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 Bank RD interest rates on deposits, one can rest assured of getting a handsome amount of deposit upon maturity. ICICI provided two types of recurring deposits, i.e. rd for regular citizens which offers an interest of 7.10% and RD for senior citizens which offers 7.60% for senior citizens. The investment tenure ranges between 6 months to 10 years and the minimum amount needed is Rs. 500.
ICICI RD Rates 2021
The ICICI Bank RD interest rates offered with different tenures are provided below:
|Tenure||RD Rates for General Citizens||RD Rates for Senior Citizens|
|3 years 1 day to 5 years||5.35%||5.85%|
|5 years 1 day to 10 years||5.35%||5.85%|
ICICI iWish RD Interest Rates
|Tenure||RD Rates for General Citizens||RD Rates for Senior Citizens|
|7 months to 9 months||4.4||4.9|
|10 months to 11 months||4.4||4.9|
|12 months only||4.9||5.4|
|13 months < 18 months||4.9||5.4|
|18 months to 24 months||5||5.5|
|25 months to 3 years||5.15||5.65|
|37 months to 5 years||5.35||5.85|
Features of ICICI Recurring Deposit Interest Rates
- ICICI offers a loan against the deposited amount in your RD account
- RD Rate 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 this service. Alternatively, internet banking can also be used for the same.
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.
Currently, ICICI Bank provides four types of Delightful deposits to its customers, viz.
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 jewellery of their choice. Upon maturity, one gets 80% of the first instalment value in the form of RD interest and other additional benefits from Tanishq. A Tanishq jewellery card is issued to use while purchasing which needs to 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.
Term-wise ICICI RD Interest Rates
ICICI Bank Short-Term recurring Deposit Interest Rate: ICICI short term RD offers deposits that have a tenure of up to 1 year. The bank offers general citizens an interest rate ranging between 3.50% p.a. and 4.90% p.a. for regular recurring deposits. If you opt for an iWish RD, the rate of return offered for short term RDs is the same.
ICICI Bank Medium-Term recurring Deposit Interest Rate: Medium-term RDs are deposits that have a tenure of above 1 year up to 5 years. Such RDs offer an interest in the range of 4.90% p.a. to 5.35% p.a. The same interest rate is offered by the bank for iWish recurring deposits.
ICICI Bank Long-Term recurring Deposit Interest Rate: An RD account with a tenure of more than 5 years falls under the long-term RD category. The interest offered by the bank on such deposits is 5.35% p.a.
ICICI Bank Senior Citizen RD Rates: People aged more than 60 years are offered an additional interest of 0.50% on all investment tenures. The interest rate offered by the bank to senior citizens for both regular and iWish RDs ranges from 4.00% p.a. to 5.85% p.a.
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
- 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
ICICI BANK RD – FAQs
Ques. Who can apply for an RD account?
Ans. Indian residents and Hindu Undivided Families (HUF) can open an RD account with ICICI.
Ques. Does ICICI Bank allow partial withdrawal of RD accounts?
Ans. ICICI Bank doesn’t allow Partial withdrawal of recurring deposit.
Ques. Is the nomination facility provided by the ICICI RD account?
Ans. Yes, nomination facility is provided on ICICI recurring deposit. The important thing to remember is only one nominee per account is allowed.
Ques. What happens when the ICICI RD account matures?
Ans. 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.
Ques. How to Open a Recurring Deposit Account at ICICI Bank?
Ans. 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.
Ques. Is it worth opening an RD account with ICICI?
Ans. 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 2020. 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.