Recurring Deposits

ICICI Bank Recurring Deposits are an ideal way to invest small amounts of money every month and end up with a large kitty on maturity.

High recurring billing and recurring payments can be a drain on your finances and hence large investments may seem a plan away.

Features

A recurring deposit account with ICICI Bank allows you a loan against the deposit. Our new recurring deposit account also has a special feature - Non-applicability of Tax Deduction at Source (TDS).

The minimum balance of deposit is Rs.500 per month and thereafter in multiples of Rs.100. The tenure ranges from 6 months to a maximum period of 10 years, recurring deposit of 3 months thereafter.

The recurring deposit also comes with a nomination facility.

Minimum Balance**

The minimum balance of deposit is Rs. 500 per month and thereafter, in multiples of Rs. 100.

Period of Deposit

•  The minimum period is 6 months, and thereafter in multiples of 3 months.

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.

Click here to check the intererst rates on RD.

•  Interest Rates
•  View Demo

The Privilege Difference

  • Branch Relationship Manager supported with Phone Banking Relationship Manager.
  • Priority processing at all ICICI bank branches and through customer care.
  • A higher daily withdrawal and spend limit on our Titanium debit card.

  • Resident Indians can apply.
  • The minimum balance of deposit is Rs. 500 per month and thereafter, in multiples of Rs. 100.

Documentation required to open Recurring Deposit

    Identity proof:
  • Passport
  • PAN card
  • Voter ID card
  • Driving licence
  • Government ID card
  • Photo ration card
  • Senior citizen ID card

    Address proof:
  • Passport
  • Telephone bill
  • Electricity bill
  • Bank Statement with Cheque
  • Certificate/ ID card issued by Post office

* Any other Identity proof or Address proof document can be submitted, subject to the Bank's satisfaction.


•  Interest Rates
•  View Demo

The Privilege Difference

  • Branch Relationship Manager supported with Phone Banking Relationship Manager.
  • Priority processing at all ICICI bank branches and through customer care.
  • A higher daily withdrawal and spend limit on our Titanium debit card.


•  Interest Rates
•  View Demo

The Privilege Difference

  • Branch Relationship Manager supported with Phone Banking Relationship Manager.
  • Priority processing at all ICICI bank branches and through customer care.
  • A higher daily withdrawal and spend limit on our Titanium debit card.

  • 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.

    •   Non-applicability of Tax Deduction at Source (TDS).

    •   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 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.

  • Is TDS applicable on Recurring Deposits?
    No, TDS is not applicable on Recurring Deposits.

  • 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.

  • What are the nomination facilities available on Recurring Deposits?
    Nomination facility is available for relationships in the names of individuals.

  • Can I change the nominee(s) for my Recurring Deposit?
    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.


•  Interest Rates
•  View Demo

The Privilege Difference

  • Branch Relationship Manager supported with Phone Banking Relationship Manager.
  • Priority processing at all ICICI bank branches and through customer care.
  • A higher daily withdrawal and spend limit on our Titanium debit card.

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The Privilege Difference

  • Branch Relationship Manager supported with Phone Banking Relationship Manager.
  • Priority processing at all ICICI bank branches and through customer care.
  • A higher daily withdrawal and spend limit on our Titanium debit card.