Terms and Conditions for opening Recurring Deposit

  1. On submission of a request for opening a recurring deposit account, a standing instruction will be set up to debit installments to the indicated savings account every month for the tenure and amount selected.
  2. The first installment amount will be debited on the account opening date. The subsequent installments will be debited as per the standing instruction date selected.
  3. Recurring Deposit Account will be created within 1 working day.
  4. Recurring Deposits are opened for a minimum amount of Rs.500/- and in multiples of Rs.100/-.
  5. Recurring Deposit will be created subject to sufficient availability of funds in your Account.
  6. Amount for Deposit will be debited from the Savings Account selected by you.
  7. To register a nominee for your Fixed Deposit / Recurring Deposit, please visit any branch and submit the nomination request form available with the branch
  8. Tenure of Recurring Deposit should be in multiples of 3 months - minimum of 6 months and maximum of 10 years. For interest rate, please click here
  9. On pre-mature withdrawal of the deposit, interest will be calculated at the rate applicable for the period the deposit has actually remained with ICICI Bank, less applicable premature withdrawal penal rate.
  10. Penalty is charged at monthly interest at the rate of Rs.12 per Rs.1000 for all delayed installments.
    • Fraction of a month will be treated as full month for the purpose of calculating such interest.
    • The total interest so chargeable shall be recovered from the total amount of interest payable at the time of maturity.
  11. You can check the new Recurring Deposit(s) created using ICICIBank.com in My Accounts Page.
  12. On maturity the funds will be credited to the Savings Account selected by you for opening the RD.
  13. The first installment shall be debited on the date of opening of the recurring deposit account. Subsequent installments shall be debited on the selected day of the month.
  14. If a standing instruction date or closure instruction date of a Recurring Deposit falls on a Sunday or public holiday, its date of execution shown in the account is at the sole discretion of ICICI Bank.
  15. Please select the account number from which the Fixed Deposit should be opened.
  16. This request will not be processed, if
    • Your account is dormant/inactive
    • Your account has insufficient balance for opening of Fixed Deposit
    • You are a Senior Citizen and your Date of Birth is not updated for your account
  17. If you have provided your mobile number or e-mail ID, we will inform you about the closure of your request by SMS or e-mail respectively. Providing the mobile number or e-mail ID here will not result in an update of your mobile number or e-mail ID as recorded with us.
  18. ICICI Bank does not take any responsibility, and will also not be liable, for your claims, if the details provided by you are incorrect/incomplete.
  19. If you are re-trying, first please check the status of your previous request.