Recurring deposits have been a good investment option for the small investor; one who doesn't have a lumpsum amount of money to invest at one time but wishes to save some amount on a regular basis.
Private sector lender ICICI Bank offers recurring deposits to customers with many facilities which include recurring accounts receivable, recurring account payable, recurring account fees checking and recurring debit account transaction details.
It also offers the customer with the facility of online recurring amount.
The ICICI Bank recurring deposit can also be kept as collateral by the customer for a loan.
The recurring deposit account of ICICI Bank is free from tax deductible at source (TDS) under its special feature - non applicability of TDS.
Nomination facility is also allowed with recurring deposit account of ICICI Bank.
|Maturity Period||general citizen||senior citizen|
|3 years to less than 8 years||8.75||9.25|
|8years upto 10 years||8.75||9.25|
These interest rates are applicable with effect from May 19, 2011. Interest is calculated on per annum basis.