ICICI RD account offers varying rate of interest to its customers with the deposit term ranging from 6 months-10 years. The tenure can be divided into short-term, medium-term and long-term deposits. Short-term deposits vary from 6 months to one year. Medium-term ranges from 1-5 years and the long-term recurring deposit term lasts from 5 years to 10 years.
Regular RD Interest Rates (p.a)
Senior Citizen RD Interest Rates (p.a)
Above 3 years upto 5 years
Above 5 years upto 10 years
Minimum Amount to be deposited
Rs. 500 (After the initial amount, multiples of Rs.100 can be submitted.)
6 months to 10 years
Additional Interest rate for senior citizen
What is the maximum interest rate and in which tenure is it offered?
7.25% for regular citizens and 7.75% for senior citizens for the term periods 27 months, 30 months, 33 months, 36 months and 3-5 years.
The applicant should be a Resident Indian
Penalty on delayed installment
A penalty fine of Rs.12 for every Rs.1,000 deposited in an ICICI recurring deposit account.
Documents Required for ICICI Recurring Deposit
The documents required for applying for an ICICI Bank RD account are passport, PAN Card, Voter ID card, Driving License, Government ID card etc
For address proof, the documents accepted by ICICI Bank include electricity/ phone bill, passport, bank statement with cheque certificate and the ID card issued by post office.
Premature Withdrawal of ICICI Recurring Deposit
If an ICICI Bank RD account holder wishes to withdraw their money prematurely, then he/she can avail the interest rate for the period for which the deposited amount was kept in the ICICI RD account.
Additional charges that are levied on the ICICI RD account holder are described below:
Get the Highest Interest Rates on ICICI Bank Recurring Deposit
ICICI Bank provides a lot of benefits to its customers through its products. The ICICI RD account is top-rated product since the bank offers high-interest rates to the depositors. ICICI Bank offers the recurring deposit account known as 'iWish' which frees people from any penalty on late payments.
An individual can deposit money in ICICI Bank RD account for 6 months and the maximum tenure for which someone can deposit money is 10 years. The minimum amount that is required to be deposited is 500 rupees.
Short-Term ICICI RD Interest Rate
Under the short-term RD scheme, ICICI account holders can invest money in their account for 6 months, 9 months or a year. The interest rate applicable on all these tenures is 6%, 6.5%, and 6.75% respectively.
Medium-Term and Long-Term ICICI RD Interest Rates
ICICI Bank also allows its depositors to open medium and long-term RD account. The medium-term RD account can be opened for 1-5 years and the long-term deposit can be made for 5-10 years. An interest rate of 7.25% is applicable on medium-term deposits and an interest rate of 7% is applicable on long-term deposits.
ICICI Bank Senior Citizen RD Rates
An additional interest rate of 0.5% is applicable to senior citizen accounts which are offered by ICICI RD scheme. For a short-term deposit, the interest rate for senior citizens' account varies from 6.5%-7.25% per annum. For medium and long-term tenure the interest rate applicable on the deposits range from 7.5%-7.75% per annum.
Different ICICI Bank Recurring Deposit Schemes
The two types of Recurring Deposit schemes offered by ICICI Bank are:
This scheme was designed specifically for people interested in traveling, buying jewelry etc ICICI Bank with partnership with Tanishq, Croma and Thomas Cook offers an attractive rate of interest on this scheme.
ICICI iWish Flexible Recurring Deposit account scheme allows people to deposit their money without worrying about the charges on delayed payments.