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ICICI Bank RD Interest Rates 2020

ICICI Bank RD Rate of Interest, 2020

Last Updated 25th Nov 2020

Tenure General Rates Senior Citizen Rates
6 months 4.75% 5.25%
9 months 5.25% 5.75%
12 months 5.80% 6.30%
15 months 5.80% 6.30%
18 months 5.80% 6.30%
21 months 5.80% 6.30%
24 months 5.80% 6.30%
27 months 6.00% 6.50%
30 months 6.00% 6.50%
33 months 6.00% 6.50%
36 months 6.00% 6.50%
3 years 1 day to 5 years 6.00% 6.50%
5 years 1 day to 10 years 6.00% 6.50%
    ICICI Bank RD Calculator
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    ICICI Bank Recurring Deposit

    • ICICI Bank offers RD interest rates up to 6.00%
    • Interest on RD with ICICI Bank is compounded quarterly.
    • ICICI Bank accepts minimum deposits starting at Rs. 500.
    • For senior citizens ICICI Bank offers RD rate upto 6.50%.
    ICICI RD Rates - Special Features
    • Loan facility is available against your RD account
    • Higher rate of interest than fixed deposits
    • The deposit tenure ranges from 6 months to 120 months
    • Visit any ICICI Bank branch to avail this service
    • TDS deductions are subject to the existing income tax rules as at the time of opening the RD account
    • Penalty on non payment of the periodic deposit is monthly interest rate of Rs. 12 per Rs. 1,000

    ICICI Bank Recurring Deposit Schemes Types

    Based on the tenure ICICI Bank Recurring Deposit can be classified into three types, these are:

    Short-Term RD

     

    Under this type of ICICI Bank Recurring Deposit your deposit’s tenure ranges between 6 months to 3 years. Such RD is best suited for those who are looking to develop the habit of savings. 

    Medium-Term RD

    When you are not willing to commit for the long tenure and are not sure how much benefit you can get from RD, then opting for medium term recurring deposit is a good decision. It provides the right balance of flexibility and commitment to invest  so that you can assess its benefits. The tenure basically ranges between 3 years to 7 years. 

    Long-Term RD

    The long term RD is best suited when you want to earn the return on your investment but do not have the lump sum amount to invest in fixed deposit. By investing recurring deposits you get the flexibility of making monthly investments, and earn the return similar to FD. The tenure basically ranges between 7 years to 10 years.

    ICICI Bank RD Account

    ICICI Bank offers recurring deposit option to their customers to park their periodically generated surplus savings for a fixed tenure. A customer is required to make a deposit once into their RD account at the time of opening the account with the bank. The customer then makes periodic deposits and withdraws any money in the account during the tenure of the deposit.

    Regular RD

    • Loan facility is available against your RD account
    • Higher rate of interest than fixed deposits
    • The minimum tenure of this RD is 6 months
    • The minimum deposit to be made in this account is Rs. 500

    Croma delightful deposits

    • Purchase any appliance for Croma store that is worth your accumulated amount on maturity
    • On maturity, get a Croma Gift Voucher as an additional benefit
    • The Croma Gift Voucher can be used at any Croma outlet to purchase the electronics of your choice
    • The total fixed benefit amount remains unchanged irrespective of the change in RD interest rate
    • Delightful Deposits can be applied online, on iMobile, on phone and at your nearest branch
    • The minimum tenure of this RD is 6 months
    • The minimum deposit to be made in this account is Rs. 500

    MakeMyTrip Holiday Savings Plan

    • Redeem the amount on maturity in the form of a voucher and pay for a trip through MakeMyTrip
    • On maturity, the deposited amount and the interest earned over it will be transferred as a Top Up to MakeMyTrip e voucher
    • The total amount can be used to book a holiday through MakeMyTrip
    • This e voucher has to be redeemed within 1 year
    • Option to change the maturity instructions and move the funds to your linked Savings Account
    • The minimum tenure of this RD is 6 months
    • The minimum deposit to be made in this account is Rs. 500

    Tanishq Jewelry Plan

    • Get a top up amount from Tanishq and buy jewelry worth your wait
    • On maturity, get 80 percent of the first installment value in the form of RD interest and additional benefit from Tanishq
    • A Tanishq Jewellery Card of the said amount is made to facilitate your jewellery purchase
    • This Jewelry Card has to be redeemed within 1 year
    • Gold coins and silver articles can not be purchased through this card
    • The minimum tenure of this RD is 6 months
    • The minimum deposit to be made in this account is Rs. 500
    • The minimum amount can deposited in multiples of Rs. 5,000

    Thomas Cook Holiday Savings Account

    • Redeem the amount on maturity in the form of a voucher and pay for a trip through Thomas Cook
    • Get a Top Up from Thomas Cook ?over and above your RD maturity amount
    • Flexibility to choose from wide range of Indian and International holiday packages
    • Option to change the maturity instructions and move the funds to your linked savings account
    • Delightful Deposits can be applied online, on iMobile, on phone and at your nearest branch
    • The minimum tenure of this RD is 6 months
    • The minimum deposit to be made in this account is Rs. 500

    ICICI Bank Recurring Deposit Rates

    There are some factors that affect ICICI Bank Recurring Deposit interest rates. These are as follows:

    • Policies Framed by RBI : The change in Cash Reserve Ratio (CRR) and repo rate as directed by the RBI affect the interest rate of all banking instruments including the recurring deposit.
    • Recession – In times of recession, RBI releases funds in the market and hence injecting liquidity in the market. As a result of high liquidity and low credit demand, banks reduce the rates on RD.
    • Inflation – Inflation has a positive effect on a fixed deposit interest rate. Hence, RD rates tend to be higher in a period of rising inflation.
    • Current State of Economy – In a booming economy, people take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through recurring deposits.

    ICICI Bank RD Interest Calculator

    RD maturity amount that you will get depends on the following three parameters

    • Deposit amount – This is the initial amount deposited by a customer in ICICI Bank. Higher interest rate might be offered on larger deposits. ICICI Bank offers deposit amount starting at Rs. 500.
    • Rate of Interest- ICICI Bank offers a higher rate of interest on recurring deposits of longer tenure and lower interest rate on deposits held for a shorter period. Highest interest rate offered by ICICI Bank is 6.00% for deposit amount.
    • Period of deposit- Bank offers low interest rate for short tenure RDs and higher interest rate for long tenure RDs.

    Duration of Recurring Deposits with ICICI Bank

    You can open a Recurring Deposit account with ICICI Bank for a minimum tenure of 6 months which can go up to maximum tenure of 120 months.

    Premature withdrawal of RD with ICICI Bank

    Premature withdrawal of RD with ICICI Bank Bank is allowed. ICICI Bank Bank may charge a nominal amount of penalty as per their banking norms.
    Penalty on non payment of the periodic deposit is monthly interest rate of Rs. 12 per Rs. 1,000However, Partial withdrawal of RD account is not allowed.

    Penalty for delayed installment of RD with ICICI Bank

    Bank may give you grace of some days if you delay the payment beyond the due date. In case you do not pay your installment after due date, ICICI Bank Bank will charge a penalty as per their norms.
    Penalty on non payment of the periodic deposit is monthly interest rate of Rs. 12 per Rs. 1,000

    Illustration: Mr. A opens a RD account for tenure of 1 year with periodic deposits of ₹ 5,000 per month at an interest rate of 6.00%. In this case, the maturity amount at the end of 1 year will be ₹ 61,976 and includes the collected principal and total interest earned on the principal amount during the period at ₹ 1,976. Similarly, you can calculate the interest and maturity amount for higher tenures by using RD calculator.

    FAQs

    What is the eligibility for opening an RD account?

    Indian residents and HUF (Hindu Undivided Families) can open RD account. NRIs can also open the RD account through NRO and NRE accounts.
    Banks provide RD scheme for minors as well, under the guardianship of parents to supervise their finances.

    What is the general tenure/duration of ICICI Bank Recurring Deposits?

    ICICI Bank RD can be opened for minimum 6 months to maximum tenure of 120 months.

    Is premature withdrawal allowed in RD accounts?

    The amount can only be withdrawn on maturity. In case of emergency you can break your RD before maturity, but after that your account will be closed. Banks may deduct 1 or 2 percent penalty from the interest accrued on your RD amount for the period for which the amount was with the bank.In ICICI Bank, Penalty on non payment of the periodic deposit is monthly interest rate of Rs. 12 per Rs. 1,000.
    The minimum lock in period is 3 months and if the depositor request a premature withdrawal before that, he earns zero interest and only the principal amount will be refunded to him. Apart from cancelled interest, any incentives offered are also withdrawn.

    Is partial withdrawal of RD accounts allowed by ICICI Bank?

    Partial withdrawal of recurring deposit is not allowed by ICICI Bank. However, some banks offer the facility to obtain Loan or Overdraft by keeping your RD as collateral. On the other hand, premature withdrawals are allowed by post offices if you have an RD account with them for at least a year. The withdrawn amount is considered a loan, which has to be paid in lump sum.
    Premature Closure is allowed, but with some penalty.

    What exactly happens on maturity of RD account?

    On maturity of your RD account, you can ask the bank to transfer the principal amount and the accumulated interest component directly into your linked savings account. You can also invest your RD amount in fixed deposits after maturity.

    Is nomination facility available in ICICI Bank RD account?

    Nomination facility is available in ICICI Bank recurring deposits. Whether you open it in single name or joint name, only one nominee per account is permissible. You should ensure that the nomination is followed as per RBI rules. You can change the nominee through declaration in appropriate form.


    ICICI News - Dec 2020
    • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
      The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
    • 2020-03-31 : ICICI Bank introduced ICICIStack
      ICICI Bank introduced ICICIStack; customers can now undertake almost all banking services digitally. ICICIStack’ offers the first digital service that enables instant opening of savings to account along with an instant FD or instant PPF, among others.
    • 2019-05-09 : ICICI Bank announces the launch of new service icicibankpay to open FD and RD accounts via twitter
      Private sector lender, ICICI Bank has announced the launch of its new service ‘icicibankpay’ which will help customers to open a new fixed deposit and recurring deposit account via Twitter. Additionally, one can even pay postpaid mobile bills, and also link Aadhaar card with a bank account using the Twitter account. The individuals who want to avail these services will have to register on Twitter account and follow @icicibank to start the transaction.
    • 2018-08-17 : ICICI Bank revises RD rates
      ICICI Bank has revised its interest rate on recurring deposits or RDs for the selected maturities. The Interest rate on RD with a maturity of nine months is increased to 6.50%, which was 6.25% earlier. For senior citizens, the rate has now been revised to 7.00% from 6.75% earlier. Similarly, for the maturity period eighteen months to twenty four months will fetch an interest rate of 7.00%, which was 6.75% earlier. For senior citizens, the new rates are 7.50 against 7.25% earlier. The new rates are effective from August 14, 2018.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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