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Recurring Deposit is one of the best ways to save your money on a regular basis for investment purpose with your bank and earn interest. ICICI bank offers you a variety of recurring deposit which acts as a great saving solution for the investors and delivers them high returns. In this article, you will get to know about all the important aspect of ICICI recurring deposit.
Recurring Deposit is a special kind of Term Deposit offered by ICICI bank, that helps the people with regular income to deposit a fixed amount every month in the RD account and earn good interest on the deposited amount in a fixed period of time.
| Tenure | General RD interest rates | Interest rates for senior citizen |
|---|---|---|
| 6 Months | 6.25% | 6.75% |
| 9 Months | 6.50% | 7.00% |
| 12 Months | 6.90% | 7.40% |
| 15 Months | 7.10% | 7.60% |
| 18 Months | 7.10% | 7.60% |
| 21 Months | 7.10% | 7.60% |
| 24 Months | 7.10% | 7.60% |
| 27 Months | 7.50% | 8.00% |
| 30 Months | 7.50% | 8.00% |
| 33 Months | 7.50% | 8.00% |
| 36 Months | 7.50% | 8.00% |
| 3 years 1 day to 5 years | 7.25% | 7.75% |
| 5 years 1 day to 10 years | 7.00% | 7.50% |
ICICI bank RD interest rates in comparison with other banks RD rates
| OVERVIEW | ICICI BANK | BANK OF BARODA | KOTAK BANK |
|---|---|---|---|
| Interest rates (General) | 6.25% – 7.50% | 5.75% – 6.85% | 6.50% – 7.30% |
| Interest rates (Senior citizen) | 6.75% – 8.00% | 6.25% – 7.35% | 7.00% – 7.80% |
| Highest interest rate | 7.50% – 27 months to 36 months | 6.85% – 1 year 1 day to 400 days | 7.30% – 12 months |
ICICI RD details in comparison with other banks RD details.
| OVERVIEW | ICICI BANK | BANK OF BARODA | KOTAK BANK |
|---|---|---|---|
| Period of Deposit | 6 months to 10 years | 180 days to 10 years | 6 months to 10 years |
| Minimum Deposit Amount | Rs.500 | Rs.100 | 100 |
| Penalty for non-deposit | Rs.12 per Rs.1000 | NA | Rate of RD + 2% per annum |
| Amount to be deposited in multiples of | NA | NA | In multiples of Rs.5000 or Rs.10,000 |
0.5% to 1% interest would be deducted from the original recurring deposit interest rate at the time of account release.
Its recurring deposits are taxable under the Income Tax Act,1961 if you are an individual or an HUFs.
Note: If the interest earned is more than 10000 on RD, then a TDS of 10% is deducted by the bank. The tax levied is depend on the which tax bracket you in irrespective of the RD deposits and tenure. To save TDS on RD gains you can file Form 15G or 15H.
Identity Proof
Address Proof
Note- As per the bank satisfaction any other proof of identity or address proof can also be submitted.
To file your Income Tax Return click here
