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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!

1. Recurring Deposit Interest Rates 2021 of ICICI Bank

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.)*

6 months



9 months



12 months



15 months



18 months



21 months



24 months



27 months



30 months



33 months



36 months



Above 3 years up to 5 years



Above 5 years up to 10 years



*Interest rates are subject to change from time to time.

2. Different Types of ICICI Bank RD Schemes

  1. Recurring Deposits:

    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.

  2. Delightful Deposits:

    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.

  3. iWish Flexible Recurring Deposits:

    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.

  4. RD with Monthly Income Option:

    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.

    Further, a payout will be given to you every month along with interest. The minimum monthly deposit amount is Rs.2,000 and in multiples of Rs.100 thereafter. The minimum RD tenure is 24 months and in multiples of three months thereafter. Likewise, the minimum payout phase is 24 months and in multiples of 12 months thereafter.

3. ICICI Bank RD Special Features and Benefits

  • The minimum balance to open the account is Rs.500 and in multiples of Rs.100 thereafter.
  • The minimum deposit term is six months and in multiples of three months thereafter.
  • The maximum tenure for RD accounts is 10 years.
  • Earn competitive interest rates on the deposits.
  • Senior citizens get an additional 0.5% interest above the regular rates.
  • Get an overdraft/loan facility against the deposit.
  • Nomination facility is available.
  • Premature withdrawals are allowed subject to certain conditions.

4. Basic Eligibility Criteria for ICICI Bank RD

  • Resident Indians

Documents Required

  • Identity Proof
    • Passport
    • PAN card
    • Voter ID card
    • Driving licence
    • Government ID card
    • Senior citizen ID card
  • Address Proof
    • Passport
    • Telephone bill
    • Electricity bill
    • Bank Statement with Cheque
    • Certificate/ ID card issued by Post office

5. Tax Liabilities on ICICI Bank Recurring Deposit

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.

6. RD Interest Rate Calculator

Utilise the RD calculator to estimate the returns you can get on investing a fixed amount in the RD account over a period.

7. Frequently Asked Questions (FAQs)

Q. What if I happen to miss an instalment towards an iWish account?

A. 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.

Q. Is it possible to change the nominee of my RD account?

A. 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.

Q. Do I get a certificate stating the account details when I open an RD account?

A. 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.

Q. Are there any specific criteria to close my RD account?

A. 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.

Similar Banks Offering RD

Similar Banks Offering RD
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Bank of Baroda IDBI Bank PNB Andhra Bank
Central Bank of India Allahabad Bank RBL Bank
Syndicate Bank Corporation Bank Indian bank

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