Who is eligible to open an ICICI Bank Recurring Depoist?

  • All Individual Residents of Bahrain including Bahrainis (People who hold citizenship of Kingdom of Bahrain), NRIs and other Nationalities Residing in Bahrain .
  • Relationships can be opened in the name of the individual in his/ her own name.
  • Relationships can be opened for minors (persons below 21 years of age), under guardianship of a major.

What are the currencies available?

The Recurring Deposit can be opened in BD (Bahraini Dinar).

What is the minimum Installment amount?

Installment amount is as low as BHD 10 Bahraini Dinar per month and there after in multiples of 10 Bahraini Dinar like 20, 30, 40 ...... per month.

What are the tenors offered?

The Recurring deposit are offered in tenors of one and two years.

How is the interest calculated?

Interest will be calculated on month end balance in the account and paid on maturity.

Will I get overdraft facility?

No overdraft facility is provided on the Recurring deposit

Can joint accounts be opened?

Joint accounts can be opened in case of individuals. In such cases joint account holders are responsible individually and jointly to observe the terms and conditions of the account, including payment of Bank charges on the account. The Bank may accept instructions to allow any one or more of the account holders to operate the account, but such an instruction should be signed by all the account holders. Any changes to the instruction must be signed by all account holders, except in cases of withdrawal of such an authority. Any account holder can withdraw such an authority through written instructions.

Can the deposit be renwed on maturity?

No there is no renewal facility for recurring deposits.

How do I close the account?

The Recurring deposits are automatically closed on maturity and the balance is transafered to the savings account. You can opt to close the deposit prematurely subject to preclosure charges, details are specified in the terms and conditions .