Opting for a Recurring Deposit (RD) account at ICICI Bank is one of the ideal ways to start your monthly deposit journey. ICICI Bank RD interest rates tend to fetch attractive returns for depositors, leading to a higher sum in the long run.
Thus, if you have a stable source of income, you can open an RD account at the ICICI Bank after learning about the latest applicable interest rates and other necessary details related to it. Read this blog till the end to find out the same.
Here is a brief overview of the highlights of ICICI Bank Recurring Deposit accounts:
Tenure | 6 months to 10 years |
General Public Interest Rates | 4.75% to 7.25% |
Senior Citizen Interest Rates | 5.25% to 7.80% |
Highest Rates for Public | 7.25% |
Highest Rates for Senior Citizens | 7.80% |
Premature Withdrawal | Available with Penalty |
Minimum Deposit Amount | Rs. 500 |
The interest rates for the Recurring Deposit accounts tend to change without any prior notice. Go through the following table that features the ICICI Bank RD interest rates 2025:
Maturity Periods (in months) | Interest Rates for the General Public | Interest Rates for Senior Citizens |
6 months | 4.75 % p.a. | 5.25 % p.a. |
9 months | 6.00 % p.a. | 6.50 % p.a. |
12 months | 6.70 % p.a. | 7.20 % p.a. |
15 months | 7.25 % p.a. | 7.80 % p.a. |
18 months | 7.25 % p.a. | 7.75 % p.a. |
21 months | 7.25 % p.a. | 7.75 % p.a. |
24 months | 7.25 % p.a. | 7.75 % p.a. |
27 months | 7.00 % p.a. | 7.50 % p.a. |
30 months | 7.00 % p.a. | 7.50 % p.a. |
33 months | 7.00 % p.a. | 7.50 % p.a. |
36 months | 7.00 % p.a. | 7.50 % p.a. |
More than 3 years up to 5 years | 7.00 % p.a. | 7.50 % p.a. |
More than 5 years up to 10 years | 6.90 % p.a. | 7.40 % p.a. |
ICICI Bank offers multiple types of RD accounts to suit the varied financial preferences of individuals. These include the following:
ICICI’s recurring deposits allow you to deposit small amounts of money every month, ending up with large amounts after maturity. With these deposits you can deposit money from 6 months to 10 years. The rates differ from 4.75% p.a. to 7.25% p.a. for general citizens and 5.25% p.a. to 7.80% p.a. for senior citizens.
This is one of the flexible RD accounts offered at ICICI Bank. It is a unique deposit which lets you create goals for your specific wishes. You can deposit any amount at any time throughout the predetermined tenure. You can also earn better rates on your deposit, which are listed below:
Maturity Period | General Citizen | Senior Citizen |
6 months | 4.75% p.a | 5.25% p.a |
7 months - 8 months | 5.75% p.a | 6.25% p.a |
9 months | 6.00% p.a | 6.50% p.a |
10 months - 11 months | 6.00% p.a | 6.50% p.a |
12 months only | 6.70% p.a | 7.20% p.a |
13 months < 15 months | 6.70% p.a | 7.20% p.a |
15 months < 18 months | 7.25% p.a | 7.80% p.a |
18 months - 24 months | 7.25% p.a | 7.75% p.a |
25 months - 3 years | 7.00% p.a | 7.50% p.a |
37 months - 5 years | 7.00% p.a | 7.50% p.a |
5 years 1 day - 10 years | 6.90% p.a | 7.40% p.a |
The interest rates of the Recurring Deposits are calculated quarterly and are compounded accordingly, enabling you to earn interest on good returns. Hence, according to the compound interest method, the ICICI recurring deposit interest rates are compounded every quarter from the initial deposit date.
The following is the formula used for RD interest calculations:
A= P x (1+R/N) ^ (NT)
Here:
Example: Aditya opens an RD account in the ICICI Bank with a monthly deposit of Rs. 2000 for 30 months at an ICICI Bank recurring deposit interest rate of 7.00%.
As per the formula,
A = 2000 x (1+7/4) ^ (4*30) = Rs. 65,708
Hence, the total interest accrued is Rs. 5,708.
Therefore, from the above calculation, it is understood that Aditya will get a return of Rs. 65,708 after completing the tenure of 30 months and depositing Rs. 2000 every month throughout those 30 months.
Make sure to opt for the ICICI Bank RD calculator to estimate accurate returns based on the monthly deposit amount and the tenure instantly every time without any errors.
You can refer to the following points to learn about some of the major features of ICICI Bank RD interest rates:
ICICI Bank accepts an initial deposit of Rs. 500 when opening your Recurring Deposit account. The bank also allows you to increase the core monthly amount as per your preference and financial stability throughout the predetermined tenure.
ICICI Bank recurring deposit interest rates are highly competitive and go as high as 7.25% for the general public and 7.80% for senior citizens. However, you must remember that the interest rates are subject to change and are applicable according to the tenure you select for your RD account.
ICICI Bank offers flexibility in selecting the tenures for the RD accounts, which range from 6 months to 10 years. Also, your tenure shall impact the ICICI Bank RD interest rate applicable to your account.
ICICI Bank offers a loan facility to all RD account holders. Based on the bank's norms, you can opt for a loan up to a certain percentage of your deposit amount.
ICICI Bank charges a percentage of your deposit amount as a penalty for premature withdrawal of recurring deposits. The bank also applies TDS (Tax Deduction at Source) on the interest paid on recurring deposits.
There are a few major eligibility parameters that you need to fulfil if you wish to open a Recurring Deposit account at the ICICI Bank. These include the following:
The ICICI Bank needs to verify the authentication of your identity and address; hence, it requires a few sets of documents from all the applicants. Thus, along with your duly filled ICICI Bank RD account application form, you need to submit the following documents whenever you opt to open ICICI Bank Recurring Deposit accounts:
Address Proof
Identity Proof
Please note that you may need to submit a few other documents based on the type of RD account you wish to open at the ICICI Bank. Thus, it is better to inquire about the required set of documents from the bank beforehand.
ICICI Bank allows the flexibility for all applicants to open their RD accounts through both online and offline modes at their convenience. Given below are the step-by-step process for the same:
Online Application
You will receive a confirmation message on your registered mobile number and email ID after the completion of the application process and your specified instalment amount will be debited accordingly.
From the iMobile App
Offline Application
Once you complete the process, the bank shall process your RD account application within a stipulated time frame.
Refer to the following step-by-step process to learn how you can close your ICICI bank RD account:
Go through the below points to learn about some of the major benefits of having an RD account at the ICICI Bank:
ICICI Bank allows depositors to withdraw the deposit amounts from their RD accounts prematurely. However, in such cases, interests are not payable since the interest is calculated only for the period throughout which your RD account has remained active in ICICI Bank.
Nevertheless, the applicable penalty rates for premature withdrawals of Recurring Deposit accounts of ICICI Bank have been mentioned in the below table:
Deposit Tenure | For Amount Less Than Rs. 5 Crore | More Than Rs. 5 Crores |
Less than 1 year | 0.50% | 0.50% |
More than 1 year but less than 5 years | 1.00% | 1.00% |
More than 5 years | 1.00% | 1.50% |
Whether you plan for a short-term or long-term deposit plan, the competitive ICICI Bank RD interest rates promise attractive returns. Hence, opting for an RD account at the ICICI Bank can be the ideal option to start your monthly deposit journey. You can also use the ICICI RD bank online calculators to estimate your deposit returns and have an informed approach.