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Recurring Deposit

Will Fixed Deposit (FD)/ Recurring Deposit (RD)/ iWish Account (VRD) amount be automatically credited in our account on the maturity date?

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The Fixed Deposit (FD)/ Recurring Deposit (RD)/ iWish Account (VRD) shall be closed automatically on maturity and the closure proceedings will be credited to the linked savings account.

On maturity date if the amount is not credited to the linked savings account, you may call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. 
To know the local Customer Care numbers, please click here
 

What is Recurring Deposit (RD) ?

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ICICI Bank Recurring Deposit (RD) is an ideal way to invest small amounts of money every month and end up with a large kitty on maturity. You may view the complete features of RD at www.icicibank.com > Products > Accounts & Deposits > Recurring Deposit.

You may create/ open an RD through the below mentioned channels: 

Internet Banking: 
Please login to your Internet Banking Account > Customer Service > Service Requests > Deposits > Open a Recurring Deposit.

iMobile: 
Login to iMobile > Accounts & Deposits > Deposits > Open RD
The Recurring  deposit will be opened instantly and you will be able to view the RD details online within one working day.

Customer Care: 
You may call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. To know the local Customer Care numbers, please click here

ICICI Bank Branch: 
Please visit the nearest ICICI Bank branch along with your original valid ID proof. To locate the nearest ICICI Bank branch, visit maps.icicibank.com/mobile
 

Can I redeem my Recurring Deposit before the original term?

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In the event of the Recurring Deposit being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank. In case of premature withdrawal the deposit may be subject to a penal rate of interest as prescribed by the Bank on the date of deposit.

Is TDS applicable on Recurring Deposits?

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According to Finance Bill, 2015, effective June 1, 2015, TDS shall be applicable on the interest earned on recurring deposit/ variable recurring deposits etc. Interest earned from fixed deposit/ recurring deposit / variable recurring deposit shall be clubbed for the purpose of computing the total interest paid/ payable during the financial year and applicability of TDS. 

It has also been proposed that banks need to deduct tax on interest credited/ paid or likely to be credited/ paid exceeding Rs. 40,000 to a depositor at bank level as against the existing process of branch level. As per the provisions of Finance Act 2009, w.e.f April 1, 2010, valid PAN is required to be submitted by all customers whose tax needs to be deducted. In the absence of a valid PAN, tax will be deducted at the prevailing rate or 20% whichever is higher. Also, Form 15G/ H shall not be treated as valid, unless PAN is mentioned in such forms.
 

What are the charges applicable on Recurring Deposit (RD) for premature closer within 7 days from the date of opening an RD?

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No interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit and no premature closure charges are applicable.

How much amount I can put in Reccuring Deposit (RD)?

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You may deposit a minimum of Rs. 500.00 per month in Reccuring Deposit (RD) and thereafter, deposit in multiples of Rs. 100.00.

Tenure: 6 months to 10 years (in the mutiple of 3 months).

What is the minimum deposit amount required for opening a Recurring Deposit account?

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Deposit a minimum of Rs. 500 per month and thereafter, deposit in multiples of 100.

What are delightful deposits and how to open a delightful deposit account?

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Delightful Deposits are Recurring Deposits (RD) in association with our partners from sectors like travel, jewellery and electronics. Delightful Deposits gives you more than the RD interest, in the form of a top-up amount from our partner.

Currently, we have four Delightful Deposits, in association with four top brands:

  1. Croma iSave2Buy Plan
  2. MakeMyTrip Holiday Savings Plan
  3. Tanishq Jewellery Plan
  4. Thomas Cook Holiday Savings Account.

Please click here to know details about Delightful deposits: 

You may open Delightful Deposits through any of the below mentioned channels: 

Internet Banking: Please login to www.icicibank.com with your User ID and Password > Customer service > service request > Deposits > More > Open a Recurring Deposit > Open Delightful deposits

iMobile: Login to iMobile> Accounts& Deposits > Deposits > Open RD > Delightful deposits 

ICICI Bank Branch: Please visit the nearest ICICI Bank Branch along with your valid ID proof. To locate the nearest ICICI Bank Branch, visit maps.icicibank.com/mobile

Customer Care : You may call our Customer Care from your registered mobile number between 7:00 a.m. and 9:00 p.m. To know the local Customer Care numbers, please click here

 

What are the features of an ICICI Bank Recurring Deposit?

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The features of an ICICI Bank Recurring Deposit are:

  • High rates of interest, identical to the fixed deposit rates.
  • Check on recurring account receivable, recurring account payable, recurring account fees and all recurring debit account transactions.
  • Avail loan against your ICICI Bank Recurring Deposit.
  • Minimum balance of Rs. 500 per month; deposits thereafter in multiples of Rs.100.
  • Minimum deposit period is 6 months, and thereafter in multiples of 3 months.
  • Nomination facility.
  • Transfer funds to your Recurring Deposit Account in seconds through Internet Banking.
  • Track your investments with us through your online Recurring Deposit Account; process your recurring payments through our recurring billing.

Will I get a receipt for my Recurring Deposit?

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No, you will not get a receipt of your RD however the details of the RD would be updated in your account statement and in the account summary page in the logged in section.

What are the Interest rates offered by you on Recurring Deposits?

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To know the interest rates on Recurring Deposits, please login to Internet Banking > Rates and Charges (at the bottom of the page) > Interest Rates.

 

Click here to know the existing ICICI Bank Fixed Deposit/ Recurring Deposit/ iWish interest rates. 

How do I approach ICICI Bank to open a Recurring Deposit?

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Existing customers of ICICI Bank Savings Account may open a Recurring Deposit (RD) through the below mentioned channels.

 

Internet Banking:
Login to Internet Banking > Customer Service > Service Request > Category - Deposits > Open Standard Recurring Deposit.

 

iMobile:
Login to iMobile app > Accounts & Deposits > Deposits > Open RD
The RD will be opened instantly and you will be able to view the RD details through the online within one working day.

 

Customer Care:
You may call our Customer Care between 7:00 a.m. and 9:00 p.m.from your registered mobile number.
To know the Customer Care numbers, please click here.

 

ICICI Bank branch:
Please visit the nearest ICICI Bank branch along with your valid ID proof. To locate the nearest ICICI Bank Branch, visit maps.icicibank.com/mobile.

 

New customers may also make a request to open an RD by visiting the nearest ICICI Bank branch.

What is the multiple in which I can open a Recurring Deposit account?

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You can open a Recurring Deposit account for a minimum deposit of Rs 500/- and thereafter in multiples of Rs 100/-

What is the range of tenure for which I can open a Recurring Deposit account?

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You can open a Recurring Deposit for a minimum period of 6 months, and thereafter in multiples of 3 months upto a maximum period of 10 years.

Can I change the nominee(s) for my Recurring Deposit?

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You change the nominee(s) of the deposit accounts by making a declaration effect in the appropriate form, which is available with any ICICI Bank branch.

What are the nomination facilities available on Recurring Deposits?

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Nomination facility is available for relationships in the names of individuals.

Do Senior citizens get any extra benefit on Recurring Deposits?

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Yes, they do get extra benefits in the form of higher interest rates. Please click here for Interest Rates.