ICICI Bank RD Calculator
The ICICI Bank RD Calculator is an easy-to-use online tool that helps individuals calculate the maturity amount and interest earned on a Recurring Deposit (RD). It simplifies financial planning by showing how much your monthly savings can grow over a chosen period.
What is an ICICI Bank Recurring Deposit?
An ICICI Bank RD is a savings scheme where you deposit a fixed amount every month for a specific tenure. Interest is compounded quarterly and paid at maturity, making it a low-risk and disciplined investment option for all types of savers, including salaried individuals and senior citizens.
How ICICI Bank RD Calculator Works
To calculate your RD maturity value, simply input the following:
- Monthly Deposit – The fixed amount deposited every month
- Tenure – Duration of the RD (in months)
- Interest Rate – Current rate offered by ICICI Bank
The calculator instantly shows:
- Total Investment
- Total Interest Earned
- Maturity Amount
ICICI Bank RD Interest Rates
ICICI Bank RD interest rates range from 6.00% to 7.10% per annum depending on the tenure. Senior citizens are eligible for an additional 0.50% interest rate over regular customers.
Example Calculation
If you invest ₹4,000 per month for 3 years at 7% interest (compounded quarterly):
- Total Investment: ₹1,44,000
- Interest Earned: ₹16,200 (approx.)
- Maturity Amount: ₹1,60,200 (approx.)
Features of ICICI Bank RD
- Tenure: 6 months to 10 years
- Minimum deposit: ₹500 per month
- Quarterly compound interest
- Premature closure available (with penalty)
- Loan/overdraft facility against RD
Benefits of Using ICICI RD Calculator
- Instant results for informed decision-making
- Helps compare tenures and deposit amounts
- Easy-to-use interface, available online anytime
- Avoids manual errors in complex interest calculations
Tax on RD Interest
The interest earned on ICICI RDs is taxable under ‘Income from Other Sources’. TDS is deducted if total interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
How to Open an RD in ICICI Bank
- Log in to ICICI Bank Internet Banking or iMobile app
- Select ‘Deposits’ → ‘Open Recurring Deposit’
- Choose the amount, tenure, and interest payout option
- Confirm and complete the transaction
Conclusion
The ICICI Bank RD Calculator is a must-use tool for anyone looking to invest in a recurring deposit. It helps estimate future returns, compare different saving strategies, and plan goals with confidence. Open an RD account with ICICI Bank and let your savings grow securely and steadily.
Visit ICICI Bank to open an RD and start saving today.