ICICI Bank RD(Recurring Deposit) rates


(Last Updated On: August 3, 2019)

Recurring Deposit is one of the best ways to save your money on a regular basis for investment purpose with your bank and earn interest. ICICI bank offers you a variety of recurring deposit which acts as a great saving solution for the investors and delivers them high returns. In this article, you will get to know about all the important aspect of ICICI recurring deposit.

ICICI Recurring Deposit and rates

Recurring Deposit is a special kind of Term Deposit offered by ICICI bank, that helps the people with regular income to deposit a fixed amount every month in the RD account and earn good interest on the deposited amount in a fixed period of time.

Tenure General RD interest rates Interest rates for 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%
3 years 1 day to 5 years 7.25% 7.75%
5 years 1 day to 10 years 7.00% 7.50%

 

ICICI bank RD interest rates in comparison with other banks RD rates

OVERVIEW ICICI BANK BANK OF BARODA KOTAK BANK
Interest rates (General) 6.25% – 7.50% 5.75% – 6.85% 6.50% – 7.30%
Interest rates (Senior citizen) 6.75% – 8.00% 6.25% – 7.35% 7.00% – 7.80%
Highest interest rate 7.50% – 27 months to 36 months 6.85% – 1 year 1 day to 400 days 7.30% – 12 months

ICICI RD details in comparison with other banks RD details.

OVERVIEW ICICI BANK BANK OF BARODA KOTAK BANK
Period of Deposit   6 months to 10 years 180 days to 10 years 6 months to 10 years
Minimum Deposit Amount Rs.500 Rs.100 100
Penalty for non-deposit Rs.12 per Rs.1000 NA Rate of RD + 2% per annum
Amount to be deposited in multiples of NA NA In multiples of Rs.5000 or Rs.10,000

Premature withdrawals of RD in ICICI

0.5% to 1% interest would be deducted from the original recurring deposit interest rate at the time of account release.


Tax Benefits on ICICI bank Fixed deposits

Its recurring deposits are taxable under the Income Tax Act,1961 if you are an individual or an HUFs.

Note: If the interest earned is more than 10000 on RD, then a TDS of 10% is deducted by the bank. The tax levied is depend on the which tax bracket you in irrespective of the RD deposits and tenure. To save TDS on RD gains you can file Form 15G or 15H.


Eligibility Criteria for ICICI RD

  • Indian Residents
  • Minimum balance of deposit for this is Rs.500 per month, thereafter in the multiple of 100.

Required Documents to open ICICI RD Account

Identity Proof

  • PAN Card
  • Passport
  • VoterID
  • Driving License(DL)
  • Ration Card
  • Senior Citizen Card ID
  • Government ID

Address Proof

  • Passport
  • Bank Statement including Cheque
  • Electricity Bill
  • Telephone Bill
  • ID cards issued by Post Office

Note- As per the bank satisfaction any other proof of identity or address proof can also be submitted.


To file your Income Tax Return click here

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.