ICICI Revised Recurring Deposit Rates | ICICI RD Interest Rates For 2022 | Types Of ICICI Bank RD Scheme | Benefits of ICICI Bank RD
The Recurring Deposit (RD) account from ICICI Bank allows you to achieve your short-term goals while earning a predetermined return. This allows you to save money while also earning interest on your payments. Get the information on ICICI RD Interest Rates, eligibility conditions, and features.
ICICI RD Interest Rates for 2022
The ICICI RD Interest Rates listed in the table below go into effect on October 21, 2020.
|Deposit Tenure||ICICI RD Interest Rates for Regular Customers (% p.a.)||ICICI RD Interest Rates 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|
*The above ICICI RD Interest Rates are subject to change from time to time.
ICICI Bank RD Scheme Types
- Recurring Deposits
This is the most common type of RD account, in which you deposit a fixed amount every month for the duration of the deposit and earn interest. This account requires a minimum monthly deposit of Rs.500.
- Delightful Deposits
Delightful deposits are recurring deposits made through the bank’s partnerships with companies like Croma, MakeMyTrip, Tanishq, Thomas Cook, and others. This system provided you with more than just interest, in the form of a partner top-up.
- iWish Flexible Recurring Deposits
The program enables you to achieve your goal while avoiding market risk. Whether you’re planning on buying a car, taking a dream vacation, or anything else. Simply create an iWish goal on the internet and add dollars on a regular basis. There are no monetary constraints, i.e., contributions are not limited to a certain quantity. If you save a little more over the month, you can put it towards your iWish account and get closer to your goal.
- RD with Monthly Income Option
This is a term deposit that has the benefits of both an RD account and an annuity fixed deposit throughout the investment phase. To begin, you make monthly RD payments to develop a corpus. The accumulated funds will be invested in an annuity FD account at maturity.
In addition, you will receive a monthly payout plus interest. The minimum monthly deposit amount is Rs.2,000, with subsequent deposits in multiples of Rs.100. The minimum RD tenure is 24 months, with three-month increments after that. Similarly, the minimum payout period is 24 months, with subsequent payouts in multiples of 12 months.
Special Features and Benefits of ICICI Bank RD
- The minimum balance to open the account is Rs.500, with subsequent balances in multiples of Rs.100.
- The minimum deposit period is six months, with subsequent terms in three-month increments.
- RD accounts can be kept for a maximum of ten years.
- On your deposits, you can earn great interest rates.
- Senior citizens receive an extra 0.5 percent interest rate on top of the usual rates.
- Obtain an overdraft or loan against the deposit.
- It is possible to nominate someone.
- Premature withdrawals are permitted under certain circumstances.
Basic ICICI Bank RD Eligibility Criteria
- Any Indian resident can apply.
- PAN (Personal Identification Number) card
- Voter identification card
- Driver’s licence
- ID card issued by the government
- Senior citizen identification card
Proof of Address
- Telephone bill
- Electricity bill
- Cheque and Bank Statement
- Certificate/ ID card issued by Post office
ICICI Bank Recurring Deposit Tax Liabilities
The tax would be deducted at the source if the interest income produced from the recurring deposit and fixed deposit accounts across all bank branches exceeds Rs.40,000 each financial year. For senior citizens, the maximum is Rs.50,000 every financial year.
If your gross yearly income is below the basic exemption ceiling, you can file Form 15G/15H to request that the bank not deduct tax at the source.
If you skip a payment toward your iWish account, you will not receive any special treatment. That is, under this plan, there are no penalties for missing payments.
You can alter the nominee of your RD account at any moment before the account matures by filling out the application form with the essential information.
When you open an RD account, the bank does not offer any certificates. The RD account information, on the other hand, will be updated in your account statement as well as the account summary on the internet banking portal.
Normally, you can shut the RD account only after paying all of the required installments. The deposit amount and interest earned will be deposited to the depositor’s ICICI Bank savings account or paid via pay order. The money will be credited to the primary account holder’s ICICI Bank savings account in the case of a joint account.