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.
- 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 interest rates on RD.
Choose from a wide range of products and services
Explore the power of simpler and smarter Banking. Bank online with over 250 services
Bank on the go with our Mobile Banking services. Download app or use SMS
Bank 24/7 through a widespread network of over 4,850 branches and 14,121 ATMs