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    Home » RD, ICICI Bank providing income every month; Learn the advantages, terms and conditions
    Finance

    RD, ICICI Bank providing income every month; Learn the advantages, terms and conditions

    Business KhabarBy Business KhabarOctober 12, 2020Updated:October 12, 2020No Comments
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    Recurring Deposit (RD) investment option was introduced for those who could not make a Fixed Deposit (FD) with lump sum money. RD can be invested in monthly installments. But what if RD makes you a monthly income after a certain period. ICICI Bank is providing such a facility, where ‘Monthly Income Recurring Deposit Account’ can be opened. This investment option is beneficial for those who want to invest in advance for long term financial goals.

    ICICI Bank’s Monthly Income Recurring Deposit is a term deposit with RD features in the investment phase and an annuity fixed deposit in the payout phase. Any Indian citizen can open it in single or joint. The minimum value of investment in ICICI Bank’s Monthly Income Recurring Deposit is Rs 2000 per month. After that, a deposit can be made in multiples of 100 rupees.

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    Period of deposit

    The entire tenure of this deposit is divided into two phases, the first investment phase and the second payout or benefit (repair) phase. The investment phase will be of minimum of 24 months and will be in multiply of 3 months. The payout phase will also be a minimum of 24 months and will be in a multiplier of 12 months. Keep in mind that the total duration of the deposit, including both the investment and payout phase, is determined and cannot be changed. The depositor will decide the period.

    Investment Phase: During this phase, the customer will have to regularly add money to the RD to raise funds.

    Payout Phase: After the completion of the phase of investment in the deposit, the entire maturity amount, including RD installments + interest, will be put into an annuity fixed deposit for the payout period and the customer will receive a monthly payout.

    Special offer of SBI, BoB, HDFC Bank: Senior Citizen up to 0.50% more interest on FD

    This can be understood by an example…

    Bank Monthly Income Scheme

    Rate of interest

    Monthly Income Recurring Deposit will get a fixed interest rate during the entire deposit period, i.e. the same rate of interest will be applicable during both the investment phase and the payout phase. Even if the interest rate decreases or increases, during both the phases, the fixed rate of interest will continue to be available. Currently, the interest rates on RD in ICICI Bank vary from 3.50 per cent to 5.50 per cent per annum, depending on the duration. 0.50 percent more interest is being offered to senior citizens.

    Special offer of SBI, BoB, HDFC Bank: Senior Citizen up to 0.50% more interest on FD

    The conditions

    • The interest received on the deposit will be subject to tax.
    • If the monthly installment in this RD does not go till the last working day of the month, then the penalty for delay in installment will be Rs 12 per 1000 rupees.
    • Partial withdrawals are not allowed in any phase in a monthly income recurring deposit account.
    • Premature closure will be allowed during both the investment phase and the payout phase, but the penalty will be payable.

    Option to get a lump sum

    ICICI Bank also offers another option with the same RD account, in which the customer can get a lump sum of 30% of the entire maturity amount in the payout phase on completion of the investment phase. After that, the remaining maturity amount is again put in the FD with the monthly payout option for the payout period. During this time the monthly payment is received by the customer in his savings account. An example of this is…

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    Source: www.financialexpress.com

    #ICICI #Bank #providing #income #month #Learn #advantages #terms #conditions

    icici bank monthly income rd ICICI Bank Monthly Income Recurring Deposit icici bank monthly income recurring deposit account icici bank rd icici bank recurring deposit rd mis scheme rd with monthly income option recurring deposit with monthly income option
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