ICICI Bank RD Calculator

Monthly investment
Rate of interest (p.a)
%
Time period
Years
Invested amount
Est. returns
Total value
Total investment
Total interest
RD ALTERNATIVE

ICICI Bank RD Calculator

ICICI Bank is counted among the top financial institutions of the country. It offers a variety of financial services to its customers in the form of financial products like deposit account, fixed and recurring deposits and loan schemes. ICICI Bank also offers financial assistance tools like ICICI RD Calculator to its customers to help plan their investments better.

What Is ICICI Recurring Deposit RD Calculator?

An ICICI RD Calculator is one such financial assistance tool that is designed to help calculate the returns that would be generated through an RD investment. It uses the below-mentioned information to calculate the sum an RD holder would receive on maturity.

  1. Monthly recurring deposit amount.
  2. The interest rate applied to recurring deposit.
  3. Term of investment.

ICICI Bank RD Interest Rates

The interest generated on ICICI recurring deposit follows the compounding principle and the process of calculating the same involves a lot of complicated steps. Additionally, the sum generated at maturity tends to rely heavily on the tenure, frequency of compounding and rate of interest of a recurring deposit scheme.

The table below shows the different ICICI Bank RD rates of interest to offer a better idea.

Tenure General Citizen Rates Senior Citizen RD Rates
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 5.20% 5.70%
30 months 5.20% 5.70%
33 months 5.20% 5.70%
36 months 5.20% 5.70%

An ICICI RD calculator helps eliminate the need to keep track of all these details and reduces the entire process of computing maturity amount and its interest into a few seconds ordeal. It also minimises the scope of making any mistakes to a great extent.

Other than these, users can access the calculator at any time from any device and learn about their income and associated taxes.

However, to ensure that the data generated by the ICICI recurring deposit calculator is accurate, users must make it a point to input specific details into it.

ICICI Bank RD Calculator Formula?

The ICICI Bank calculator for RD uses the formula mentioned below to calculate the returns generated through an ICICI bank RD.

A= P x (1+R/N) ^ (NT)

In the given formula,

  • ‘A’ = Maturity Amount
  • ‘P’ = Recurring deposit
  • ‘N’ = Number of times interest is compounded*
  • ‘R’ = Rate of interest
  • ‘T’ = Tenure

*(N will be 4 when compounded quarterly, 2 when compounded half-yearly and 1 when compounded yearly)

Here is an example of the same,

Mr Kabir is a 61-year-old man, who deposits Rs. 500 per month towards his ICICI RD account for a tenure of 24 months. His recurring deposit account accrues interest at the rate of 7.5% (special rates for senior citizens) assuming that it is compounded yearly.

The sum he will receive on maturity would be –

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

= 12000 x (1+7.4/1) ^ (1*2)

= Rs. 12978

The accrued interest on his RD would be Rs. 978.

Advantages of Using Groww’s RD Calculator of ICICI? 

By using Groww’s RD calculator of ICICI, RD holders would be able to avail the following advantages –

  • It solves complex calculations within seconds.
  • It offers accurate results without any ambiguity.
  • N number of adjustments can be made to the details submitted.

Therefore, avail the advantages extended by the ICICI RD calculator and find out which tenure would help you earn the most returns.

“Looking to invest? Open an account with Groww and start investing in direct Mutual Funds for free”


  Asset Management Company
Axis Mutual Fund DHFL Pramerica Mutual Fund Principal Mutual Fund
Kotak Mutual Fund Sundaram Mutual Fund BOI Axa Mutual Fund
Reliance Mutual Fund Invesco Mutual Fund Union Mutual Fund
HDFC Mutual Fund LIC Mutual Fund Taurus Mutual Fund
SBI Mutual Fund JM Financial Mutual Fund Edelweiss Mutual Fund
ICICI Prudential Mutual Fund Baroda Pioneer Mutual Fund Essel Mutual Fund
Aditya Birla Sunlife Mutual Fund Canara Robeco Mutual Fund Mahindra Mutual Fund
UTI Mutual Fund HSBC Mutual Fund Qauntum Mutual Fund
Franklin Templeton Mutual Fund IDBI Mutual Fund PPFAS Mutual Fund
IDFC Mutual Fund Indiabulls Mutual Fund IIFL Mutual Fund
DSP Blackrock Mutual Fund Motilal Oswal Mutual Fund Escorts Mutual Fund
TATA Mutual Fund BNP Paribas Mutual Fund  
L and T Mutual Fund Mirae Asset Mutual Fund  

 

ⓒ 2016-2023 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 3.7.1
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  ICICI PRUDENTIAL |  HDFC |  NIPPON INDIA |  ADITYA BIRLA SUN LIFE |  SBI |  UTI |  FRANKLIN TEMPLETON |  KOTAK MAHINDRA |  IDFC |  DSP |  AXIS |  TATA |  L&T |  SUNDARAM |  PGIM |  INVESCO |  LIC |  JM FINANCIAL |  BARODA PIONEER |  CANARA ROBECO |  HSBC |  IDBI |  INDIABULLS |  MOTILAL OSWAL |  BNP PARIBAS |  MIRAE ASSET |  PRINCIPAL |  BOI AXA |  UNION KBC |  TAURUS |  EDELWEISS |  NAVI |  MAHINDRA |  QUANTUM |  PPFAS |  IIFL |  Quant |  SHRIRAM |  SAHARA |  ITI