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ICICI Bank’s Recurring Deposit (RD) account allows you to achieve your short-term goals with fixed returns. With this, you can now save money as well as earn interest on your payments. Get the details, such as the interest rate eligibility criteria, features, on ICICI’s Recurring Deposit below!
The interest rates provided in the table below are effective from 21 October 2020.
|Deposit Tenure||Interest Rate for Regular Customers (% p.a.)*||Interest Rate for Senior Citizens (% p.a.)*|
|Above 3 years up to 5 years||5.35||5.85|
|Above 5 years up to 10 years||5.50||6.30|
*Interest rates are subject to change from time to time.
This is the general variant of an RD account where you deposit a fixed amount every month over the specified deposit tenure and earn interest on the deposits. The minimum monthly deposit for this account is Rs.500.
Delightful deposits are recurring deposits that the bank has associated with partners such as Croma, MakeMyTrip, Tanishq, Thomas Cook, and more. This scheme gives you more than interest, i.e. top-up amount from the partner.
The scheme helps you to fulfil your wish without any market risks associated. Whether you are looking forward to buying a car, going on a dream holiday, or anything else. Just start an iWish goal online and add funds regularly. There are no limits associated with it in terms of the amount, i.e. there is no fixed amount for contributions. If you happen to save a little more during the month, you can contribute it to the iWish account and reach your goal a little sooner.
This is a term deposit with the features of an RD account during the investment phase, and annuity fixed deposit during the payout phase. Initially, you make regular payments of your RD to build a corpus. On maturity, the accumulated funds will be invested in an annuity FD account.
If the interest income earned from the recurring deposit and fixed deposit accounts across all bank branches exceeds Rs.40,000 per financial year, the tax will be deducted at source. The limit is Rs.50,000 per financial year for senior citizens.
You can submit Form 15G/15H, as applicable, to request the bank not to deduct tax at source if your gross annual income is within the basic exemption limit.
Utilise the RD calculator to estimate the returns you can get on investing a fixed amount in the RD account over a period.
There is no special treatment if you happen to miss an instalment towards an iWish account. That is there is no penalty for missing payments under this scheme.
You can change the nominee of your RD account at any time before the maturity of the account by filling up the necessary details in the relevant form.
No. The bank does not provide any certificates when you open an RD account. On the other hand, the RD account details will be updated in your account statement and the account summary on the internet banking portal.
You can close the RD account normally only upon paying all the stipulated instalments. The deposit amount and the interest earned will be paid in the form of pay order or credited to the depositor’s ICICI Bank savings account. In the case of a joint account, the money will be credited to the primary account holder’s ICICI Bank savings account.
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