ICICI RD (Recurring Deposit) Calculator Online

The ICICI Recurring Deposit Calculator or ICICI RD calculator functions as a financial instrument designed to assist in determining the final maturity sum of your RD investment. But what is an RD investment?  A Recurring Deposit investment is a savings plan where you put in a set amount of money at consistent intervals, usually every month, for a certain stretch of time. 

The way ICICI RD interest rates add up is quite similar to Fixed Deposits, but in this case, it’s based on the monthly deposits you make. However, you can open an ICICI RD with a minimum of ₹500 per month and thereafter deposit in multiples of ₹100.

Thus, the ICICI RD interest rates calculator takes into account the following factors:

• Monthly recurring deposit amount
• RD Interest rate
• Term of investment

Imagine you’re putting money into smallcase ICICI Recurring Deposit (RD) to save up for something special – it could be a vacation, a new gadget, or just a rainy day fund. Now, the ICICI RD Calculator is like your friendly virtual helper. It shows you the amount you’ll have when the RD matures, including the interest you’ve earned. 

Let’s understand how smallcase ICICI RD interest rates calculator works. 

Step-1: 

Open the ICICI RD calculator on smallcase.

Step-2: 

Enter the desired amount that you wish to invest every month.

Step-3: 

Enter the RD interest rate in the ICICI recurring deposit calculator by sliding the bar or typing in manually.

Step-4: 

Input the time period (in years or months)

When it comes to understanding how your money grows in an ICICI Recurring Deposit, then the ICICI RD calculator formula can be relied on. Therefore, smallcase uses a global standardisation method to calculate ICICI RD rates to determine the total returns you have incurred. The ICICI RD calculator formula is as follows:

A= P x (1+R/N) ^ (NT)

The variables in this ICICI RD calculator equation represent the following:

Let’s take an example. Suppose an investor decides to make an ICICI recurring deposit (ICICI RD) of ₹1000 per month for a tenure of 24 months. His recurring monthly deposit accrues at an interest rate of 4.90% (general citizen rates for RD) for 1 year. Since manually entering the values and going through the math to find the ICICI RD maturity value can be an extremely tedious process. So, use smallcase ICICI RD calculator. 

After entering the above-mentioned values in the ICICI RD calculator, you will get the following results using the ICICI interest rates formula in minutes: 

Amount invested = ₹12,000

Expected return rate amount =  ₹12,362

Interest Earned = ₹362

To open an ICICI Recurring Deposit (RD) account, you’ll need to provide a few essential documents and meet specific eligibility criteria. Here’s what you’ll typically need:

Documents Required for ICICI RD Account Opening

• Account application form
• Recent passport-size photo
• KYC documents

• For Individuals and Companies: PAN Card, Passport Copy, Aadhar Card, Voter’s ID, Driving License
• For HUFs: HUF declaration deed, HUF bank statement, self-attested PAN card
• For Partnership Firms: Certificate of Incorporation, Partnership deed, ID proofs of all signatories.

Eligibility Criteria Required for ICICI RD Account Opening

• Resident Individuals
• Non-Resident Indians (NRIs) and Persons of Indian Origin PIOs
• Organisations
• Sole proprietorship firms
• HUFs
• Trusts and companies
• Partnership Firms
• Public and Private Limited companies

Recurring Deposit (RD) with ICICI offers distinct interest rates for senior citizens and general citizens. Therefore, to explore and compare the RD interest rates offered for different tenure options, you can use the ICICI recurring deposit calculator.

The following table illustrates various ICICI RD interest rates w.e.f 2nd August 2024, providing a clearer perspective.

The ICICI recurring deposit calculator is a useful tool that can help you make informed decisions about your RD investment. Now, let’s have a look at its advantages:

• Easy to Use: The ICICI RD calculator is a simple and user-friendly tool that anyone can use.
• Saves Time: You don’t need to do any complex calculations yourself. The ICICI RD interest rates calculator will do it for you in a few seconds.
• Helps to Plan Your Investment: The ICICI RD calculator can help you determine the monthly deposit amount and tenure of your ICICI recurring deposits to achieve your financial goals.

The ICICI RD Calculator simplifies the process of evaluating potential returns, making it easier for investors to plan their financial goals. By inputting key details like the monthly deposit amount, interest rate, and investment term, you can quickly gauge the maturity amount and interest earned. For those comparing savings options, understanding the difference between RD vs FD can further help you choose the right investment strategy for your needs.