| Deposits-Recurring Deposit-FAQs |
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What is the minimum deposit amount required for opening a Recurring Deposit account? You can open a Recurring Deposit account for a minimum deposit of Rs 500/- per month.
What is the multiple in which I can open a Recurring Deposit account? You can open a Recurring Deposit account for a minimum deposit of Rs 500/- and thereafter in multiples of Rs 100/-
What is the range of tenure for which I can open a Recurring Deposit account? You can open a Recurring Deposit for a minimum period of 6 months, and thereafter in multiples of 3 months upto a maximum period of 10 years.
No, TDS is not applicable on Recurring Deposits.
You can approach us in any of the following ways
Will I get a receipt for my Recurring Deposit? No, you will not get a receipt of your RD, instead a passbook will be issued to you which will contain a record of all the transactions. RD passbook should be get updated after depositing the RD installment.
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.
Nomination facility is available for relationships in the names of individuals. Unless otherwise specifically given in writing by depositors, nomination in deposit accounts will be at Customer ID level.
You change the nominee(s) during the currency of the accounts with the Bank, by making a declaration effect in the appropriate form, which is available with any ICICI Bank branch.
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