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.
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.
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|
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.
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,
*(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.
By using Groww’s RD calculator of ICICI, RD holders would be able to avail the following advantages –
Therefore, avail the advantages extended by the ICICI RD calculator and find out which tenure would help you earn the most returns.
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ICICI recurring deposit is a scheme where investors deposit a fixed sum of money regularly with the aim of earning returns on it. ICICI RD holders accrue a fixed rate of interest on their deposit which gets compounded at regular intervals.
There are two types of ICICI RDs, namely – iWish Flexible Recurring Deposit and Delightful Deposits.
Yes, ICICI recurring deposit holders can withdraw from the RD account before maturity. However, such withdrawal would be liable for a penalty.
Recurring deposits that are held for less than a year would be subjected to a penalty at the rate of 0.50% p.a. Recurring deposits held over a year and up to 5 years would attract a penalty at the rate of 1%. Similarly, RDs over Rs. 5 Crore, which have been held over 5 years would be subjected to a penalty at the rate of 1.5%.
Yes, the earnings generated as interest on ICICI RD is subjected to TDS.
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