ICICI Bank Launches Limited Period Golden Years FD With Additional 0.10% Interest; Details Inside

A special Fixed Deposit plan has been introduced by the private sector lender ICICI bank on 30 September 2022. The bank launched this special limited period FD Plan after the RBI hiked the Repo rate by 0.50 basis points, for the 4th time this year since May.

According to the bank's website, the limited-period "Golden Years FD" plan is valid up to October 06, 2022, starting September 30, 2022. This fixed deposit scheme only lasts a short while and offers higher interest rates compared to the existing FD rates.

According to the bank, the Resident Senior Citizen customers will get an additional interest rate on an FD of 0.10% for a limited time over and above the existing additional rate of 0.50% per annum. The existing FD rate offered to senior citizens below Rs 2 Cr Deposits for tenure 5 years to 10 years is 6.60%.

According to the the bank's website, the additional interest rate will be available on fresh deposits opened as well as deposits renewed during the scheme period. This special FD's eligible FD tenure is 5 years 1 day, up to 10 years. This limited period FD Plan is applicable on a single FD opened through ICICI Bank of an amount less than Rs 2 crore.

Under this limited period FD scheme, in case a Fixed Deposit is opened and prematurely withdrawn or closed after, on or after 5 years 1 day, the applicable penal rate will be 1.10%. In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.

All other features of the FD Deposits, as well as terms and conditions unchanged, and are applicable for this limited period FD schemes.