What are the features of an ICICI Bank Recurring Deposit?
The features of an ICICI Bank Recurring Deposit are:
- High rates of interest, identical to the fixed deposit rates.
- Check on recurring account receivable, recurring account payable, recurring account fees and all recurring debit account transactions.
- Avail loan against your ICICI Bank Recurring Deposit.
- Minimum balance of Rs. 500 per month; deposits thereafter in multiples of Rs.100.
- Minimum deposit period is 6 months, and thereafter in multiples of 3 months.
- Nomination facility.
- Transfer funds to your Recurring Deposit Account in seconds through Internet Banking.
- Track your investments with us through your online Recurring Deposit Account; process your recurring payments through our recurring billing.
What are the Interest rates offered by you on Recurring Deposits?
Is TDS applicable on Recurring Deposits?
From June 1, 2015, Tax Deduction at Source (TDS) will be applicable on interest paid/ accrued on Recurring Deposits. In case the deposit holder does not want the Tax to be deducted at source, they may submit Form 15G / 15H (other than company, firm or co-operative society)/ Exemption Certificate under Section 197 (in case of all holders)/ or any other Tax Exemption Certificate with the Bank. Such form or tax exemption certificate has to be submitted every financial year for each recurring deposit held with the Bank.
Do Senior citizens get any extra benefit on Recurring Deposits?
Yes, they do get extra benefits in the form of higher interest rates. Please click here for Interest Rates.
Can I redeem my Recurring Deposit before the original term?
In the event of the Recurring Deposit being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank. In case of premature withdrawal the deposit may be subject to a penal rate of interest as prescribed by the Bank on the date of deposit.
Can I change the nominee(s) for my Recurring Deposit?
You change the nominee(s) of the deposit accounts by making a declaration effect in the appropriate form, which is available with any ICICI Bank branch.