ICICI Bank RD Interest Rates

ICICI Bank RD interest rate is its highest at 7.10% p.a. for general citizens and 7.60% p.a. for senior citizens for 15 – 24 months. The interest rates on RDs offered by ICICI Bank may vary depending on the tenure and deposit amount. Generally, ICICI Bank RD interest rates are higher for longer tenures and higher deposit amounts. In this article, let us learn the details and features of ICICI Bank interest rates for RD.

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Disclaimer: *The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

ICICI Bank RD Interest Rates 2023

The list of ICICI RD interest rates according to the period of maturity is as follows:

Tenure	RD Interest Rates for General Citizens (% p.a.)	RD Interest Rates for Senior Citizens (% p.a.)
6 months	4.75%	5.25%
9 months	6.00%	6.50%
1 year	6.70%	7.20%
15 months	7.10%	7.60%
18 months	7.10%	7.60%
21 months	7.10%	7.60%
2 years	7.10%	7.60%
27 months	7.00%	7.50%
30 months	7.00%	7.50%
33 months	7.00%	7.50%
3 years	7.00%	7.50%
> 3 years – 5 years	7.00%	7.50%
> 5 years – 10 years	6.90%	7.50%

Disclaimer: RD Interest rates are subject to change with time. Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Note: ICICI Bank RD interest rate for all tenures is effective as of 05 May 2023.

ICICI Bank Interest Rates for iWish Goal Based Savings

Tenure	ICICI Bank Recurring Deposit Interest Rate (in % p.a.)
Tenure	For Regular Citizens	For Senior Citizens
6 months	4.75	5.25
7 – 8 months	5.75	6.25
9 months	6.00	6.50
10 – 11 months	6.00	6.50
12 months	6.70	7.20
13 months – < 15 months	6.70	7.20
15 months – < 18 months	7.10	7.60
18 – 24 months	7.10	7.60
25 months – 3 years	7.00	7.50
37 months – 5 years	7.00	7.50

Note: RD Interest Rates are effective as of 05 May 2023.

What are ICICI RD Interest Rates?

ICICI Bank Recurring Deposit (RD) is a savings scheme wherein customers can save a fixed amount of money every month for a predetermined tenure and earn interest on it.

ICICI Bank RD account offers competitive interest rates and choice between a cumulative or non-cumulative payout.

Types of ICICI Bank Recurring Deposit Schemes

The various types of ICICI Bank RD Schemes targeting different goals of its customers are as follows:

Regular Recurring Deposits

The features of a regular ICICI Recurring Deposit Account are mentioned in the table below:

Features	Details
Flexible tenure	6 months – 10 years
Attractive Interest Rates	4.75% – 7.10% p.a.
Recurring Deposit Limit	Rs. 500 – No Limit
Penalty on Delayed RD Instalment Payment	Rs. 12 per month on delay in payment of every Rs. 1,000 The total penalty is deducted from the total interest earned at the end of the maturity period
Premature Withdrawal of RD Account	Available RD interest will be calculated at the interest rate for the period for which the deposits were actually with ICICI Bank
Penalty on Premature Withdrawal of RD Account	Penal rates of different tenure of ICICI recurring deposit is as follows: RD Tenure of < 1 Year Deposits of < 5 Crores: 0.50% Deposits of >= 5 Crores: 0.50% RD Tenure of >= 1 Year to < 5 Years Deposits of < 5 Crores: 1.00% Deposits of >= 5 Crores: 1.00% RD Tenure of >= 5 Years Deposits of < 5 Crores: 1.00% Deposits of >= 5 Crores: 1.50%
Loan against RD Facility	Available
Auto-renewal facility	Available
Nomination Facility	Available
Tax Implications	TDS as per your income tax slab is applicable on the interest earned from your ICICI RD interest rate

ICICI Bank iWish Goal Based Savings

ICICI Bank iWish is a goal-based savings scheme with flexible recurring deposits that allows you to save for a specific financial goal or need, like:

Celebration
Vacation
Vehicle
Gadgets
Education
Wealth Building

One of the unique features of iWish is that you can choose to save more or less than your set amount whenever you want a set time to reach your goal.

Features	Details
Flexible tenure	6 months – 5 years
Attractive Interest Rates	4.75% – 7.10% p.a.
Initial Deposit Amount in iWish Account	Rs. 50 – Rs. 49,999
Recurring Deposit Goal Amount Limit	Rs. 5,000 – Rs. 5 Lakhs
iWish Exclusive/ Wish Save the Change	Rounds off your daily transactions Deposits the rounded-off figure in your iWish account Example: If you spend Rs. 263 for a Pizza, it deducts a rounded-off figure of Rs. 300 and deposits the change of Rs. 37 in your iWish RD Account
Premature Withdrawal of RD Account	Available RD interest will be calculated at the interest rate for the period for which the deposits were actually with ICICI Bank
Penalty on Premature Withdrawal	Penal rates of different tenure of ICICI recurring deposit is as follows: RD Tenure of < 1 Year Deposits of < 5 Crores: 0.50% Deposits of >= 5 Crores: 0.50% RD Tenure of >= 1 Year to < 5 Years Deposits of < 5 Crores: 1.00% Deposits of >= 5 Crores: 1.00%
Partial Withdrawal	Not Available
Flexibilities	Create and manage your goals Pay any amount, any time you wish No penalty for skipping an instalment Share your goals on Facebook with your friends who wish to contribute to your goal
Tax Implications	TDS as per your income tax slab applies to earnings from ICICI RD interest rate

ICICI Recurring Deposit with Monthly Income Scheme

ICICI Bank Recurring Deposit Scheme with Monthly Income option allows you to invest the maturity amount of your RD in an annual fixed deposit plan.

Features	Details
Eligibility	Resident Citizens Single Account Joint Account
Flexible tenure	RD Investment Phase: 2 Years (in multiple of 3 months) RD Payout Phase: 2 Years (in multiple of 12 months) The investment and payout tenure cannot be modified once decided
Attractive Interest Rates	4.75% – 7.10% p.a. Regular FD rates for the total tenure that includes the investment phase and payout phase
Recurring Deposit Limits	Rs. 2,000 monthly – No Limit
Penalty on Delayed RD Instalment Payment	Rs. 12 per month on delay in payment of every Rs. 1,000 The total penalty is deducted from the total interest earned at the end of the maturity period
Premature Withdrawal of RD Account	Available RD interest will be calculated at the interest rate for the period for which the deposits were actually with ICICI Bank
Partial Withdrawal	Not Available
Tax Implications	TDS, as per your income tax slab, is applicable on the interest earned from your ICICI RD interest rate

Eligibility Criteria

The following customers are eligible to join an ICICI Bank Recurring Deposit Scheme:

All Indian Residents
Minors (through a guardian)
Hindu Undivided Families

Documents Required

Particulars	Documents Required
ID Proof & Permanent Address Proof	Valid Passport Driving License Voter ID Card Job Card of NREGA Scheme National Population Register Certificate Aadhar Card
Communication Address Proof	Utility Bills Property Tax Bill/ Municipality Tax Receipt Accommodation Allotment Letter by the authorised employer Pension/ Family Pension payment orders

How to Open an ICICI Bank Recurring Deposit Account?

Opening an RD at ICICI Bank is a challenging process. It can be quickly done through both online and offline modes:

Medium of Account Opening	Steps to Open ICICI Bank Recurring Deposit Account
Internet Banking	Step 1: Open the official portal of ICICI Bank Internet banking Step 2: Log into the portal using your ICICI Bank Account User ID and Password Step 3: Go to the “My Accounts” section and click on the option “Open Fixed/ Recurring Deposit” Step 4: Select the option “Open Recurring Deposit”
iMobile App	Step 1: Log in to the iMobile app using your four-digit ICICI Bank login pin Step 2: Select the section “Account & Deposits” and click on the “Deposits (FD/RD)” tab Step 3: Choose the option “Open Recurring Deposit”
Offline Mode	Visit your nearby ICICI Bank branch
Contact Customer Care	Step 1: Contact the toll-free number of ICICI Bank Customer Care Step 2: Follow the instructions for the following: Select your preferable language Press “1” for existing user Press “1” for banking accounts Step 3: When required, enter your “Registered Number” and “Debit Card Number” to speak to the customer care executive. The Customer Care Executive will assist you with further instructions.

ICICI RD Calculator

The ICICI RD Calculator is an online tool that helps you to calculate the maturity value and interest earned from the ICICI Bank recurring deposit (RD) interest rates. It is a user-friendly tool that allows you to calculate the returns on your investment with ease.

To use the Policybazaar ICICI RD Calculator, you need to follow these steps:

Step 1: Visit ICICI Bank RD Calculator webpage on the Policybazaar website

Step 2: Enter the following details in the calculator:

Monthly Deposit amount
RD tenure
ICICI Recurring Deposit interest rate

Step 3: The RD calculator will automatically display the following details:

Total Amount Deposited
Maturity Amount
Interest Earned from the ICICI Recurring Deposit Scheme

Benefits of ICICI Recurring Deposit Account

ICICI Bank Recurring Deposit (RD) account comes with several benefits making it an attractive savings option for customers.

Here are some of the benefits of having an RD account in ICICI Bank:

Attractive Interest Rates: ICICI Bank offers competitive interest rates on its RD accounts that are higher than savings accounts.
Flexible Tenure: ICICI Bank RD account allows you the flexibility of tenures ranging from 6 months to 10 years.
Minimum Deposit Amount: The minimum deposit amount for ICICI Bank RD account is as low as Rs. 500 per month.
Regular Savings: RD account encourages you to save a fixed amount every month, which helps you to inculcate a savings habit and achieve your financial goals.
Loan Facility: You can avail of a loan against ICICI Bank RD account by pledging the deposit amount as security.
Auto-Renewal Facility: ICICI Bank RD account comes with an auto-renewal facility. This automatically reinvests the deposit amount and the interest earned for another tenure.
Nomination Facility: You can nominate a person to receive the maturity amount in case of unforeseen circumstances.
Tax Benefits: You can claim a tax deduction u/ Section 80C of the Income Tax Act, 1961, for the amount deposited in their RD account.

In Brief

ICICI Bank offers attractive interest rates on its Recurring Deposit (RD) scheme, making it a popular investment option for customers looking for a safe way to save money. The interest rates offered by the bank vary based on the deposit tenure, deposit amount, and prevailing market conditions.

Customers can use the ICICI RD Calculator to calculate the potential returns on their investment to make an informed decision.

FAQ's

What is the interest rate of RD in ICICI Bank?

The key ICICI Bank Recurring Deposit interest rates are mentioned in the table below:

Tenure	For General Citizens (% p.a.)	For Senior Citizens (% p.a.)
6 months	4.75%	5.25%
9 months	6.00%	6.50%
1 year	6.70%	7.20%
15 -24 months	7.10%	7.60%
27 months – 5 years	7.00%	7.50%
> 5 years – 10 years	6.90%	7.50%

What is the benefit of RD in ICICI Bank?
The Recurring Deposit (RD) scheme offered by ICICI Bank provides several benefits to customers looking to save money regularly.
Here are some of the key benefits of RD in ICICI Bank:
- A flexible investment option that can be tailored to your specific needs and financial goals
- Offers fixed interest rates on RDs, giving you a predictable and stable return on your investment over the deposit period
- Offer competitive interest rates that are higher than those offered on savings accounts
- Encourages regular savings by requiring you to make a fixed deposit every month
- Allows you to take a loan against your RD investment
- Open and manage ICICI Bank RDs online

Which bank is best for RD interest rates?

The list of best RD interest rates offered by the most popular banks in India is as follows:

Bank Name	General RD Interest Rates (% p.a.)	Senior Citizen Interest Rates (% p.a.)
Axis Bank RD Interest Rates	5.75% - 7.20%	6.00% – 7.95%
BOB RD Interest Rates	4.30% – 5.25%	4.80% – 5.75%
HDFC RD Interest Rates	4.50% – 7.10%	5.00% – 7.60%
ICICI RD Interest Rates	4.75% – 7.10%	5.25% – 7.60%
PNB RD Interest Rates	4.40% – 5.30%	4.90% – 6.05%
SBI RD Interest Rates	6.50% – 7.00%	7.00% – 7.50%

Disclaimer: †† Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

What is the interest rate on 1 year RD?

The RD interest rates provided by top banks in India for a period of 1 year are as follows:

Bank Name	General RD Interest Rates (% p.a.)	Senior Citizen Interest Rates (% p.a.)
SBI RD Interest Rates	6.80%	7.30%
ICICI RD Interest Rates	6.70%	7.20%
HDFC RD Interest Rates	6.60	7.10%
Axis Bank RD Interest Rates	6.80%	7.55%
PNB RD Interest Rates	6.80%	7.30%

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)

** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).

*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac

+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

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## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

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