A small investment every month can assist/ facilitate to create a large corpus which can help you achieve your goals
- Assured rates of interest similar to Fixed Deposit
- Deposit a minimum of Rs. 500 per month and thereafter, deposit in multiples of 100
- Loan Against Deposit
Does your Deposit allow you to save any amount at any time? Switch to iWish the smarter deposit.
iWish - a Flexible Recurring Deposit
Estimate how much you would need to save for your goal each month. Just select the goal amount and use the slider to select tenure. We will calculate the applicable rate and the amount required to be saved each month.
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Recurring Deposit FAQs
What is a Recurring Deposit Calculator?
With the Recurring Deposit Calculator, you can calculate the interest earned at the time of maturity of a Recurring Deposit. ICICI Bank offers one of the best Interest Rates on a Recurring Deposit. Go ahead and use ICICI Bank’s RD Calculator to plan your investments with us.
How does one use the RD Calculator?
You can use the RD Calculator in a few simple steps:
- Select the type of deposit i.e. Senior Citizen or Normal RD
- Select the monthly amount you would like to invest
- Select the tenure of your Recurring Deposit
- You can vary the amount and tenure as per your convenience
- You will see the calculated amount after you fill in all the details.
How does one calculate RD Interest Rate?
Interest on the Recurring Deposit is compounded quarterly. The following formula can be used to calculate the RD Interest Rate:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
In the above equation,
M = Maturity Value
R = Monthly Instalment
n = Number of Quarters
I = Rate of Interest/400
So, if you invest in an RD with Rs 5,000 per month for a year at an Interest Rate of 8%, your total value is calculated as:
R = 5,000
n = 4 (one year has four quarters)
I = 8.00/400
M = Rs 62, 647 in one year
Is an RD Interest Rate fixed?
RD Interest Rate is pre-fixed. It is decided at the time of opening an RD, basis the RD tenure and the RD amount.
Is the RD interest taxable?
Yes, RD interest is taxable.
What does the RD Calculator do?
The RD Calculator calculates the maturity amount beforehand and helps you plan your investment with an ICICI Bank RD.
Is RD better than an FD?
Both RD and FD are good products for investment. If you have surplus funds lying in your bank account you can opt for an FD. If you want to start by saving a small amount every month you can opt for an ICICI Bank RD.
Is TDS applicable on an RD?
Yes, interest earned on Recurring Deposits (RD) is taxable. Therefore, TDS is applicable on an RD.
What is the minimum tenure for an RD?
You can start an RD for a minimum period of six months and thereafter increase your investment tenure in multiples of three months. The maximum tenure for holding a Recurring Deposit with us is 10 years.
What is the minimum monthly instalment amount needed to invest in an ICICI Bank RD?
Open a Recurring Deposit with a minimum of Rs 500 per month and thereafter deposit in multiples of Rs 100.