Enjoy a reliable way to grow your savings systematically with ICICI Bank. It offers competitive interest rates on its Recurring Deposit (RD) accounts ranging from 4.75% to 7.20% for regular investors and 5.25% to 7.75% for senior investors. ICICI RDs are unique as they cater to various financial goals and preferences with flexible tenure options ranging from 6 months to 10 years. Whether you're saving for short-term expenses or long-term plans, ICICI Bank RD interest rates will help you maximize your returns. Additionally, ICICI also offers you the convenience of opening and managing your RD accounts online, making it easier for you to start saving for your future.
ICICI Bank offers a special recurring deposit account called iWish Goal Based Savings which gives you the opportunity to invest in an RD based on your specific financial goals. In this recurring deposit type, no penalty will be charged on missed payments.
ICICI Bank Recurring Deposit Rates
ICICI Bank offers recurring deposit services to both regular investors and senior citizens, ensuring inclusivity and flexibility in its RDs. The bank provides conventional RD accounts, allowing individuals to systematically grow their savings over a chosen tenure. As well as iWish Goal Based Savings RDs, a unique feature designed to align your savings with specific financial objectives. Here are the ICICI RD interest rates:
Recurring Deposit Interest Rates
Below are the deposit rate of interest in %(p.a.) favoring every investor of kind against the time frame invested.
| Maturity Period | General Investors | Senior Citizens |
|---|---|---|
| 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% | 7.75% |
| 21 months | 7.20% | 7.75% |
| 24 months | 7.20% | 7.75% |
| 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 to 5 years | 7.00% | 7.50% |
| Above 5 years to 10 years | 6.90% | 7.50% |
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*Note- The interest rates are subject to market rates and may change. Please check ICICI Bank’s official website for the latest information.iWish flexible RD ICICI Interest Rate
iWish Goal Based Savings is a distinctive recurring deposit option that lets you set aside funds for specific goals. You can make contributions according to your goals at any time with no penalty on late payments, while earning competitive interest rates. Here are the prevailing ICICI Bank iWish interest rates:
| Maturity Period | General Investors | Senior Citizens |
|---|---|---|
| 6 months | 4.75% | 5.25% |
| 7 months to 8 months | 5.75% | 6.25% |
| 9 months | 6.00% | 6.50% |
| 10 months to 11 months | 6.00% | 6.50% |
| 12 months only | 6.70% | 7.20% |
| 13 months to < 15 months | 6.70% | 7.20% |
| 15 months to < 18 months | 7.20% | 7.75% |
| 18 months to 24 months | 7.20% | 7.75% |
| 25 months to 3 years | 7.00% | 7.50% |
| 37 months to 5 years | 7.00% | 7.50% |
| 5 year 1 day to 10 years | 7.00% | 7.50% |
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*Note- The interest rates are subject to market rates and may change. Please check ICICI Bank’s official website for the latest information.Bank of Maharashtra RD Interest Rates For Senior Citizens
The table below shows the indicative RD interest rates offered by Bank of Maharashtra to the senior citizens.
| Tenure | RD Interest Rates For General Public (In % p.a.) |
|---|---|
| 3 Months to 6 Months | 5.00% |
| 6 Months to 9 Months | 5.25% |
| 9 Months to 1 Year | 5.85% |
| 1 Year to 2 Years | 6.50% |
| 5 Years to 10 Years | 6.25% |
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Online RD Calculator
The ICICI Bank RD calculator will simplify the process of planning your recurring deposits. It offers a user-friendly way to estimate the potential returns on your investment. With customizable inputs for deposit amount and tenure, you can quickly get an accurate projection of your investments. The Online RD calculator is easily accessible online through the ICICI Bank website or mobile app.
| Invested Amount | : ₹1,000 |
| Total Interest | : ₹532 |
| Maturity Amount | : ₹12,532 |
This tool serves as a valuable resource for financial planning, providing realistic estimates of maturity amounts and total interest earned. Whether saving for short-term or long-term goals, the ICICI Bank Calculator helps you make informed investment decisions and achieve your financial targets.
To use the calculator, simply enter your monthly deposit amount and tenure.
ICICI Bank RD Maturity Amount Calculation
To know the maturity amount of your ICICI Bank RD deposit, you can calculate using the formula below:
Maturity Value = Deposit × [((1 +r/100)^n - 1 / (r/100)] × (1 + r/100)
For your better understanding, let’s calculate the maturity amount.
Let the deposit amount be ₹1000, the interest rate is 6.70% and the tenure is 1 year.
Maturity Value = 1000 × [((1 +0.067)^12 - 1 / (0.067)] × (1 + 0.067)
Maturity Value = 1000 × [((1 .067)^12 - 1 / (0.067)] × (1.067)
Maturity Value = ₹12,442
Based on the calculations above, the estimated maturity amount for your ICICI RD with a monthly deposit of ₹1,000 for a tenure of 1 year at 6.70% interest rate is ₹12,442 approximately.
RD Rates of Top Banks
The table below shows the different interest rates offered by top banks in India:
| Bank Reccurring Deposit | RD Interest Rates (p.a) General Public |
RD Interest Rates (p.a) Senior Citizens |
|---|---|---|
| State Bank of India RD | 6.50% to 7.00% | 7.25% to 7.50% |
| ICICI Bank RD | 4.75% to 7.20% | 5.25% to 7.75% |
| HDFC Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Kotak Mahindra Bank RD | 6.00% to 7.40% | 6.50% to 7.90% |
| Axis Bank RD | 5.75% to 7.20% | 6.25% to 7.85% |
| Bank of Baroda RD | 5.75% to 7.25% | 6.25% to 7.75% |
| Punjab National Bank RD | 6.00% to 7.25% | 6.50% to 7.75% |
| IDBI Bank RD | 6.25% to 7.00% | 6.75% to 7.50% |
| Canara Bank RD | 6.15% to 7.25% | 6.65% to 7.75% |
| Indian Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Union Bank of India RD | 5.75% to 6.50% | 6.25% to 7.00% |
| Yes Bank RD | 6.10% to 7.75% | 6.60% to 8.25% |
| Bandhan Bank RD | 4.50% to 7.85% | 5.25% to 8.35% |
| Bank of India RD | 4.50% to 6.00% | 5.00% to 6.50% |
| Bank of Maharashtra RD | 5.50% to 6.25% | 6.00% to 6.75% |
| City Union Bank RD | 6.25% to 7.00% | 6.50% to 7.50% |
| DBS Bank RD | 6.00% to 7.50% | 6.50% to 8.00% |
| Dhanalakshmi Bank RD | 6.50% to 7.25% | 6.50% to 7.75% |
| Federal Bank RD | 5.75% to 7.50% | 6.25% to 8.00% |
| IndusInd Bank RD | 7.00% to 7.75% | 7.50% to 8.25% |
| Jammu and Kashmir Bank RD | 5.75% to 7.10% | 6.25% to 7.60% |
| Karnataka Bank RD | 5.80% to 7.40% | 6.20% to 7.90% |
| Karur Vysya Bank RD | 6.25% to 7.50% | 6.25% to 8.00% |
| Post Office RD | 6.50% | 6.50% |
| Saraswat Bank RD | 7.00% to 7.50% | 7.50% to 8.00% |
| South Indian Bank RD | 5.00% to 7.40% | 5.50% to 7.90% |
| TMB RD | 6.75% to 7.75% | 7.00% to 8.25% |
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Note: The interest rates stated are subject to change. For the latest rates, visit the official website.Did you know, besides banks, you can also invest in Post Office RD and calculate the return with a post office RD calculator.
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Features & Benefits of ICICI Recurring Deposit
Investing in an ICICI recurring deposit will give you the following features and benefits:
- Flexible Investment Tenure: ICICI Bank recurring deposit offers flexible investment tenure options ranging from 6 months to 10 years, giving you the flexible option of tenure to choose from.
- Nomination Facility: With ICICI Bank recurring deposit, you can nominate a beneficiary who will receive the maturity amount in case of your unfortunate demise. This ensures your savings are safeguarded for your loved ones.
- Easy Application Process: Opening an ICICI Bank Recurring Deposit account is hassle-free and can be easily done through online banking, mobile banking app, or by visiting the nearest ICICI Bank branch.
- Easy Application Process: ICICI Bank offers competitive interest rates on recurring deposits ranging from 4.75% to 7.20%, allowing your savings to grow steadily over your chosen tenure.
- Loan against RD: In times of financial emergencies, you can avail a loan against your ICICI Bank recurring deposit, providing you with instant liquidity while maintaining your RD account.
- Senior Citizen Benefits: Senior citizens enjoy additional benefits such as higher interest rates on recurring deposits, providing them with enhanced returns on their savings.
- iWish Goal-Based Savings: ICICI Bank offers iWish Goal-Based Savings RDs, a unique deposit scheme that allows you to create specific savings goals and contribute any amount, at any time, towards achieving your goals.
- Minimum Investment: ICICI Recurring Deposit offers you the opportunity to invest in their RD with a minimum investment amount of ₹500 a month. Making wealth accumulation inclusive and accessible.
- Online Account Management: With ICICI Net Banking or Mobile Banking app, you can conveniently manage your recurring deposit account, track your savings, view interest earned, and make modifications to your deposit anytime, anywhere.
Partial Withdrawal Facility: ICICI Bank Recurring Deposit offers the flexibility of partial withdrawal, allowing you to withdraw a portion of your savings in case of urgent financial requirements, while the remaining amount continues to earn interest. A penalty of 0.50% to 1.50% can be charged based on your investment amount and tenure.
ICICI Bank RD TDS Benefit
The ICICI Bank RD Tax Deducted at Source (TDS) ensures compliance with tax regulations for recurring deposits. The Interest earned on RDs is subject to TDS as per Income Tax laws and ICICI Bank deducts TDS on the interest accrued on RDs if the annual interest you earn exceeds the specified threshold. The threshold limit depends on the age of the investors, with senior citizens getting a higher limit.
For individuals who haven't provided their PAN details, the TDS is deducted at a higher rate which is 20%, while for individuals who provided their PAN, the TDS will be deducted at 10%. You can view your TDS details in your account statements or through the bank's online portal. It's important to factor in TDS while estimating the net returns on your RD investments.
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Steps to Open ICICI Bank Recurring Deposit Account
You can open an ICICI bank recurring deposit account in multiple ways, such as through the iMobile Pay App, net banking, customer care, and by visiting the branch. Here are the steps to open an RD account with ICICI Bank:
Open RD Account with iMobile Pay App
- Step 1: Log into your iMobile App by using your four-digit login pin.
- Step 2: Click on the ‘Accounts & Deposits’ section and then select the ‘Deposits (FD/RD)’ option.
- Step 3: Click on ‘Open Recurring Deposit and follow the on screen instructions.
Open RD Account with ICICI Net Banking
- Step 1: Visit the ICICI bank official website and log in using your internet banking user ID and password.
- Step 2: Navigate to the ‘My Accounts’ section and click on the ‘Open Fixed/Recurring Deposit’ option.
- Step 3: Click on ‘Open Recurring Deposit’ and follow the instructions given.
Besides, online mode, you can also visit the nearest ICICI Bank to open an RD account.
ICICI Bank RD Premature Withdrawal
When an unforeseen emergency occurs and you need to withdraw your money before the maturity date, ICICI Bank offers you the option to withdraw your RD prematurely. However, there may be certain charges with the withdrawal. Here's a breakdown of how ICICI Bank handles premature withdrawals:
- Interest Calculation: You'll receive interest only for the period your recurring deposit remains with the bank. The interest rate applied will be the one applicable for that specific period.
- Penalty Charges: A penalty will be charged on the interest earned based on the original tenure of your RD and the duration it remained with the bank. The table below shows the penalty rates:
| Original Tenure of Deposit | For Deposits < ₹5 Crore | For Deposits >= ₹5 Crore |
| Less than 1 year | 0.50% | 0.50% |
| Between 1 to 5 Years 1 year and above, but less than 5 years |
1.00% | 1.00% |
| 5+ years | 1.00% | 1.50% |
You can also prematurely withdraw your ICICI Bank iWish Goal Based Savings account, here are the penalties charged:
| Original Tenure of Deposit | Penalty Rate (For Deposits Below ₹5 Crore) |
|---|---|
| Less than 1 year | 0.50% |
| 1 year and above, but less than 5 years | 1.00% |
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Frequently Asked Questions
The interest rates for ICICI Bank RDs range from 4.75% to 7.20% for various maturity periods.
Yes, the minimum deposit amount required to open an ICICI Bank RD account is ₹500.
Yes, you can prematurely withdraw funds from your ICICI RD account, however there will be a penalty charged depending on the tenure and investment amount.
Yes, ICICI bank offers RDs with nomination benefits, ensuring the funds are safely transferred to the nominee incase of untimely demise.
Yes, ICICI bank provides loans against RD.
RD interest is taxable through TDS whereby TDS is deducted if the interest exceeds a certain threshold.
You can easily use the ICICI RD calculator by entering your monthly deposit amount and tenure.
You can withdraw an RD after a specific period of time with penalty being levied based on the tenure and investment amount.
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