ICICI Bank Recurring Deposit (RD) Calculator is for calculating the maturity amount of Recurring Deposit saving invested in ICICI Bank for a specified period.
Recurring Deposits are a special kind of Term Deposit offered by ICICI Bank which helps people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
This ICICI Recurring Deposit calculator requires some data like – Your Monthly Deposit Amount, Rate of Interest of your bank, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
Latest ICICI Bank RD Interest Rate:
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| ICICI Bank | 6 months | 4.75% | 5.25% | 2024-09-09 |
| ICICI Bank | 9 months | 6.00% | 6.50% | 2024-09-09 |
| ICICI Bank | 12 months | 6.70% | 7.20% | 2024-09-09 |
| ICICI Bank | 15 months | 7.25% | 7.80% | 2024-09-09 |
| ICICI Bank | 18 months | 7.25% | 7.75% | 2024-09-09 |
| ICICI Bank | 21 months | 7.25% | 7.75% | 2024-09-09 |
| ICICI Bank | 24 months | 7.25% | 7.75% | 2024-09-09 |
| ICICI Bank | 27 months | 7.00% | 7.50% | 2024-09-09 |
| ICICI Bank | 30 months | 7.00% | 7.50% | 2024-09-09 |
| ICICI Bank | 33 months | 7.00% | 7.50% | 2024-09-09 |
| ICICI Bank | 36 months | 7.00% | 7.50% | 2024-09-09 |
| ICICI Bank | Above 3 years upto 5 years | 7.00% | 7.50% | 2024-09-09 |
| ICICI Bank | Above 5 years upto 10 years | 6.90% | 7.40% | 2024-09-09 |
ICICI RD Calculator Variables:
This recurring deposit (RD) calculator for ICICI Bank RD uses five different investment variables that most of the calculator requires. These saving calculator variables are:
Monthly Deposit Amount: This is a fixed monthly amount that is invested in an RD scheme. This deposit amount varies from person to person and scheme to scheme.
Rate of Interest: The Rate of Interest is the variable of the RD calculator that appears as a percentage and is different for different types of saving options.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the RD calculator. The longer investment increases the compounding of the returns and hence greater rewards are generated.
Maturity Amount: The desired or required amount that an investor wants at the end of the investment life cycle is known as the final amount or maturity amount.
Effective yield: The effective yield is that variable of the RD calculator that appears as a percentage and is used to compare the effectiveness of different types of saving options. This saving variable matters the most to the investors.
How ICICI RD Calculator Works?
Anyone can calculate his saving returns from the ICICI Bank RD account through an online RD calculator available on this page with high accuracy.
Following are the steps to calculate the RD returns through this calculator:
- Step 1: Enter the fixed monthly amount that he wants to deposit every month.
- Step 2: After this, fill the rate of interest that he gets from his bank or financial institution for the specified period. Different banks or financial institutions offer different rates of interest-based on the amount of investment and period of investment.
- Step 3: The next step that one has to follow is to select the period for saving in months. It depends on saving option requirement for which he wants to stay invested.
- Step 4: Thereafter choose the frequency of compounding. The frequency of compounding may be monthly, quarterly, half-yearly, or yearly.
- Step 5: After submitting all variables required by an RD calculator, one will get the final maturity amount for investment query with effective yield.
ICICI Bank Recurring Deposit (RD)
An ICICI Bank Recurring Deposit (RD) account offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. It gives you a higher rate of interest than a savings bank account.
Recurring Deposits are a special kind of Term Deposits offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
It is similar to making FDs of a certain amount in monthly installments. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
Click Here for ICICI Bank Saving Account Calculator
Click Here for ICICI FD Calculator
Features of ICICI Bank RD Schemes:
Minimum Balance:
Deposit a minimum of Rs. 500 per month and thereafter, deposit in multiples of 100.
Nomination:
Nominate a single nominee to your account proceeds, whether held solely or jointly. Applicants are required to fill a form prescribed under the Banking Companies (Nomination Rules), 1985. For more details, visit your nearest ICICI Bank branch.
Period of Deposit:
Make deposits for a minimum period of 6 months and thereafter in multiples of 3 months. The maximum tenure of Recurring Deposit would be 10 years.
Other Features:
- Loan against deposit
- High rates of interest (identical to the fixed deposit rates)
- From June 1, 2015, Tax Deduction at Source (TDS) shall be applicable on interest paid/ accrued on Recurring Deposits.
- Recurring Deposits will be available for a minimum tenure of 6 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years.
- As interest rates are subject to change without prior notice, the depositor shall ascertain the rates on the value date of FD
- For terms & conditions and any other details, please contact your nearest ICICI Bank Branch.
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Latest ICICI Bank RD Interest Rate: Click Here
Penalty on Delayed Installment:
- The penalty is charged at monthly interest at the rate of ₹ 12 per ₹ 1000 for all delayed installments.
- A fraction of a month will be treated as a full month for the purpose of calculating such interest.
- The total interest so chargeable shall be recovered from the total amount of interest payable at the time of maturity.
Premature withdrawal of Deposit:
On pre-mature withdrawal of the Recurring / iWish deposits:
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with ICICI Bank.
- A penalty will be levied on the rate applicable as per the table below
| Original Tenure of Deposit | Penal Rates | |
|---|---|---|
| Less than ₹ 5.0 crore | ₹ 5.0 crore & above | |
| Less than 1 year | 0.50% | 0.50% |
| 1 year & above but less than 5 years | 1.00% | 1.00% |
| 5 years and above | 1.00% | 1.50% |
Eligibility for ICICI Recurring Deposit (RD):
You are eligible if you are one of the following:
- Resident individuals
- Hindu Undivided Families
- Private & Public Limited Companies
- Trust & Societies
You are here to calculate the maturity value of your money in ICICI Bank’s Recurring Deposit (RD) account. Calculate the maturity value with this online ICICI RD calculator.
(Calculate your ICICI Bank Recurring Deposit (RD) maturity amount by using this ICICI RD Calculator)
