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Terms and Conditions for Recurring Deposits

These Terms and Conditions apply to and regulate the provision of Recurring Deposit product offered by ICICI Bank Limited.


  • Recurring Deposit Account” or “Account” means the account opened in the name of the Depositor/s and maintained by ICICI Bank in connection with the Deposits.
  • Account Opening Form” or “AOF“ means the relationship form for Recurring Deposits Account. An Account may be opened by one Depositor or two or more Depositors jointly.
  • Depositor/s” means any person holding an Account with ICICI Bank.
  • Deposit” means the amount accumulated in the Account by monthly payment of the Instalment by the Depositor/s.
  • ICICI Bank” means ICICI Bank Limited, its successors and assigns.
  • ICICI Bank Customer Care Centre” refers to ICICI Bank – Customer Care Service provided by ICICI Bank, which shall be available to all Depositor/s. All Depositor/s availing of the ICICI Bank Customer Care Centre shall be bound by the Terms and Conditions stipulated by ICICI Bank in this regard.
  • Maturity Date” means the Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last Instalment or on completion of the Tenure, whichever is later.
  • Primary Applicant” means the person referred to as the Primary Applicant in the AOF.
  • Instalment” means the amount specified as instalment in the AOF, which shall be deposited recurringly by the Depositor/s into the Account on the specified period as agreed between the Depositor/s and ICICI Bank.
  • RBI” means Reserve Bank of India.
  • Standing Instruction/s” means any instruction given by a Depositor/s, either directly or indirectly, to ICICI Bank through any mode acceptable to ICICI Bank to transfer the Instalment from any Current/Savings Account of the Depositor/s with ICICI Bank to the Account.
  • Services" means the services provided by ICICI Bank in connection with the Account and more particularly described in these Terms.
  • Statement/s” shall mean the communication provided to the Depositor/s on a quarterly basis stating inter alia the value of the Deposit on Maturity date, the value of the Deposit as on date of the communication and the rate of interest payable by the Bank on the Deposit.
  • Tenure” means the period for which the Deposit is to be maintained commencing from the date of the deposit of first Instalment till the period as specified in the AOF.
  • Website" refers to the website owned, established and maintained by ICICI Bank at



  • All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
  • Words importing any gender include the other gender.
  • Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
  • All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.


Date of Recurring Deposit

The effective date from which the credit shall be given for any Instalment shall be the date on which ICICI Bank gets clear funds into the Account of the Depositor/s.

Minimum instalment amount

The minimum core Instalment to be deposited by the Depositor/s shall be such amount as is specified in the AOF, which can be increased in multiples of Rs 100. The Depositor/s shall, at the time of opening the Account, stipulate the Instalment and the total number of instalments to be payable. The Instalment and the number of instalments cannot be altered subsequently.

Payment of instalment

All deposits into the Account should be by way of cash/local cheque/Standing Instructions from the Depositor/s. Instalment for any calendar month must be paid on or before the last working day of that particular calendar month. The funds deposited on a date following the non-payment of the Instalment for the previous month(s), shall first be appropriated towards the un-paid Instalment.

In case of delay in payment of any Instalment, the Depositor/s shall be liable to pay monthly interest at the rate of Rs 12 per Rs 1,000 or part thereof or such other rate as may be specified by ICICI Bank for the period of delay. Fraction of a month will be treated as full month for the purpose of calculating such interest. The total interest so chargeable to the Depositor/s shall be recovered from the total amount of interest payable by ICICI Bank at the time of maturity.

Duration of deposit

Deposit can be maintained for a minimum tenure of 6 months in multiples of 3 months subject to a maximum of 10 years.

Payment of interest on Recurring Deposit

Interest on the Deposits is calculated at quarterly intervals, at the applicable rates as communicated to the Depositor/s at the time of Account opening and in the Statements. Such interest rates shall be in accordance with RBI directives from time to time. The interest amount shall be paid to the Depositor/s on the Maturity date or on completion of the Tenure, whichever is later.

Tax is deducted at source on interest on recurring deposit if the interest paid or payable by the Bank for the financial year exceeds the threshold limit specified by Income Tax Act, 1961. Currently, the threshold limit for this purpose is Rs 40,000 per annum (For resident senior citizens, the threshold applicable is Rs 50,000).

For Recurring Deposits, tax is deducted on interest if any accrued on Sep 30 and Mar 31 of every year and on maturity. The TDS amount calculated on the accrued interest is remitted to the tax authorities on behalf of the customer by the Bank. The interest on the TDS amount from date of deduction of TDS till maturity of the deposit is adjusted from the interest payable to the client.

Maturity date

The Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last Instalment or on completion of the Tenure, whichever is later.

Repayment before maturity

On pre-mature withdrawal of the Deposit, interest will be calculated at the rate applicable for the period of the Deposit and the Deposit amount accumulated in the Account up to the date of termination with such interest less the amounts payable by the Depositor/s to ICICI Bank shall be paid to the Depositor/s.

Closure of accounts

An Account will normally be closed upon payment of all the stipulated number of instalments. The Deposit together with interest shall be paid to the Depositor(s) by a pay order or by crediting the sum to the Depositor/s or in case of Joint Depositors, the Primary Applicant’s ICICI Bank Savings Account as specified in the AOF.


Nomination facility is available for the Account in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Depositor/s duly witnessed by a third person. The Depositor/s should ensure that he gets/is given the acknowledgement as per the nomination rules framed by RBI. The Depositor/s is/are at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Account with ICICI Bank.

Change in terms

ICICI Bank reserves the right to revise the terms and conditions contained herein and shall notify the Depositor/s of such revised terms and conditions one month prior to its implementation. Such revised terms and conditions shall then be binding on the Depositor/s.

Marketing Communication:

  • “Opening of Recurring Deposit (RD) account within 60 seconds is contingent to any delays caused due to technical/operational reasons, delay by customer in choosing from the available RD variants and customer meeting the eligibility criteria and/or other factors beyond the control of ICICI Bank”.
  • The figures provided are for reference only and the actual interest rates, maturity amounts, etc. may vary.




"ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services."