Recurring deposit investments are not eligible for tax savings under Section 80C of the Income Tax Act. The interest earned on recurring deposit schemes is subject to taxation at the individual's applicable income tax slab rate. Moreover, a Tax Deducted at Source (TDS) of 10% is applicable on the interest income (20% if the PAN card is not provided). The TDS threshold is set at INR 40,000 (INR 50,000 for senior citizens). It's crucial for investors to consider the tax implications when planning their investments in recurring deposits.

Does ICICI Bank provide Loan against RD?

Yes, the ICICI Bank allows individuals to avail loans against recurring deposit accounts. Post offers loans up to 90% of the deposit amount, and the recurring deposit account serves as collateral for the loan. While this provides a convenient option for obtaining funds, it's essential to note that the interest rate on the loan is typically higher than the interest rate earned on the RD. ICICI Bank offers various loan products, including loans against property, business loans, and education loans, utilizing an RD account as security. To estimate loan EMIs and compare scenarios, individuals can use tools like the Stack Wealth's loan EMI calculator, which works for car loans, home loans, and personal loans.

Is there a Premature withdrawal facility of recurring deposits available with ICICI Bank?

If a depositor misses six consecutive installments in a ICICI Bank recurring deposit account, the account is subject to premature closure. In such a situation, the balance in the account is paid to the account holder, and the recurring deposit account is closed prematurely. It's important for depositors to adhere to the regular installment payments to avoid premature closure and ensure the continuity of the recurring deposit account. The premature closure option provides flexibility for individuals who may need to close the account before the scheduled maturity date.

How to close an RD account in ICICI Bank through online?

To close an ICICI Bank RD account, follow these steps: Log in to your ICICI Bank account using www.hdfcbank.com. Navigate to the e-RD(electronic Recurring Deposit) tab. Select the deposit account that you want to close. Click on the Close A/c (Close Account) tab. Complete the account closure process by clicking on the Proceed button. By following these steps, you can initiate the closure of your ICICI Bank RD account through the online banking portal. Make sure to carefully follow the instructions provided on the website during the account closure process.

What are the documents required to open an RD account in ICICI Bank?

When opening a recurring deposit account with ICICI Bank, you will need the following documents: Account opening form: Fill out the form completely and sign it. Recent passport size photograph: Provide a recent passport-sized photograph. KYC Documents for Individuals & Companies: Submit documents such as PAN Card, Passport Copy, Aadhar Card, Voters ID, and Driving License for KYC verification. For HUFs (Hindu Undivided Families): Provide HUF declaration deed, bank statement of HUF, and a self-attested PAN card. For Partnership Firms: Submit Certificate of Incorporation, Partnership deed, and ID proofs of all authorized signatories. Ensure that you have all the required documents in order to facilitate a smooth account opening process with ICICI Bank.

ICICI RD Calculator - ICICI Recurring Deposit Calculator Online India

What is ICICI Bank RD Calculator?

The ICICI Recurring Deposit Calculator is an online tool designed to assist you in calculating the interest and maturity returns on your ICICI Bank Recurring Deposit. This user-friendly tool requires input of the RD deposit amount, tenure, and RD interest rates to estimate the maturity amount. By utilizing the ICICI Recurring Deposit calculator, you can effectively plan your investments and make informed decisions about your savings, gaining a clear understanding of the expected returns from your RD investment.

Why Use ICICI Recurring Deposit Calculator?

The ICICI Recurring Deposit Calculator is crucial for various reasons:

Accurate Calculations: Provides precise calculations of interest earned and the maturity amount.

Financial Planning: Helps in planning investments by adjusting deposit amount, tenure, and interest rate to understand their impact on returns.

Quick and Easy: A fast and user-friendly tool that saves time compared to manual calculations.

Error Elimination: Reduces the chance of errors that may occur during manual calculations.

Using this calculator ensures that you have a clear understanding of your recurring deposit investment and helps you make informed decisions.

How to Use ICICI RD Calculator?

To use the ICICI Bank RD Calculator, select the following details in the RD calculator:

Monthly RD amount

Tenure of the deposits

Current ICICI Bank RD interest rates

The ICICI RD Calculator will automatically display the following details:

Rate of Interest based on the amount entered and tenure

The Maturity value

Total corpus created

By following these steps, you can easily use the ICICI Bank RD Calculator to estimate the returns on your recurring deposit investment.

Recurring Deposit Interest Formula

The formula to calculate the maturity amount for ICICI Recurring Deposit is given by:

M = P X (1 + R / N) ^ (NT)

Where:

M is the maturity amount

P is the monthly deposit amount

r is the rate of interest per quarter

n is the number of quarters

It's important to note that this formula considers interest compounding on a quarterly basis. To simplify this process and avoid manual calculations, investors often prefer using Stack Wealth ICICI RD Calculator.

Advantages of ICICI RD Calculator

The main advantages of using an ICICI RD Calculator are:

Saves time and energy: Compared to manual calculation, using the calculator is a quicker and more efficient way to determine returns on RD investments.

No complications: The tool is easy to handle with no complexities in calculation, making it user-friendly.

Accuracy: Ensures 100% accuracy with no chances of errors, providing reliable results for financial planning.

Comparison: Allows easy comparison of interest rates offered by multiple banks, facilitating better decision-making.

ICICI RD Calculator

Forecast the maturity value of your Recurring Deposit (RD) with ease using our ICICI RD Calculator.

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Understanding ICICI RD Calculator

What is ICICI Bank RD Calculator?

Why Use ICICI Recurring Deposit Calculator?

How to Use ICICI RD Calculator?

Recurring Deposit Interest Formula

Advantages of ICICI RD Calculator

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