ICICI Bank today following its larger peers in the industry has launched a special deposit scheme for senior citizen customers. The scheme called ICICI Bank Golden Years FD will offer a return of 6.55% per annum for deposit amount up to Rs. 2 crore and with maturity spanning more than five years to 10 years.
The scheme as per the bank's press statement "offers 80 basis points (bps) more than what is applicable to 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," stated the release.
The scheme shall be available for a period between May 20 and September 30, 2020.
Features of ICICI Bank Golden Years FD scheme
1. The scheme can be availed for both fresh FD accounts opened at the bank as well as renewal of existing FDs of senior citizens.
2. Credit card against FD
3. Loan against FD: Up to 90% of principal and accrued interest can be taken as loan against the FD.
"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," said Pranav Mishra, Head - Liabilities Group, ICICI Bank.