ICICI Bank Senior Citizens's Golden Years FD to end tomorrow, Check Latest Interest and other details

One of the biggest private lenders in the nation, ICICI Bank, provides older persons with a unique fixed deposit (FD) programme called ICICI Bank Golden Years FD. For older adults, ICICI Bank is offering a unique fixed deposit (FD) programme called the ICICI Bank Golden Years FD that will expire on April 7, 2023. For older persons, the ICICI Bank Golden Years FD was originally introduced from May 20, 2020, until September 30, 2020. After multiple extensions, the ICICI Bank will end its special fixed deposit programme on April 7, 2023.
Seniors will earn an additional interest rate of 0.10 percent under this scheme, on top of the current additional rate of 0.50 percent each year offered to elders, according to the ICICI Bank website.

Features-

• Higher interest rates on FDs with durations ranging from 5 years, 1 day to 10 years are advantageous to senior citizens.
• The scheme runs from May 20 through April 7, 2023.
• The programme will be available to both new and renewed FDs.
• Customers can get a loan against FD up to 90% of the principal amount plus interest.
• Customers can apply for a credit card from the bank using their FD as collateral.

Eligibility

Resident Senior citizens may benefit from the ICICI Bank Golden Years FD. This is a benefit offered to seniors over 60 by ICICI Bank.

Interest rate

• A senior citizen interest rate of up to 7.5% p.a.
• In addition to the current additional rate of 0.50% annually, resident senior citizen clients will additionally receive an additional interest rate on an FD of 0.10% for a brief period.
• According to the bank, the additional rate will be offered on newly established accounts as well as deposits renewed throughout the scheme's duration.

ICICI Bank senior citizen FD rates

For tenors ranging from 7 days to 10 years, ICICI Bank will now provide interest rates between 3.50 percent and 7.60 percent. With terms ranging from 15 months to two years, the bank provides the maximum interest rate of 7.60%. The bank provides a 7.50% interest rate on loans with a term of 5 years, 1 day to 10 years, and a 7.60% interest rate on golden years fixed-rate loans.

Premature withdrawal

The appropriate punitive rate will be 1.00% with effect from March 14, 2023, the bank stated. If a Fixed Deposit is made and the ICICI Bank Golden Years FD programme is prematurely withdrawn or cancelled after, on, or after 5 years 1 day.
The current premature withdrawal policy will be in effect if the deposit created under the aforementioned programme is prematurely withdrawn or closed before 5 years and 1 day, it was added.