ICICI Bank RD Interest Rates

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      ICICI Bank RD Interest Rates

      Recurring deposits are an opportunity for individuals who earn a fixed salary every month and wish to invest some part of their income to earn a common interest from the bank. This is usually suitable for individuals with high job security.ICICI bank RD accounts are among the easiest, to begin with when it comes to a savings account. Because of the competitive ICICI Bank RD interest rates on deposits, one may be confident of receiving a substantial sum of money as the deposit matures.
      ICICI provides two forms of annual deposits: RD for ordinary residents, which pays 7.10 per cent interest, and RD for senior citizens, which pays 7.60 per cent interest. The investment period ranges from 6 months to 10 years, with a minimum sum of Rs. 500 required.

      Features of ICICI Bank RD:ICICI Bank RD Interest Rates

      ICICI Bank provides a credit against the balance invested in your RD account. The interest rate is similar to that of fixed deposits.

      • The term of the deposit will range from 6 to 120 months (10 years)
      • TDS deductions are applied based on the current income tax laws at the time the account is opened.
      • The bank allows deposits with a minimum of Rs. 500.
      • ICICI RD portfolio interest is compounded quarterly.

      This service is available at every ICICI branch. Online banking may also be used for the same purpose.

      ICICI Bank RD Interest Rate:

      Tenure RD Rates for General Citizens RD Rates for Senior Citizens
      6 months 3.50% 4.00%
      9 months 4.40% 4.90%
      12 months 4.90% 5.40%
      15 months 4.90% 5.40%
      18 months 5.00% 5.50%
      21 months 5.00% 5.50%
      24 months 5.00% 5.50%
      27 months 5.15% 5.65%
      30 months 5.15% 5.65%
      33 months 5.15% 5.65%
      36 months 5.15% 5.65%
      3 years 1 day to 5 years 5.35% 5.85%
      5 years 1 day to 10 years 5.35% 5.85%

      Types of ICICI Bank RD accounts:

      The classification of the RD account can be done on two bases: The ICICI Bank proposes two forms of revolving deposit plans. these are ICICI Bank RD accounts that are based on schemes:

      • Delightful Deposits RDs: The bank offers these forms of RDs in collaboration with partners in industries such as technology, jewellery, and travel. In the form of a top-up amount, these forms of deposits give you more than just RD interest rates.

      ICICI Bank currently offers four forms of Delightful deposits to its customers:

      • Croma iSave2Buy Plan Deposits: With this programme, you can buy any appliance worth the accrued balance at any Croma store until it matures. Upon maturity, a Croma gift coupon is also given.
      • MakeMyTrip Holiday Savings Plan: In this programme, the maturity number and interest gained will be used to pay for a MakeMyTrip trip in the form of a voucher. The coupon must be redeemed within one year of purchase. This RD has a 6-month minimum term and an Rs. 500 minimum deposit.
      • Tanishq Jewellery Scheme: This RD plan offers account holders Tanishq rewards such as a special top-up balance that can be used to purchase the jewellery of their choosing. Tanishq provides 80 per cent of the first instalment amount in the form of RD interest and other incentives upon maturity. A Tanishq jewellery card is provided to use while shopping, and it must be redeemed within a year. This RD has a 6-month minimum term and an Rs. 500 minimum deposit.
      • Thomas Cook Holiday Savings Account: This account offers the option of redeeming the maturity balance as a coupon that can be used to pay for a Thomas Cook vacation. The account holder may choose from a variety of domestic and foreign vacation packages. This RD has a 6-month minimum term and an Rs. 500 minimum deposit requirement.
      • iWish recurring Deposit: As the name implies, this is an online adjustable recurring deposit that allows you to deposit any sum at any time within the term. This voucher is redeemable at any Croma location. His RD has a median term of 6 months and a minimum deposit of Rs. 500.

      On the basis term period, ICICI Bank RD accounts are as follows:

      • Interest Rate on ICICI Bank’s Short-Term Revolving Deposits: ICICI Bank’s short-term RDs has a term of up to one year. For monthly revolving deposits, the bank pays a rate of interest ranging from 3.50 per cent to 4.90 per cent per annum. The rate of return given for short term RDs is the same if you want an iWish RD.
      • ICICI Bank Interest Rate on Medium-Term Revolving Deposits: Medium-term RDs are deposits of a term of one to five years. These RDs offer rates of interest ranging from 4.90 per cent to 5.35 per cent a year. The bank offers the same interest rate on iWish revolving deposits.
      • ICICI Bank Long-Term Revolving Deposit Interest Rate: A long-term RD account is one that has been open for more than 5 years. The bank pays 5.35 per cent annual interest on these deposits.
      • Senior Citizen RD Rates at ICICI Bank: People above the age of 60 are eligible for an extra 0.50 per cent interest rate on all investment tenures. The bank’s interest rates for standard and iWish RDs for senior citizens vary from 4.00 per cent to 5.85 per cent per annum.

      Documents required for ICICI Bank RD accounts:

      Identity Verification (Anyone):

      • ID card issued by the government.
      • Senior Citizen Identity Card
      • PAN card {Permanent Account Number}
      • Obtaining a passport.
      • ID is used to vote.
      • A driver’s licence

      Proof of Address (Anyone):

      • A Post Office-issued ID card or a certificate.
      • Cheque and Bank Statement.
      • The Rate of Electricity.
      • Telephone Charges.
      • Obtaining a passport.

      Premature withdrawal provisions for ICICI Bank RD accounts:

      If withdrawals made from the RD account are too much, ICICI bank will penalise him or her. In addition, the interest is measured over the time the money has been in the fund. Below is a breakdown of the penalty rates:

      Deposit Tenure Amount Less than Rs. 5 crore Rs. 5 crores and Above
      Less than 1 year 0.50% 0.50%
      More than 1 year but less than 5 years 1.00% 1.00%
      5 years and above 1.00% 1.50%

      Loan offered against ICICI Bank RD account:

      The ICICI Bank RD Scheme allows you to borrow money towards your RD. Per month, the depositor can make a minimum of Rs. 500 and then in multiples of Rs. 100/-. This scheme has a six-month to ten-year period. Nominations are also possible in this system.

      Calculation of ICICI Bank RD amount:

      ICICI Bank RD calculations are based on the basic formula, which is as follows :

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

      R denotes the rate of interest, P denotes the amount deposited, n denotes the term in months, and t denotes the applicable term.

      You can also calculate your FD Rate online with Dialabank’s FD Calculator.

      Account opening process for ICICI Bank RD:

      A citizen Indian/Hindu Undivided Family will open an RD account with ICICI Bank (HUF).

      You can open an RD account with ICICI Bank by visiting a branch, using net banking, or contacting the bank’s customer service department. Documentation is required for the process are as follows:

      • Evidence of your identity: Passport, driver’s licence, voter’s ID card, PAN card, UIDAI Aadhaar letter, and NREGA Job Card signed by a State Government official.
      • Evidence of address: Statement from a credit card that is no more than 3 months old, Income/Wealth Tax Assessment Order, Salary Slip Not older than 6 months’ worth of electricity bills Bill from a landline phone that is no more than 3 months old, Statement of bank account, a letter from a well-known employer.

      Nomination facility for ICICI Bank RD account:

      ICICI Bank RD account offers only one nomination per account and no more.

      Tax benefit with ICICI Bank RD account:

      If the interest income received from the revolving savings and fixed deposit accounts in all bank branches reaches Rs.40,000 per financial year, the tax will be deducted at the source. For senior citizens, the cap is Rs.50,000 per financial year. If your gross annual income is below the basic exemption cap, you can apply Form 15G/15H to recommend that the bank not deduct tax at source.

      ICICI Bank News- March 2021

      2020-07-09: Banks exceed digital transaction target set for 2019-20

      According to the department, 17 banks earned an overall positive ranking for their digital transaction results in 2019-20, with ICICI Bank leading the list of 56 banks and closed wallets. As a result, it seems that financial systems, such as offering retail and business loans online, are improving.

      2020-03-31: ICICI Bank introduced ICICIStack

      ICICI Bank launched ICICIStack, which allows consumers to conduct nearly all financial transactions online. ICICIStack is the first automated app that allows for the immediate opening of a savings account, as well as an instant FD or PPF, among other things.

      2019-05-09: ICICI Bank announces the launch of new service icicibankpay to open FD and RD accounts via Twitter

      ICICI Bank, a private sector lender, has announced the introduction of ‘icicibankpay,’ a new service that allows customers to open new fixed deposit and revolving deposit accounts via Twitter. One can also use the Twitter handle to pay postpaid mobile bills and connect an Aadhaar card to a bank account. Individuals interested in using these resources should create a Twitter account and follow @icicibank to begin the process.

      2018-08-17: ICICI Bank revises RD rates

      The interest rate on revolving deposits, or RDs, has been updated by ICICI Bank for the selected maturities. The interest rate on nine-month RDs has been raised to 6.50 per cent, up from 6.25 per cent previously. The threshold for senior citizens has been raised to 7.00 per cent from 6.75 per cent previously. Similarly, the interest rate for the maturity period of eighteen to twenty-four months will be 7.00 per cent, up from 6.75 per cent previously. The new premiums for senior citizens are 7.50 per cent, up from 7.25 per cent previously. August 14, 2018, was the date of application of the new prices.

      FAQs on ICICI Bank RD Interest Rates  

      What if I happen to miss an instalment towards an iWish account?

      If you skip a payment against your iWish account, you will not get any special care. That is, under this system, there are no penalties for missed payments.

      Is it possible to change the nominee of my RD account?

      You can adjust the candidate of your RD account at any point before the account matures by filling out the correct form with the appropriate information.

      Do I get a certificate stating the account details when I open an RD account?

      When you open an RD account, the bank does not offer any certificates. The RD account details, on the other hand, will be changed in your account statement as well as the account description on the internet banking site.

      Are there any specific criteria to close my RD account?

      Normally, you can close the RD account only after paying all of the necessary instalments. The deposit balance and interest received will be added to the depositor’s ICICI Bank savings account or billed by pay order. The money would be added to the primary account holder’s ICICI Bank deposit account in the event of a shared account.