ICICI Bank Recurring Deposit Interest Rates
Introduction
Pawan was the only earning person in his family. He had two daughters, and his wife Sunita used to work in a government school as a teacher. Pawan and Sunita were earning together but still could not make much savings. Pawan wanted to keep his savings in a financial institution where he could get interested in his savings. After hearing the schemes of Interest of various banks and schemes, he decided to deposit his money in the Recurring Deposits account because the bank accepts deposits with a minimum of Rs. 500. ICICI RD account interest is compounded quarterly. He also made Sunita the nominee in the event of inevitable death of Pawan so that his family could be financially secure even in his absence.
Interest Rates on ICICI Bank RDs
ICICI bank is one of the best institutions to start with when getting a Recurring Deposits account. Because of the excellent ICICI RD interest rates on deposits, one may be guaranteed of receiving a substantial amount of money when the account matures. ICICI offers two forms of recurring deposits: rd for normal residents, which pays 5.50 per cent interest, and RD for senior citizens, which pays 6.30 per cent interest. The investment period extends from 6 months to 10 years, with a minimum of Rs. 500 required.
2021 ICICI RD Rates
The icici bank rd interest rates available for various tenures are presented below:
| Tenure | RD Rates for General Citizens | RD Rates for Senior Citizens |
| 6 months | 3.50% | 4.00% |
| 9 months | 4.40% | 4.90% |
| 12 months | 4.90% | 5.40% |
| 15 months | 4.90% | 5.40% |
| 18 months | 5.00% | 5.50% |
| 21 months | 5.00% | 5.50% |
| 24 months | 5.00% | 5.50% |
| 27 months | 5.15% | 5.65% |
| 30 months | 5.15% | 5.65% |
| 33 months | 5.15% | 5.65% |
| 36 months | 5.15% | 5.65% |
| 3 years 1 day to 5 years | 5.35% | 5.85% |
| 5 years 1 day to 10 years | 5.50% | 6.30% |
Interest Rates on ICICI Recurring Deposits: Highlights
- ICICI RD account interest is compounded quarterly.
- ICICI Recurring Deposits interest rates in 2021 are comparable to fixed deposit interest rates.
- To make use of this service, go to any ICICI branch. Internet banking can likewise be used for the same purpose.
- TDS deductions are applicable as per the existing income tax laws when creating the account when ICICI makes a loan against the deposited money in your RD account.
- The term of the deposit might range from 6 to 120 months (10 years)
- The bank collects deposits with a minimum of Rs. 500.
Withdrawal of ICICI RD Funds Before Due Date
The following is a breakdown of the penalty rates of Recurring Deposits:
| Deposit Tenure | Amount Less than Rs. 5 crore | Rs. 5 crores and Above |
| Less than 1 year | 0.50% | 0.50% |
| More than 1 year but less than 5 years | 1.00% | 1.00% |
| 5 years and above | 1.00% | 1.50% |
ICICI Bank Various Recurring Deposits
The ICICI bank provides two types of Recurring Deposits plans.
Delightful Deposits RDs
The bank offers several sorts of RDs in collaboration with companies in industries such as technology, jewellery, and travelling. These deposits provide you with more than simply RD interest rates in the form of a top-up sum.
Croma iSave2Buy Plan Deposits
With this program, you may purchase any appliance worth the collected amount at any Croma shop when it matures. On maturity, you’ll also get a Croma gift card.
MakeMyTrip Holiday Savings Plan
With this plan, the maturity amount and Interest collected can be utilized to pay for a MakeMyTrip vacation in the form of a voucher. Within a year, the certificate must be utilized. These RDs have a 6-month minimum term and a 500-rupee minimum deposit.
Tanishq Jewellery Plan
This RD plan offers bank customers Tanishq perks such as a specific top-up value that may be used to purchase their chosen jewellery. Tanishq provides 80 per cent of the first instalment value as RD interest and various extra perks upon maturity. The Tanishq jewellery card is given to use throughout the purchase process, and it must be claimed within a year. This RD has a 6-month minimum duration and an Rs. 500 minimum deposit.
Note: This Tanishq Jewellery Card cannot be used to purchase gold coins or silver items.
Holiday Savings Account by Thomas Cook
The maturity amount can be redeemed in a voucher that can be used to pay for a vacation with Thomas Cook under this plan. The account holder can select from various domestic and international vacation packages. This RD has a 6-month minimum term and an Rs. 500 minimum deposit requirement.
Deposit with iWish on a recurrent basis
It’s an online customizable recurring deposit; as the name implies, you can accumulate any amount at any moment during the term. This coupon is redeemable at any Croma location. His RD has a minimum term of 6 months and a minimum investment of Rs. 500.
