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. From June 1, 2015, Tax Deduction at Source (TDS) shall be applicable on interest paid/ accrued on Recurring Deposits.
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. Maximum tenure of Recurring Deposit would be 10 years.