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Recurring Deposit
Will the amount from a Fixed Deposit (FD), Recurring Deposit (RD) or iWish be automatically credited to my account on maturity?
Yes, your FD/RD/iWish will be closed automatically on maturity and the closure proceeds will be credited to the linked Savings Account. If the amount is not credited, you can call Customer Care on 1800 1080 from your registered mobile number.
What is a Recurring Deposit (RD)?
A Recurring Deposit allows you to invest small amounts of money every month, helping you build a large corpus by the end of the term. You can open an RD through:
Internet Banking
iMobile App
ICICI Bank Branch
Customer Care (1800 1080).
What is the minimum deposit amount required to open a Recurring Deposit account?
The minimum deposit is ₹ 500 per month, with subsequent deposits in multiples of ₹ 100.
What is the tenure range for a Recurring Deposit?
You can open a Recurring Deposit for a minimum period of 6 months, with subsequent terms in multiples of 3 months, up to a maximum of 10 years.
Are nomination facilities available for Recurring Deposits?
Yes, nomination facilities are available for Recurring Deposits in the name of individuals.
Can I change the nominee(s) for my Recurring Deposit?
Yes, you can change the nominee(s) by filling out a form available at any ICICI Bank Branch.
What are the variants of Recurring Deposit in ICICI Bank?
ICICI Bank offers the following RD variants:
iWish Goal-Based Savings (Flexible RD)
Normal RD
For more details, please click here .
Is TDS applicable on Recurring Deposits?
Yes, TDS is applicable on interest earned from Recurring Deposits. The bank will deduct tax at source if the total interest exceeds ₹ 40,000. A valid PAN is required to avoid higher TDS rates. Form 15G/H will not be valid without PAN.
What are the features of an ICICI Bank Recurring Deposit?
High interest rates, similar to Fixed Deposits
Loan facility against your RD
Minimum monthly deposit: ₹ 500; subsequent deposits in multiples of ₹ 100
Minimum deposit period: 6 months (extended in multiples of 3 months)
Nomination facility
Fund transfer to RD account through Internet Banking
Online tracking of RD investments.
Can I redeem my Recurring Deposit before maturity?
Yes, you can redeem your Recurring Deposit early. Interest will be paid based on the rate applicable at the time of deposit and for the period it was held. However, a penalty may be charged for the same.
What are the interest rates offered on Recurring Deposits?
Click here to know the current interest rates.
How much money can I deposit in a Recurring Deposit?
The minimum deposit is ₹ 500 per month, with subsequent deposits in multiples of ₹ 100. The tenure can range from 6 months to 10 years in multiples of 3 months.
Are there any charges for premature closure of Recurring Deposits within 7 days?
No interest is payable if the deposit is prematurely withdrawn within 7 days of opening, and no premature closure charges are applicable.
Do senior citizens get any extra benefits on Recurring Deposits?
Yes, senior citizens enjoy higher interest rates on Recurring Deposits. Please click here to view the current rates.
Will I receive a receipt for my Recurring Deposit?
No, a physical receipt is not issued for Recurring Deposits. The details will be available in your account statement and on the account summary page after logging into Internet Banking.
