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ICICI Bank RD Interest Rates

When it comes to opening an RD account, ICICI bank is one of the best banks to get started with. Owing to the attractive ICICI RD interest rates on deposits, one can rest assured of getting a handsome amount of deposit upon maturity. ICICI provides two types of recurring deposits, i.e. rd for regular citizens which offers an interest of 5.50%, and RD for senior citizens which offer 6.30% for senior citizens. The investment tenure ranges between 6 months to 10 years and the minimum amount needed is Rs. 500.

ICICI RD Rates 2022

The ICICI Bank RD interest rates offered with different tenures are provided below:

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 5.20% 5.70%
30 months 5.20% 5.70%
33 months 5.20% 5.70%
36 months 5.20% 5.70%
3 years 1 day to 5 years 5.45% 5.95%
5 years 1 day to 10 years 5.60% 6.35%

Note, above 5 years up to 10 Years margin for SRC has been changed on 0.75%

Features of ICICI Recurring Deposit Interest Rates

  • ICICI offers a loan against the deposited amount in your RD account
  • ICICI RD interest rates 2022 of interest resembles the interest rates of fixed deposits
  • The deposit tenure can be as low as 6 months to 120 months (10 years)
  • TDS deductions are applicable as per the existing income tax rules at the time of opening the account.
  • The bank accepts minimum deposits starting from Rs. 500
  • Interest on ICICI RD account is compounded quarterly
  • One can visit any ICICI branch to avail of this service. Alternatively, internet banking can also be used for the same.

How to Apply for ICICI RD

Customers can apply for an RD account using any of the three options given by the bank, namely offline (in the branch), internet banking, or mobile banking.

Offline: Customers can stroll into a nearby ICICI Bank office with the necessary paperwork and request to start a recurring deposit account to apply offline.

Internet Banking: Log in to the ICICI Bank official website with your registered User ID and password to access Internet Banking. Follow the path outlined below:

Customer Service > Service Request > Deposits > Additional Information > Open Recurring Deposit

Mobile Banking: Customers can use Mobile Banking by downloading and installing the iMobile app on their mobile phones and logging in with their registered login credentials, through:

Accounts and Deposits > Deposits > Open FD/RD > Open RD

Tax Exemptions on ICICI Recurring Deposit

If the interest income from the recurring deposit and fixed deposit accounts earned across all bank branches exceeds Rs.40,000 per fiscal year, the tax would be deducted at the source. For older folks, the maximum is Rs.50,000 every fiscal year. If your gross yearly income is less than the basic exemption limit, you can use Form 15G/15H to request that the bank not deduct tax at the source.

Eligibility for an RD in ICICI Bank

The applicants need to be Indian residents.

Premature Withdrawal of ICICI RD Amount

ICICI bank penalizes the account holder in case he/she withdraws the amount from the RD account prematurely. Also, the interest is then calculated for the period the amount has remained with the bank. The penalty rates have been elucidated below:

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%

Types of Recurring Deposit Offered by ICICI bank

ICICI bank offers two different types of recurring deposit schemes

Delightful Deposits RD: These types of RDs are offered by the bank in association with partners from sectors like electronics, jewellery, and travel. These types of deposits offer you more than just RD interest rates in the form of a top-up amount.

Croma iSave2Buy Plan Deposits: Under this scheme, one can buy any appliance at the Croma store that is worth the accumulated amount on maturity. Also, a Croma gift voucher is provided upon maturity.

MakeMyTrip Holiday Savings Plan: In this scheme, the maturity amount and the interest earned on it can be used in the form of a voucher to pay for a trip through MakeMyTrip. The voucher needs to be redeemed within one year. The minimum tenure of this RD is 6 months and the minimum deposit is Rs. 500.

Tanishq Jewellery Plan: This RD plan provides the account holder with the benefits from Tanishq such as a special top-up amount with which one can buy jewelry of their choice. Upon maturity, one gets 80% of the first installment value in the form of RD interest and other additional benefits from Tanishq. A Tanishq jewelry card is issued to use while purchasing which needs to be redeemed within one year. The minimum tenure of this RD is 6 months and the minimum deposit is Rs. 500.

Note: Gold coins and silver articles cannot be bought through this Tanishq Jewellery Card.

Thomas Cook Holiday Savings Account: This scheme provides the benefit of redeeming the maturity amount in the form of a voucher which can be used to pay for a trip through Thomas Cook. The account holder gets to choose from a wide range of domestic and international holiday packages. The minimum tenure of this RD is 6 months and the minimum deposit to be made is Rs. 500.

iWish recurring Deposit: As the name suggests, it is an online flexible recurring deposit in which one can deposit any amount at any point of time during the ongoing tenure. This voucher can be used at any Croma outlet. The minimum tenure of his RD is 6 months and the minimum deposit is Rs. 500.

Documents Required for ICICI Bank RD Account Opening

The documents needed to submit are listed below:

Identity Proof (Anyone)

  • Government ID card
  • Senior Citizen ID card
  • PAN
  • Passport
  • Voter ID
  • Driving License

Address Proof (Anyone)

  • ID card or a certificate issued by the Post Office
  • Bank Statement with Cheque
  • Electricity Bill
  • Telephone Bill
  • Passport

FAQs

Q1. Who can apply for an RD account?

Indian residents and Hindu Undivided Families (HUF) can open an RD account with ICICI.

Q2. Does ICICI Bank allow partial withdrawal of RD accounts?

ICICI Bank doesn’t allow Partial withdrawal of recurring deposits.

Q3. Is the nomination facility provided by the ICICI RD account?

Yes, the nomination facility is provided on ICICI recurring deposit. The important thing to remember is only one nominee per account is allowed.

Q4. What happens when the ICICI RD account matures?

Upon maturity, the principal amount and the accumulated interest can be transferred directly into a linked savings account by asking the Bank. However, there is an option to invest the maturity amount in fixed deposits.

Q5. How to Open a Recurring Deposit Account at ICICI Bank?

An RD account with ICICI Bank can be opened through the offline method by visiting the bank branch or through an online method using the net banking facility or by reaching out to the bank’s customer care cell.

Q6. Is it worth opening an RD account with ICICI?

There are a plethora of benefits ICICI bank has to offer with its Recurring deposit plans which makes it even more enticing for customers. Not to mention, schemes like delightful and iWish deposits open multiple doors for customers looking forward to getting the best out of ICICI RD interest rates 2022. Although we have covered all possible information related to ICICI RD rates, it is advisable that you read all the official terms and conditions before investing.

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