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Recurring Deposits Features

  • Minimum Balance

  • Nomination

  • Period of Deposit

  • Other Features

Minimum Balance

Open an RD with a minimum of ₹ 5,000 per month. Subsequent deposits must be in multiples of ₹ 100, up to a maximum of ₹ 1,00,000.

Nomination

Nominate a single beneficiary for your RD account, whether held solely or jointly. Complete the form under the Banking Companies (Nomination Rules), 1985, available at any ICICI Bank Branch.

Period of Deposit

  • NRE RD : Minimum tenure 1 year
  • NRO RD : Minimum tenure 6 months

You can increase the tenure in multiples of 3 months. The maximum tenure is 10 years. 

Other Features

  • Attractive interest rates, same as ICICI Bank Fixed Deposits
  • Funds in NRE RDs are fully repatriable
  • Interest earned on NRE RD is tax-free in India
  • Interest on NRO RDs is subject to applicable TDS

How to open a Recurring Deposit with ICICI Bank?

 

  • iMobile App
  • Internet Banking
  • Customer Care
  • Branch
  • 01. Log in to iMobile using your 4-digit PIN
  • 02. Go to ‘Accounts & Deposits’ and select ‘Deposits (FD/RD)
  • 03. Select ‘Open Recurring Deposit’
  • 01. Log into www.icicibank.com with your User ID and password
  • 02. Click ‘Open Fixed/Recurring Deposit’ under ‘My Accounts’
  • 03. Select ‘Open Recurring Deposit’
  • 01. Choose your preferred language
  • 02. Press ‘1’ for existing customers and then ‘1’ for banking accounts
  • 03. Enter your Debit Card number and PIN to speak with our team
Recurring Deposits
  • 01. Visit any ICICI Bank Branch
Recurring Deposits

How to Create RD on iMobile

How to Create RD on Internet Banking

Documents Required to open an RD

Documents for NRI

When you submit an application for opening an account at ICICI Bank (either in India or overseas), you will need:

  • Self-attested photocopies of:
    • Passport: First and last four pages (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, and signature).
    • Valid work permit / employment visa / Residence Visa / Residence Permit.
    • Address proof: View the complete list of Indian and overseas address proofs here.

 

When submitting an application from outside India, you will need:

  • Self-attested photocopies of the following documents, duly attested by a Banker / Notary / Embassy official / Consulate official:
    • Passport: First and last four pages (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, and signature).
    • Valid work permit / employment visa / Residence Visa / Residence Permit.
    • Address proof: View the complete list of Indian and overseas address proofs here.

 

Additionally, funding must come from the customer’s self KYC-complied account through cheque, DD, inward remittance (wire, vostro, M2I). Please ensure that the signature on the cheque matches the signature on the application form. For DD, the customer’s name should be mentioned as the purchaser in the DD advice. For inward remittance, the customer’s name and country mentioned in the SWIFT message should match the details provided in the account opening form. 

 

Documents for PIOs

When you submit an application for opening an account at ICICI Bank (either in India or overseas), you will need:

  • Self-attested photocopies of:
    • Passport: First and last four pages (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, and signature).
    • PIO card or past Indian passport (of self/parent/grandparent) along with a self-declaration about Indian origin OR self-declaration for PIO (as provided on the relationship form).
    • Valid work permit / employment visa if your residence country differs from the passport issuing country. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted
    • Address proof: View the complete list of Indian and overseas address proofs here.

 

When submitting an application from outside India, you will need:

  • Self-attested photocopies of the following documents, duly attested by a Banker / Notary / Embassy official / Consulate official:
    • Passport: First and last four pages (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, and signature).
    • PIO card or past Indian passport (of self/parent/grandparent) along with a self-declaration about Indian origin OR self-declaration for PIO (as provided on the relationship form).
    • Valid work permit / employment visa if your residence country differs from the passport issuing country. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted
    • Address proof: View the complete list of Indian and overseas address proofs here.

 

Additionally, funding from the customer’s self KYC-complied account through cheque, DD, inward remittance (wire, vostro, M2I) is mandatory. In case of a cheque, ensure that the signature on the cheque matches the signature on the application form. For DD, the customer’s name should be mentioned as the purchaser in the DD advice. For inward remittance, the customer’s name and country mentioned in the SWIFT message should match the name and country of residence provided in the account opening form.

Documents for Students

When you submit an application for opening an account at ICICI Bank (either in India or overseas), you will need:

  • Self-attested photocopies of:
    • Passport: First and last four pages (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, and signature). The signature should be clearly visible and match the signature on your registration form.
    • Valid student visa / I-20 form (applicable only for non-face-to-face US customers). If the student holds a regular visa, then a copy of admission letter / identity card from the university must be obtained to confirm student status.
    • Address proof: View the complete list of permanent address proofs here.

 

When submitting an application from outside India, you will need:

  • Self-attested photocopies of the following documents, duly attested by a Banker / Notary / Embassy official / Consulate official:
    • Passport: First and last four pages (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, and signature).
    • Valid student visa / I-20 form (applicable only for non-face-to-face US customers). If the student holds a regular visa, then a copy of admission letter / identity card from the university must be obtained to confirm student status.
    • Address proof: View the complete list of Indian and overseas address proofs here.

 

Additionally, funding from the customer’s self KYC-compliant account through cheque, DD, inward remittance (wire, vostro, M2I) is mandatory. In case of a cheque, ensure that the signature on the cheque matches the signature on the application form. For DD, the customer’s name should be mentioned as the purchaser in the DD advice. For inward remittance, the customer’s name and country mentioned in the SWIFT message should match the name and country of residence provided in the account opening form.

Documents for Seafarers

For opening seafarer accounts, the following KYC documents must be submitted:

 

  • Self-attested copy of valid passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, and signature). The photocopy must include the pages indicating the last date of arrival in India. The signature should be clearly visible and match the signature on your registration form.
  • Self-attested copy of valid visa: (first two pages and last two pages of the passport) or continuous discharge certificate (CDC). The certificate must indicate the last date of arrival in India or a declaration by an ICICI employee confirming that you are sailing for the first time.
  • For employees on Oil Rigs: Instead of a visa, a letter from the government authority stating "allowed to enter the country" or a business visa along with a valid appointment letter will be accepted.
  • Seafarer’s declaration: No separate declaration is required if it is part of the Account Opening Form (AOF).
  • For permanent employees: In addition to the above documents, you must also submit:
    • Initial work contract.
    • Last wage slip (should not be more than six months old).
  • For contract employees: The following documents are also required:
    • Valid CDC (along with the last page of the disembarkation stamp).
    • Valid work contract (with the last page of the wage slip) or expired contract letter (if the disembarkation stamp on the CDC is not more than 6 months old).
  • For oil rigs: An expired contract letter can be accepted if the last disembarkation stamp on the passport from the country where the oil rig is situated is not more than six months old.

 

Note: All KYC documents provided must be self-attested

FAQs about Recurring Deposit for NRIs

What is a Recurring Deposit?

A Recurring Deposit (RD) is a disciplined way to invest small amounts each month and build a substantial sum till maturity

What happens to the proceeds on maturity?

On maturity, the proceeds will be credited to your Savings Account with ICICI Bank.

Is there a penalty for delayed payments for NRE Recurring Deposits?

A penalty of ₹ 12 per ₹ 1000 for every instalment will be levied for delayed payments towards RDs.

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