ICICI Bank RD Interest Rates

ICICI Bank RD Interest Rates 2023

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

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

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:

1. 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

2. 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

3. 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

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:

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.