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. ICICI RD interest rates are quite competitive and are higher than the rates on their savings 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.
RD Interest Rate of ICICI Bank:
RD interest rates of ICICI bank are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
What is the current ICICI RD Interest Rate?
Current RD interest rates in ICICI are tabulated below. Here RD rates range is given for different deposit tenure from 06 months – 10 years:
Revision in Interest Rates On Retail Domestic Recurring Deposits interest rates revised: (All figures in % per annum)
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| ICICI Bank | 6 Months | 3.5 | 4 | 2021-11-25 |
| ICICI Bank | 9 Months | 4.4 | 4.9 | 2021-11-25 |
| ICICI Bank | 12 Months | 4.9 | 5.4 | 2021-11-25 |
| ICICI Bank | 15 Months | 4.9 | 5.4 | 2021-11-25 |
| ICICI Bank | 18 Months | 5 | 5.5 | 2021-11-25 |
| ICICI Bank | 21 Months | 5 | 5.5 | 2021-11-25 |
| ICICI Bank | 24 Months | 5 | 5.5 | 2021-11-25 |
| ICICI Bank | 27 Months | 5.15 | 5.65 | 2021-11-25 |
| ICICI Bank | 30 Months | 5.15 | 5.65 | 2021-11-25 |
| ICICI Bank | 33 Months | 5.15 | 5.65 | 2021-11-25 |
| ICICI Bank | 36 Months | 5.15 | 5.65 | 2021-11-25 |
| ICICI Bank | Above 3 years upto 5 years | 5.35 | 5.85 | 2021-11-25 |
| ICICI Bank | Above 5 years upto 10 years | 5.5 | 6.3 | 2021-11-25 |
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
How is the ICICI RD rate of interest calculated?
RD interest rates of ICICI bank are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
The interest you earn on your deposited amount in RD depends on a lot of factors such as the invested amount, tenure for the deposit, rate of interest, and compounding frequency.
One of the best ways to calculate the interest earned on your ICICI RD is by using the ICICI RD calculator available over the internet. It is the most hassle-free way of calculating interest.
You may Calculate the ICICI RD Interest rate by using: ICICI RD Calculator
This RD Calculator for ICICI Bank 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 %.
You may check the updated ICICI Interest rate on RD at ICICI Bank’s official website here.
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Information about ICICI RD Interest Rates:
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Table of Contents |
What is an ICICI Bank RD Account?
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.
ICICI RD interest rates are quite competitive and are higher than the rates on their savings deposits.
ICICI RD Features:
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.
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
Types of ICICI Recurring Deposits:
There are 2 types of RD schemes offered by ICICI Bank to suit the needs of consumers:
Delightful Deposits – Pay Less. Buy More
We all yearn to buy the latest gadgets, designer jewelry or plan a dream holiday. Well, now is the perfect opportunity to buy all that you have been planning for by saving for it systematically every month. Get Recurring Deposit interest from ICICI Bank along with an attractive top-up from our partners, Croma, Tanishq, and Thomas Cook.
iWish – Flexible Recurring Deposit
No penalties for missed payments
Does your deposit allow you to save any amount at any time? Switch to iWish the smarter deposit. to know more, click here
How to check ICICI RD maturity value?
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.
The maturity amount of Recurring Deposit (RD) invested in ICICI bank for a specified period can be calculated by using the ICICI RD calculator available over the internet.
The ICICI RD Calculator for ICICI Bank RD available here 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 %.
FAQs about ICICI RD rate of interest:
What is the Tenure Range for ICICI RD Account?
The tenure for ICICI RD ranges from 06 months to 10 years.
Is there any minimum amount required to open an RD account?
The minimum amount needed to open an RD in ICICI Bank is Rs. 500.
How to open an RD account in ICICI Bank?
If you are an existing customer of ICICI Bank and have active internet banking, you can just log in to your account and open one RD account. New customers can either visit the nearest ICICI branch or apply on ICICI’s website and get an RD account opened.
You are here to calculate the ICICI RD interest rate on your money in ICICI’s Recurring Deposit (RD) account. Explore the current ICICI RD interest rate here.
