ICICI Bank RD Interest Rates

ICICI Bank was founded in the year 1994, is currently present in over 15 countries, and has almost 15,500 ATMs in India. There are different RD options provided by ICICI Bank according to tenure. Read ahead to find out more about ICICI Bank interest rates.

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ICICI Bank RD Interest Rate 2022 Table

ICICI bank interest rate, according to the period of maturity, is as follows- 

Tenure RD for General Citizens RD for Senior Citizens 
6 months 3.50% 4.00%
9 months 4.40% 4.90%
12 months 4.90% 5.40%
15 months 4.90% 5.40%
18 months 5.00% 5.50%
21 months 5.00% 5.50%
24 months 5.20% 5.50%
30 months 5.20% 5.70%
33 months 5.20% 5.70%
36 months 5.20% 5.70%
3 years 1 day to 5 years 5.45% 5.95%
5 years 1 day to 10 years  5.60% 6.35%

Disclaimer: RD Interest rates are subject to change with time. Policybazaar does not endorse, rate, or recommend any particular company or product. The investment risk in the investment portfolio is borne by the policyholder. 

Features of ICICI RD Account

  • ICICI provides a loan for the deposited amount in the RD account.

  • The depositing period ranges from 6 months to 120 months.

  • TDS deductions happen according to the existing income tax rules when the account is opened. 

  • The minimum deposit amount to open an RD account with ICICI Bank is Rs.500. 

  • ICICI compounds the interest every quarterly. 

  • Account holders can easily use net banking options or visit any branch to get the services.  

Benefits of Having an RD Account in ICICI Bank-

  • The monthly amount starts at a very user-friendly amount of Rs.500. 

  • One can choose the tenure between 6 months to 10 years. 

  • Opening an RD in ICICI Bank is convenient because of online and mobile banking facilities.

  • ICICI Bank also offers a nominee option when starting an account. 

  • An ICICI RD also lets you avail yourself of a loan over the balance in the recurring deposit account. 

Types of RD in ICICI Bank

ICICI provides many different kinds of RD schemes- 

1. Cumulative Recurring Deposits- This is the general primary deposit where you have to deposit a monthly sum and earn interest over it. The minimum amount of ICICI RD rate is Rs.500. 

2. Delightful Deposit- A delightful deposit RD scheme is offered in contact with partners from varying sectors like travel, electronics, and many others. These types of RD schemes provide more than only interest rates. A delightful deposit allows multiple deposits in one month. The tenure period ranges between 6 months to 10 years. The minimum amount for a delightful deposit is also Rs.500, and the maximum is 49,999. Example- 

  • Croma iSave2Buy Plan Deposit- These schemes offer the chance to buy any electronic appliances at the Croma store that is worth the collected amount after maturity. Account holders also get a Croma gift card after the maturity period is completed.

  • Thomas Cook Holiday Savings Account- This type of scheme offers the benefits of using Thomas Cook packages after the maturity of the Rd account to pay for a vacation. The plans offer a wide variety of domestic and international travel options. 

3. RD with Monthly Income Option- This type of RD offers a monthly income for the holders. A recurring deposit invests the full maturity in an annual fixed deposit plan. Account holders deposit a monthly amount for 24 months and in multiples of 3 months. For this RD, premature closing is allowed only after paying a penalty charge.

How Can You Open an RD in ICICI bank? 

Opening an RD at ICICI Bank is not a tiring process. It can quickly be done both online and offline. 

  • Offline- For offline, you will have to visit the home branch. You will need to carry the required documents along with you. 

  • Online- If you are using online services, you can open it through the net banking facilities or the customer care option.

You must first log in to your ICICI Bank account using the registered ID and password.

 Mobile Banking- Customers can also open an RD account by installing the mobile app and logging into their registered account.  


  • All Indian Residents and Hindu Undivided Families can open an ICICI RD account.

  • ICICI Bank offers an interest rate of 5.50% on RD for regular citizens and 6.30% on RD for senior citizens. For the delightful deposit, you will need a valid account and password. 

Documents Required

  • A valid government identity card.

  • Senior citizen identity card. 

  • PAN

  • Passport

  • Driving Licence

  • Voter ID 

Address Proof

  • Bank statement along with the cheque.

  • Telephone Bill

  • ID card or any certificate provided by the Post office.

  • Electricity bill.

  • Passport.

Tax Benefits 

When the combined interest rate from RD and fixed deposit accounts earned throughout all banks exceed 40K per fiscal year, the tax gets deducted from the source only. For senior citizens, this limit is Rs.50,000. If your total yearly income is under the fundamental limit, then you can use Form 15G/15H to request banks not to deduct the tax from your account.

Premature Withdrawal

ICICI bank has a penalty for withdrawing the amount from the RD account pre-maturity. After that, the interest rate is calculated based on the period the amount was in the account. The penalty for premature withdrawal is as stated below -

Deposit Tenure The amount under five crore Amount 5 crores and above
Less than one year  0.50% 0.50%
More than one year but less than five years 1.00% 1.00%
five years and more 1.00% 1.50%


  • What if I miss paying any installments?

    Under the iWish program, there is no penalty or fee for missing any RD installments. If you somehow forget to pay the monthly amount, you can cover it next month.
  • Can I change the nominee of my RD? 

    You can easily change the nominee of your RD by visiting the branch and filling up the necessary paperwork. However, you can only do this before maturity and not after it. Another essential thing to note is there is only one nominee allowed per account. 
  • Does ICICI let you withdraw a part of the amount? 

    No, ICICI does not allow any partial withdrawal of any RD. You can close the RD after the complete payment of all the installments. After maturity, the deposited amount and the interest will be credited to your amount. The sum will go to the primary holder's bank account in joint accounts.
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