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.
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.
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 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.
Documentation required to open Recurring Deposit
* Any other Identity proof or Address proof document can be submitted, subject to the Bank's satisfaction.
• 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.