ICICI Recurring Deposit Interest Rates
ICICI Bank Recurring Deposit (RD) interest rates are 4.75%-7.25% p.a. for the general public and 5.25%-7.75% p.a. for senior citizens on tenures ranging from 6 months to 10 years. Except for some tenures, ICICI Bank RD interest rates for Standard Recurring Deposit and Recurring Deposit with “Lump sum and Monthly Income” and “Monthly Income” schemes are the same as the ICICI Bank FD rates for most tenures.
The rate of return offered by ICICI Recurring Deposit is in the range of 4.75% p.a. to 7.10% p.a. An RD account can be opened for a period that ranges between 6 months and 10 years.
ICICI Bank Recurring Deposit Interest Rates
Tenure | Interest rate for General public (% p.a.) | Interest rate for Senior Citizens (% p.a.) |
6 months | 4.75% | 5.25% |
9 months | 6.00% | 6.50% |
12 months | 6.70% | 7.20% |
15 months | 7.20% | 7.75% |
18 months | 7.20% | 7.70% |
21 months | 7.20% | 7.70% |
24 months | 7.20% | 7.70% |
27 months | 7.00% | 7.50% |
30 months | 7.00% | 7.50% |
33 months | 7.00% | 7.50% |
36 months | 7.00% | 7.50% |
Above 3 years upto 5 years | 7.00% | 7.50% |
Above 5 years upto 10 years | 6.90% | 7.40% |
Note: Interest rates ae effect from 14 June 2024
Also, Check - Fixed Deposit Interest Rates
Deposits which have a tenure up to 1 year fall under the category of short-term recurring deposits. ICICI Bank is offering general citizens an interest rate that ranges between 4.75% p.a. and 6.70% p.a.
ICICI Bank Medium-Term RD Interest Rates
Medium term RDs are deposits which have a tenure between 1 year and 3 years. The interest offered on such RDs by ICICI Bank is in the range of 6.70% p.a. to 7.20% p.a. The lender offers the same interest rate for iWish recurring deposits.
ICICI Bank Long-Term RD Interest Rates
Any RD account opened for a period that is more than 3 years falls under the category of long-term RDs. The interest paid by the bank on such deposits is 7.00% p.a.
ICICI Bank Senior Citizen RD Rates
Citizens who are above the age of 60 years are offered additional interest rates on all investment tenures. The rate of return offered by the bank to senior citizens for iWish RDs is 5.25% p.a. to 7.75% p.a.
Important Information to Note When it Comes to ICICI Recurring Deposit Schemes
- You must be resident Indian to open an RD account.
- The minimum deposit amount is Rs.500
- You can avail a loan against the deposit.
- TDS is applicable on interest paid or accrued on the RD.
- For delayed instalments, a penalty of Rs.12 per Rs.1000 is charged by the bank.
Documents Required
The documents which you need to submit are listed below:
- Identity Proof (Anyone)
- Government ID card
- Senior Citizen ID card
- Passport
- PAN
- Voter ID
- Driving License
- Address Proof (Anyone)
- ID card or certificate issued by Post Office
- Bank Statement with Cheque
- Electricity Bill
- Telephone Bill
- Passport
Premature Withdrawal of ICICI Recurring Deposit
If you withdraw the amount from the RD account prematurely, interest will be calculated based on the period for which the amount remained with the bank. A penalty will also be levied by the bank at the rates mentioned below:
Deposit Tenure | Penalty Rates (p.a.) | Penalty Rates (p.a.) |
Less than 12 months | 0.50% | 0.50% |
12 months to less than 60 months | 1.00% | 1.00% |
60 months and above | 1.00% | 1.50% |
FAQs on ICICI RD Interest Rates
- Who is eligible to open an iWish recurring deposit account?
An iWish recurring deposit account can be opened by any resident individual or a member of a Hindu Undivided Family having access to ICICI Bank Retail Net Banking facility and a resident savings account linked to the ICICI Bank Retail Net Banking account.
- Do I need to pay any charge for iWish flexible RD?
No, you need not pay any charge for iWish flexible RD.
- Can I avail a loan against the deposits?
Yes, you can avail a loan against the deposits made in a RD account.
- Is TDS applicable on Recurring deposits?
Yes, TDS is applicable on the interest earned in recurring deposits.
- Are there any penalties for missed payments when it comes to iWish RDs?
There are no penalties in case of missed payments when it comes to iWish RDs.
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