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Total Interest :
₹49,919
Maturity Amount :
₹1,19,80,558
Invested Amount :
₹69,80,558
Invested Amount
Total Interest
ICICI Bank's recurring deposit is a perfect way to invest small amounts every month and end up with a huge corpus on maturity. ICICI recurring deposit comes with a minimum deposit amount of Rs. 500 per month and after that in multiples of 100. ICICI offers attractive interest rates on its recurring deposits. You can calculate the interest earned at the time of maturity of a recurring deposit with the help of the ICICI RD calculator. Go ahead and use the ICICI Bank RDcalculator on the CreditMantri website and plan your investments.
Steps to Use the ICICI RD Calculator on the CreditMantri Website
- Step 1: Enter the monthly investment amount.
- Step 2: Enter the rate of interest and the tenure of your recurring deposit
- Step 3: The maturity amount, total interest earned, and the total amount invested are shown on the screen.
- Step 4: After you enter these values, the maturity value, the interest earned, and the total invested amount will be displayed.
ICICI RD Interest Rates 2024
Here are the recurring deposit interest rates for ICICI across various tenures.
| Maturity period | Rate of interest for general citizens (% p.a.) | Rate of interest for senior citizens (% p.a.) |
|---|---|---|
| 6 months | 4.75% | 5.25% |
| 9 months | 6.00% | 6.50% |
| 12 months | 6.70% | 7.20% |
| 15 months | 7.20% | 7.75% |
| 18 months | 7.20% | 7.75% |
| 21 months | 7.20% | 7.75% |
| 24 months | 7.20% | 7.75% |
| 27 months | 7.00% | 7.50% |
| 30 months | 7.00% | 7.50% |
| 33 months | 7.00% | 7.50% |
| 36 months | 7.00% | 7.50% |
| Above 3 years and upto 5 years | 7.00% | 7.50% |
| Above 5 years and upto 10 years | 6.90% | 7.50% |
Features and Benefits of ICICI Recurring Deposits
-
The ICICI recurring deposit can be opened with a minimum balance of Rs. 500 per month. After that, deposits should be made in multiples of 100.
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A single nominee can be assigned to receive the proceeds from your account, whether held singly or jointly.
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Deposits can be made for a minimum period of 6 months and after that, the investment period can be increased in multiples of 3 months. The maximum tenure for having a recurring deposit with ICICI Bank is 10 years.
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You can avail of a loan against your recurring deposit.
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ICICI Bank gives attractive interest rates on its recurring deposits similar to its fixed deposits.
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Tax deduction at source (TDS) is applicable on interest paid or accumulated on recurring deposits.
How is the ICICI RD Maturity Amount and Interest Rate Computed?
The ICICI Bank RD calculator computes the maturity amount with the help of the formula
M = P x (1 + R/N)^(NT)
Where,
M is the maturity value,
R is the interest rate (R is divided by 100 and substituted in the formula)
P is the amount invested per month
N is the frequency at which interest is compounded
T is the duration of the recurring deposit in months
Let us take an example. Say Mr X deposits Rs. 1000 every month in his ICICI RD account for 1 year at an interest rate of 10% compounded quarterly.
| Month | Formula | RD Maturity amount |
|---|---|---|
| 1 | A = 1000*(1 + 0.1/4)^(4*1/12) | 1008.26 |
| 2 | A = 1000*(1 + 0.1/4)^(4*2/12) | 1016.59 |
| 3 | A = 1000*(1 + 0.1/4)^(4*3/12) | 1025.00 |
| 4 | A = 1000*(1 + 0.1/4)^(4*4/12) | 1033.47 |
| 5 | A = 1000*(1 + 0.1/4)^(4*5/12) | 1042.01 |
| 6 | A = 1000*(1 + 0.1/4)^(4*6/12) | 1050.625 |
| 7 | A = 1000*(1 + 0.1/4)^(4*7/12) | 1059.30 |
| 8 | A = 1000*(1 + 0.1/4)^(4*8/12) | 1068.06 |
| 9 | A = 1000*(1 + 0.1/4)^(4*9/12) | 1076.89 |
| 10 | A = 1000*(1 + 0.1/4)^(4*10/12) | 1085.79 |
| 11 | A = 1000*(1 + 0.1/4)^(4*11/12) | 1094.76 |
| 12 | A = 1000*(1 + 0.1/4)^(4*12/12) | 1103.81 |
| Total | 12665 |
The amount received on maturity = Rs. 12665
Amount invested = 12,000
Interest accrued = Rs. 665
It is time-consuming to compute the maturity amount, and the interest accrued manually. To avoid this, you can use the ICICI RD calculator. The calculator provides results within a fraction of a second.
Tax Liabilities on ICICI Recurring Deposits
If the interest income accrued from the recurring deposit accounts and fixed deposit accounts across all bank branches is more than Rs. 40,000 every financial year, the tax will be deducted at source. The upper cap on the TDS is Rs. 50,000 per financial year for senior citizens. If your gross annual income falls within the basic exemption limit, then you must submit Form 15G/15H to request the bank not to deduct tax at source.
ICICI Bank RD Calculator – FAQs
1) Can I pre-close an RD before maturity in ICICI?
The request for pre-closure of the FD or RD will be processed within 1 working day. ICICI offers the option to partially close an FD. The request for this can be availed through phone banking or by visiting the nearest ICICI bank branch.
2) How many types of ICICI recurring deposits are there? What are they?
There are two types of ICICI recurring deposits. They are iWish Flexible Recurring Deposit and Delightful Deposits.
Disclaimer : This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source before taking any choices or actions.