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ICICI Bank's Recurring
Deposits are the ideal way to invest small amounts of money every
month and end up with a large saving on maturity.
Features
- Encourages savings without stress
on your finances.
- High rates of interest (identical
to the fixed deposit rates).
- Non-applicability of Tax Deduction
at Source (TDS).
Minimum
Balance**
The minimum balance of
deposit is Rs. 500 per month and thereafter, in multiples of Rs.
100.
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Period of Deposit
- The minimum period is 6 months,
and thereafter in multiples of 3 months.
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Nomination
- Nomination facility available for bank deposits.
- There can be only one Nominee for a deposit account whether held singly or jointly.
- A person legally empowered to operate a minor's account can file a nomination on behalf of the minor.
- Applicants can make nomination by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
- The nomination details can be changed during the subsistence of the account relationship by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
- For more details approach your bank.
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**At erstwhile Sangli Bank locations (not migrated yet) the Recurring deposit product is also offered with a Minimum monthly installment of Rs.5.
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