ICICI Bank Extends Duration of Golden Years FD For Senior Citizens

ICICI Bank, a private sector lender, has extended the deadline for its "Golden Years FD" special fixed deposit scheme. Initially, the scheme's duration was set to finish on October 7, 2021, however the bank has extended it until April 8, 2022, effective January 20, 2022. Investing in "Golden Years FD" is excellent for senior citizens who wish to book their fixed deposit for higher, secure, and inflation-beating returns. The bank gives elderly people an additional 0.25 percent interest rate over and above the existing additional rate of 0.50 percent per year under the Golden Years FD scheme.

During the scheme period of 20th May 2020 to 08th April 2022, the additional rate will be offered on new deposits as well as deposits renewed, and the Golden Years FD can only be booked for a term of five years and one day up to ten years. The deposit amount must be less than Rs 2 crore, and all other term deposit benefits, as well as the terms and conditions, will be applicable to this scheme as well.

ICICI Bank Fixed Deposit Interest Rates For Senior Citizens

ICICI Bank is now providing a 5.60 percent interest rate on deposits maturing in 5 years 1 day to 10 years to the general public. Senior citizens, on the other hand, who open a Golden Years FD for the same period would receive a 6.35 percent interest rate, which is 0.25 percent in addition to the existing additional rate of 0.50 percent annually. These interest rates are effective as of January 20, 2022. Senior citizens should be aware that if a deposit placed in the Golden Years FD scheme is withdrawn or closed prematurely after, on, or after 5 years 1 day, the penalty rate will be 1.25 percent. If an account opened under the scheme is withdrawn or closed before 5 years and 1 day, the bank's existing premature withdrawal rules will apply.

Tenure	Interest rate for senior citizens p.a.
7 days to 14 days	3.00%
15 days to 29 days	3.00%
30 days to 45 days	3.50%
46 days to 60 days	3.50%
61 days to 90 days	3.50%
91 days to 120 days	4.00%
121 days to 150 days	4.00%
151 days to 184 days	4.00%
185 days to 210 days	4.90%
211 days to 270 days	4.90%
271 days to 289 days	4.90%
290 days to less than 1 year	4.90%
1 year to 389 days	5.50%
390 days to	5.50%
15 months to	5.50%
18 months to 2 years	5.50%
2 years 1 day to 3 years	5.70%
3 years 1 day to 5 years	5.95%
5 years 1 day to 10 years (Golden Years FD)	6.35%
5 Years (80C FD)	5.95%
Source: Bank Website. W.e.f. January 20, 2022

Note

The country's largest lender, State Bank of India (SBI), has also extended the duration of its special FD scheme for senior citizens called "SBI Wecare" Deposit. On its website, the bank states "A special " SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen's on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended upto 30th September, 2022." For more details, please click here.