ICICI Bank provides a recurring deposit (RD) plan to those who prefer to save regularly every month with earning interest.
This deposit account requires a minimum monthly deposit of ₹500, with subsequent deposits in multiples of ₹100.
The deposit has a minimum maturity term of six months, and you can raise your investment duration in three-month increments after that.
The maximum tenure for maintaining a recurring deposit is ten years with ICICI Bank.
On May 21, 2022, the bank raised interest rates on recurring deposits, and as a result of the adjustment, the bank will continue to provide an interest rate of 3.50 per cent on 6-month RDs and 4.40 per cent on 9-month RDs.
The bank used to give a 5% interest rate on 12-month to 24-month RDs, but now it offers a 5.10 per cent rate, which is a 10 basis point increase.
The interest rate on deposits with terms of 27 to 36 months has been raised by 20 basis points, from 5.20 per cent to 5.40 per cent.
The interest rate on deposits of more than three years up to five years has increased by 15 basis points from 5.45 per cent to 5.60 per cent, while recurring deposits of more than five years up to ten years have risen by 15 basis points from 5.60 per cent to 5.75 per cent, a 15-basis-point increase.
ICICI Bank RD Rates 2022
The following are the ICICI Bank’s recurring deposit interest rates by tenure as of May 21, 2022.
|Maturity Period||General||Senior Citizen|
|Above 3 years upto 5 years||5.60%||6.10%|
|Above 5 years upto 10 years||5.75%||6.50%|