy Plan Deposits:

Account holders can purchase appliances worth the maturity amount at Croma stores, with a Croma gift voucher provided upon maturity.

3. MakeMyTrip Holiday Savings Plan:

The maturity amount can be used as a voucher for MakeMyTrip's travel payments, valid for one year. Minimum tenure is 6 months with a minimum Rs. 500 deposit.

4. Tanishq Jewellery Plan:

Provides benefits for jewelry purchases at Tanishq, with 80% of the initial installment value returned as RD interest upon maturity. Valid for one year, with a minimum deposit of Rs. 500 for at least 6 months.

5. Thomas Cook Holiday Savings Account:

Maturity amounts can be redeemed for trip payments through Thomas Cook, applying to domestic and international packages. Six months tenure is required with a Rs. 500 minimum deposit.

6. iWish Recurring Deposit:

This online flexible RD allows deposits at any time, redeemable as vouchers at Croma outlets. It requires a minimum tenure of 6 months and a deposit of Rs. 500.

ICICI Bank RD Premature Withdrawal Facility

There are penalties for premature withdrawal, with interest calculated for the held duration. Penalty rates are:

• 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 RD

If total interest income from RD and FD exceeds Rs. 40,000 yearly, TDS applies. For senior citizens, the limit is Rs. 50,000. Use Form 15G/15H to prevent tax deductions if annual income is below the exemption limit.

How to Open a Recurring Deposit Account in ICICI Bank?

ICICI provides three methods to open an RD account: offline at branches, via internet banking, or through mobile banking.

For offline registrations, visit an ICICI Bank branch with required documents. Online applications can be made by logging into the ICICI Bank website or mobile app.

Internet Banking steps: Customer Service > Service Request > Deposits > Additional Information > Open Recurring Deposit.

Mobile Banking via the iMobile app: Accounts and Deposits > Deposits > Open FD/RD > Open RD.

How to Calculate the Maturity Amount on ICICI Bank RD?

The maturity sum includes the principal and interest earned. Use an RD calculator for ease, or apply the formula:

A = P*(1+R/N)^(Nt)

Here, R is the interest rate, P the principal amount, n the tenure in months, and t the applicable duration.

Note: Ensure compliance with regulations like ESG and abide by UIDAI standards where necessary.