ICICI Bank Recurring Deposit

ICICI Bank Recurring Deposit Features & Interest Rate 2019

ICICI Bank is one of the highly reputed and branded banks in India. Headquartered in Mumbai, India, ICICI Bank is a global banking and financial services firm. In terms of assets and market capitalization, ICICI Bank is the 2^nd largest bank of India.

With its subsidiaries formed all over the World, ICICI Bank is also among the Big Four Banks of India along with State Bank of India, Punjab National Bank, and Bank of Baroda. ICICI Bank is one of the favourite banks among individuals and companies for banking solutions.

It offers a variety of personal banking services such as Savings Account, Term Deposits, NRI Banking etc. Opening a Recurring Deposit account is highly beneficial at ICICI Bank and is quite simple.

Features and Benefits of ICICI Bank Recurring Deposit Scheme:

Here are some of the basic features and benefits of ICICI Bank RD account:

• You can open a Recurring Deposit account for a minimum period of 6 months and thereafter in multiples of 3 months for a maximum up to 10 years.
• You get the option to facilitate a nominee for your RD account.
• Facility to assign a nominee for your RD account.
• You can open an RD account with a minimum deposit of Rs. 500 and thereafter in multiples of 100. There’s no maximum limit for a Recurring Deposit account.
• You get 2 options of RD account: 1) Regular RD Scheme and 2) iwish RD Scheme.
• With iwish RD Scheme, there are no penalties for missed monthly payments or instalments.
• You can get a loan against the security of balance within your RD account.
• There are No TDS (Tax Deducted at Source) on interest income with Recurring Deposit account.
• Earn reward points under MySavings Rewards for a successful debit of Recurring Deposit instalments.
• You can easily open an RD account through net banking facility by visiting www.icicibank.com
• Get high-interest rates identical to fixed deposit schemes on your investment under the RD account.

ICICI Bank Recurring Deposit Interest Rates February 2019:

ICICI Bank offers two types of Recurring Deposit schemes. They are Regular Recurring Deposit scheme and iWish Recurring Deposit scheme. Below rates are effective from 15 November 2018.

Here are the interest rates for ICICI Bank RD account:

Tenure wise ICICI Bank RD Interest Rates 2019:

Maturity Period	Rates of Interest (% p.a.) w.e.f 15 November 2018
	General	Senior Citizen
6 Months	6.25%	6.75%
9 Months	6.50%	7.00%
12 Months	6.90%	7.40%
15 Months	7.10%	7.60%
18 Months	7.10%	7.60%
21 Months	7.10%	7.60%
24 Months	7.10%	7.60%
27 Months	7.50%	8.00%
30 Months	7.50%	8.00%
33 Months	7.50%	8.00%
36 Months	7.50%	8.00%
Above 3 years up to 5 years	7.25%	7.75%
Above 5 years up to 10 years	7.00%	7.50%

Table updated: 17 February 2019

Calculate rd maturity value

Note:

• Above interest rates are subject to change without prior notice.
• For terms & conditions and any other details, please contact your nearest ICICI Bank Branch.

Penalty on Delayed Installment:

• You will be charged with a penalty at monthly interest at the rate of Rs. 12 per Rs. 1000 for all delayed instalments.
• To calculate such interest, the fraction of a month will be considered as a full month.
• The penalty on the total interest shall be recovered during the end of the tenure from the total amount of payable interest.

Tenure wise ICICI Bank Flexible RD Interest Rates for iWish:

Tenure / Maturity Period	Rates of Interest# (% p.a.) w.e.f  15 November 2018
	General	Senior Citizen
6 Months	6.25%	6.75%
7-9 Months	6.50%	7.00%
10-11 Months	6.75%	7.25%
12 Months	6.90%	7.40%
13 Months – 24 Months	7.10%	7.60%
25 Months – 3 Years	7.50%	8.00%
37 months – 5 Years	7.25%	7.75%
5 Year 1 Day – 10 Years	7.00%	7.50%

Table updated: 17 February 2019

Calculate rd maturity value

*Subject to revision without further notice.

For Premature withdrawal of Deposit at ICICI Bank:

Here are the penalty terms for premature withdrawal of Deposits from your RD account at ICICI Bank:

• Interest will only be calculated for the term the deposit has actually been with the ICICI Bank at applicable interest rates.
• Below are the penalty rates in the table given below.

Original Tenure of Deposit	Penal Rates
	Less than 5.0 Crore	5.0 Crore & above
	Less than 1 year	0.50%	0.50%
1 year & above but less than 5 years	1.00%	1.00%
5 years and above	1.00%	1.50%

Source: http://www.icicibank.com/interest-rates.page?