ICICI RD calculator

ICICI Bank RD calculator for 2024 is a user-friendly and technologically advanced tool which allows you to quickly and simply run various financial calculations. Seasoned investors and first-timers find it accessible and helpful. All the calculator features enable you to investigate a wide array of scenarios easily, adjust the strategies, and make educated choices that are in alignment with your individual financial goals.

What is the ICICI Bank RD Calculator?

ICICI RD calculator is a functional tool that helps you find how much money is being returned to you on the maturity of your recurring deposit (RD) investment. It takes a few key details from you and then uses them to determine the balance.

The details ICICI Bank RD calculator needs are:

1. The amount of money you deposit each month into the RD.
2. The interest rate being offered on the RD.
3. How many years/months will the RD run for (its term)?

Submitting just these few numbers, the ICICI RD calculator can instantly figure out the total you will receive when the RD matures and includes the interest you earned for the investment term. This RD interest calculator ICICI helps you to deal with arithmetic operations without making unnecessary calculations, and thus your chances of making errors are decreased.

Nevertheless, you need to input the specific amounts of investment of your RD into the ICICI RD Calculator to get true figures.

How Does ICICI Bank RD Calculator Work?

The ICICI RD calculator of the ICICI Bank is a useful tool that helps investors who wish to understand the benefits of compounding to be able to make well-educated choices. This ICICI RD interest rates calculator takes the principle of compounding into account, giving you an exact figure for the maturity amount and interest you would expect. To perform the calculation, users need to provide three key inputs: the monthly investment amount, the deposit term, and the expected rate of interest. It considers the power of compounding carefully and applies this properly so as to come up with accurate projections of the amount to be saved and accrued interest. Their choices are then guided by their own plans and goals, as well as the guaranteed accrued value. Therefore, they are able to take advantage of the compounding power of RDs.

What is the ICICI Bank RD Calculator Formula?

The ICICI Bank RD calculator allows you to calculate the maturity amount of a recurring deposit (RD) account based on the amount you invest per month, tenure, and interest rate. The formula used by the ICICI Bank RD calculator is:

M = P x (1 + R/N)^(NT)

Where:

• M = Maturity value (the final amount you will receive on maturity)
• P = Monthly Recurring Deposit amount
• R = Annual interest rate
• N = Number of times interest is compounded per year (Quarterly = 4, Monthly = 12)
• T = Tenure of the RD in years

Calculating interest on ICICI Bank RD

Now that you know the formulae, you can calculate the maturity amount from the ICICI Bank RD calculator.

To calculate using this formula:

1. Determine the monthly RD amount (P) you want to invest.
2. Check the current interest rate (R) ICICI Bank offers for RDs of your chosen tenure.
3. Enter the tenure (T) in years you want to invest for.

Plug these values into the formula, and it will calculate the maturity value (M) you will receive from your ICICI Bank RD on the maturity date.

How to use ICICI Bank RD calculator?

ICICI RD calculator is one of the options for quick and easy online free use. RD calculator helps you assess the amount you'll have in years to come if you start saving under ICICI Bank's regular plan. All you need is some minor information about how much you want to save and the interest ICICI Bank gives monthly.

Let's see an example of how to calculate RD interest in ICICI Bank:

Consider the case of Mr. Kishan, who intends to deposit INR 15000 monthly in a recurring deposit scheme for two years at an applicable interest rate of 5.80%.

After entering these details into the ICICI RD Calculator, it shows:

- Total Investment: INR 360,000 (15,000 per month for 24 months)

- Wealth Gained: INR 22,463 (the interest earned)

- Total Corpus Created: INR 382,463 (the total amount including both the principal and interest)

Hence, it means that Mr Kishan can save INR 360,000 in 2 years with an effective rate of 5.80%, and this total amount will be INR 382,463. And the interest which he earns varies from Rs. 22,463.

Benefits of Using ICICI Bank RD Calculator

ICICI Bank RD calculator can help you be exact with your savings plan and compute the maturity amount for your RD investment as you desire. This tool offers several benefits that make financial planning a breeze:

• Convenience: The interest calculator on RD in ICICI Bank website allows you to access it from anywhere, whether you're at home or on the move, without the need to visit a branch or make phone calls.
• Transparency: The ICICI RD calculator presents a table showing the amount interest earned and maturity value for your investment planning ensuring transparency.
• Interest Rate Comparison: Using the ICICI Bank RD calculator, you can compare interest rates to choose the suitable rate, for your investment.
• Paperless Experience: With the ICICI RD calculator, you can explore RD options without the hassle of dealing with physical forms or documents. This streamlined process is both convenient and eco-friendly.

How is the interest and maturity amount on an ICICI Bank RD is calculated?

The interest is calculated as follows:

1. Simple Interest for Partial Quarter

For the first partial quarter from the RD opening date until the end of that quarter, simple interest is paid on the cumulative instalments deposited.

2. Quarterly Compounding 

After the end of the first quarter, the interest earned is added to the principal amount. For subsequent quarters, interest is calculated on this compound amount (principal + accumulated interest). This allows the depositor to earn interest on the interest.

3. Maturity Amount

The maturity amount is calculated as follows:

Maturity Amount = Monthly Installment x Deposit Period (months) + Interest Earned over Tenure

Most banks provide an online ICICI RD calculator to compute the maturity amount for a given monthly deposit, tenure, and interest rate. Overall, the quarterly compounding method maximizes the earnings through compounding over the tenure of the deposit.

How to open an RD account in ICICI Bank?

Customers can open an ICICI Bank RD account using any of the following three methods:

1. Offline: Visit a nearby ICICI Bank branch in person. Carry the required documents (identity and address proof) and request to open a new Recurring Deposit account.
2. Internet Banking: Log in to the ICICI Bank website using your registered user ID and password. Go to Customer Service > Service Request > Deposits > Additional Information > Open Recurring Deposit to open a new RD account online.
3. Mobile Banking: Download your smartphone's ICICI Bank 'iMobile' app. After logging in, go to Accounts and Deposits > Deposits > Open FD/RD > Open RD to open a new Recurring Deposit account through the mobile app.

How to close an RD account in ICICI Bank through online?

- Log in to your ICICI Bank Net Banking Account.

- Navigate to the RD Account Section.

- Select the RD Account to Close and Initiate the Closure Process.

- Provide the necessary details, such as your account information and the RD account number.

Submit the Request and Verify Closure Confirmation.

- Wait for Processing and Receive Confirmation.

Documents required to open an RD account in ICICI Bank?

To open an ICICI Bank RD account, you need to submit two types of documents:

1. Identity Proof (any one of these):

- Government-issued ID card like Aadhaar, PAN card, Passport, Voter ID, Driving License

- Senior Citizen ID card

2. Address Proof (any one of these):

- Postpaid electricity, telephone, or water bill

- Bank account statement or cancelled cheque with your address

- Passport

- Proof of address issued by a government authority, like voter ID card

Features of ICICI Bank Recurring Deposit Scheme

• The scheme offers different tenure options ranging from 6 months to 10 years, thus allowing customers to choose a plan they are comfortable with.
• The Recurring Deposit Scheme of ICICI Bank can be used by a wide range of customers and the starting amount is fixed to ₹500, which is low, and this can be advantage for the economically weaker group.
• The current interest rate structure is set so that the longer tenures enjoy higher interest rates. Customers are determined to keep their cash deposits for long and start earning interest that grows over time.
• Out of the products of ICICI Bank, one of the loans against a recurring deposit scheme is the RDL which allows the deposit holder to obtain funds and also pay interest on the deposit.