ICICI Bank has expanded its special fixed deposit scheme for senior citizens. Now, elderly individuals can enjoy special additional interest rates on their FDs as below 2 crore by 7 October 2022.
Earlier, ICICI Bank’s Golden Years FD rates effective from January 20, 2022, were scheduled to expire on April 08, 2022. However, ICICI Bank has now extended this scheme on its official website till October 7, 2022.
under the scheme, ICICI Bank “Resident senior citizen customers will get an additional interest rate of 0.25% for a limited time over and above the existing additional rate of 0.50% per annum,” it said.
The additional rate is applicable on newly opened deposits as well as deposits renewed during the plan period.
However, this particular plan is available for tenures above 5 years.
On a tenure of 5 years 1 day to 10 years, ICICI Bank offers 6.35% interest rate to senior citizens which is already higher as compared to 5.60% offered for general category.
However, since the introduction of Golden Years FD, the bank is offering an additional 0.25% rate over the normal interest rate offered to senior citizens.
Further, it needs to be noted that if the deposit opened in the above scheme is prematurely withdrawn/closed on or after 5 years 1 day, the applicable penalty rate will be 1.25%. If the deposit opened in the scheme is prematurely withdrawn/closed before 5 years and 1 day, then the prevailing premature withdrawal policy will be applicable.
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