ICICI Bank Recurring Deposit Calculator: If you are planning to invest in the festive season. Then this news can prove to be of your use. Let us tell you that in today’s time Recurring Deposit (RD) has emerged as a popular option for investment.
In this, whenever you start the account, the interest earned on the scheme at that time, gets fixed for the entire maturity. Let us tell you that banks and post offices are providing this facility. This time the interest on RD in ICICI Bank is being told better than the post office and many banks.
What is the scheme
ICICI Bank’s Recurring Deposit (RD) is a scheme to promote regular and disciplined savings. In this, you can invest a fixed amount every month till the maturity period. The option of recurring deposits is being given in ICICI Bank with maturity from 6 months to 120 months i.e. up to 10 years. It is getting interest at different rates. The interest on Senior Registry RD is higher as compared to the normal RD.
See how much interest you will get
It is necessary to deposit at least Rs 500 a month in the RD of the bank. After this, you can invest any amount in the multiple of 100. Income from interest is taxable. TDS is deducted on this. Loan facility will be available on RD account. Full details about the scheme can be seen on the bank’s website.
Rate of interest on RD
The normal RD has an interest rate of 4.25 per cent to 6.10 per cent per annum on maturity from 6 months to 120 months, while the interest rate on Senior Citizens RD ranges from 4.75 per cent to 6.60 per cent per annum.
Understand plan like this
8.50 Lakhs
Monthly Investment: Rs 5000
Interest Rate: 6.60% p.a.
Tenure: 10 Years
Total Investment: Rs 600000
Maturity Amount: Rs 8,49,9,590
Interest Benefit: Rs 2,49,590
This Calculation Senior Citizens For 10 years is on RD.
Common case
Monthly Investment: Rs 5000
Interest Rate: 6% Annual
Tenure: 10 Years
Total Investment: Rs 600000
Maturity Amount: Rs 8,22,145
Interest Benefit: Rs 2,22,145
