ICICI Bank RD Interest Calculator
RD Calculator ICICI in India Oct 2017
|Tenure||General Rates||Senior Citizen Rates|
|3 years 1 day to 5 years||7.00%||7.50%|
|5 years 1 day to 10 years||6.75%||7.25%|
ICICI Recurring Deposit Calculator
ICICI Bank, a leading Private Bank in India offers attractive interest rates upto 7.10% on its Recurring deposits.
RD maturity amount that you will get depends upon
- Deposit amount
- Rate of interest
- RD tenure
- Compounding frequency
- TDS applicability and TDS rate
ICICI Recurring Deposit Interest Calculator
- In a periodic interest payout option, ICICI Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain same across the life of the deposit. On maturity of RD, unless the deposit is renewed, would transfer the principal amount to your bank account.
- In case you opt for a ICICI Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
- Calculate the RD maturity amount using the RD calculator.
Tax on Recurring Deposit ICICI Bank
- In case the interest earned by you across all your recurring deposits across all branches of ICICI Bank in a year exceeds 10,000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the ICICI Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your RD.
- We aren’t done yet. This was only the TDS. Now, you would need to add the interest income on all your ICICI Bank RD’s and other RD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. You must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
- ICICI Bank will also issue you a Form 16A giving details of tax deducted on RD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
ICICI RD interest rate calculator – Check your city
- Keep your KYC documents - PAN card, address proof and photo ready.
- To know more or apply, contact any of the branches of ICICI Bank in your city
Frequently Asked Questions on RD Calculator ICICI Bank
You can earn a maximum interest of 7.10% on ICICI Bank recurring deposit.Are there any extra benefits for senior citizens on fixed deposit of ICICI Bank?
Yes, senior citizens get extra benefit of 0.5% interest rates on their RD in ICICI Bank.