ICICI RD: Explore 6 Recurring Deposit Plans & Rates

When exploring options to open a Recurring Deposit (RD) account, ICICI Bank stands out with competitive interest rates. The ICICI RD rates guarantee a rewarding return upon maturity.

ICICI Bank offers two RD programs: one for regular citizens at a 5.50% rate and another for senior citizens at 6.30%. Investment terms span from 6 months to 10 years, requiring a minimum deposit of Rs. 500.

Eligibility for RD at ICICI Bank

Applicants must be residents of India.

Required Documents

Identity Proof (choose one):

• Government ID card
• Senior Citizen ID card
• PAN card
• Passport
• Voter ID card
• Driving License

Address Proof (choose one):

• ID card or certificate from Post Office
• Bank statement with a cheque
• Electricity bill
• Telephone bill
• Passport

Types of ICICI Bank RD Schemes

ICICI provides multiple RD schemes tailored to various needs:

1. Delightful Deposits RD

This scheme offers extra top-up amounts through partnerships in electronics, jewelry, and travel, along with interest rates.

2. Croma iSave2Buy Plan

Allows account holders to purchase appliances at Croma stores, using a gift voucher upon maturity.

3. MakeMyTrip Holiday Savings Plan

The maturity value is redeemable as a MakeMyTrip voucher, valid for one year. Requires a minimum 6-month term with Rs. 500.

4. Tanishq Jewellery Plan

Offers benefits at Tanishq, with 80% of the initial amount as RD interest upon maturity, valid for a year with Rs. 500 and a 6-month minimum.

5. Thomas Cook Holiday Savings

Maturity sums redeemable for trips via Thomas Cook, covering domestic and international packages. Requires Rs. 500 and a six-month term.

6. iWish Recurring Deposit

An online flexible RD with voucher redemption at Croma, needing a minimum six-month period and Rs. 500.

ICICI Bank RD Premature Withdrawal

Penalties apply for early withdrawal, with interest on the duration held. Penalty rates include:

• Under 1 year: 0.50%
• 1 to less than 5 years: 1.00%
• 5 years and above: 1.00% to 1.50%

Tax Exemptions on ICICI Bank RD

If yearly interest from RD and FD exceeds Rs. 40,000, TDS applies, with Rs. 50,000 for seniors. Use Forms 15G/15H to avoid tax if income is below the exemption.

Opening a Recurring Deposit Account in ICICI Bank

ICICI enables RD account openings through branches, internet banking, or mobile banking. For offline, visit branches with necessary documents. For online, log into the ICICI Bank site or app.

Steps via Internet Banking: Customer Service > Service Request > Deposits > Additional Info > Open Recurring Deposit.

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

Calculating Maturity Amount on ICICI Bank RD

The maturity includes principal and interest. Use an RD calculator or formula:

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

Where R is the rate, P the principal, n the number of months, and t the time term.

Note: Consider compliance standards like ESG and follow UIDAI guidelines.