ICICI Bank launches this special fixed deposit scheme - Know interest rates, eligibility and other details

The ICICI Bank has introduced a special fixed deposit (FD) scheme for the senior citizens. ICICI Bank today announced that it has introduced a special fixed deposit (FD) scheme for senior citizens. Named ‘ICICI Bank Golden Years FD’, the scheme offers senior citizens an interest rate of 6.55 per cent per annum for deposits up to Rs 2 crore with a tenure of more than five years to 10 years.

Speaking on the initiative, Pranav Mishra, Head – Liabilities Group, ICICI Bank said, “We at ICICI Bank have always valued our relationship with senior citizens. We know that FD interest is a key source of income for a large section of senior citizens. Keeping this in mind, we are offering higher interest rates to them through the new scheme, even in the declining interest rate regime, as a mark of our respect to them. We believe that this scheme will help them to create a good pension kitty on their long term deposit and thereby enhance their convenience."

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‘ICICI Bank Golden Years FD’, which is available from May 20 to September 30, 2020, offers 80 basis points (bps) more than what is applicable to the general public (non-senior citizens) for the same deposit amount and tenor. Also, it is 30 bps more than the previous rates offered by the Bank. Resident senior citizens can avail the benefit of this scheme for new FDs as well as renewal of old FDs.

Key highlights of ICICI Bank special FD for senior citizens:

1] Enhanced interest rates: Resident senior citizens get the convenience of higher interest rate on FDs with a tenure of 5 years 1 day to 10 years. This is applicable on a single FD amounting to less than Rs 2 crore;

2] Period: The scheme is available from May 20 to September 30, 2020.

3] For new and old FDs: The scheme will be applicable on fresh FDs as well as renewal of FDs;

4] Loan against FD: The customers can avail a loan against their FD up to 90% of principal and accrued interest; and

5] Credit card against FD: The customers can apply for a credit card against their FD from the Bank.

Recently SBI has introduced special FD scheme for senior citizens after which HDFC Bank also announced special scheme for senior citizens interested in FD investment.