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ICICI Banks Raises FD Interest Rates Once Again: See Latest Rates Here

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Recently, Reserve Bank of India had decided to increase the repo rate by 40 bps to arrest the soaring inflation and the move of the Central Bank encouraged several private and public lenders to increase interest rates on fixed deposits. Ever since repo rate has been hiked, banks have been trying to offer attractive interest rates on FD. Now ICICI bank has increased the interest rates on its FD.

 
ICICI Banks Raises FD Interest Rates Once Again: See Latest Rates Here

ICICI Bank has decided to offer an exclusive additional interest rate of 0.25% per annum on fixed deposits of five years' period. These deposits fall under the category of Golden Years Fixed Deposit from the leading lender. It is important to know the various key salient features of these special deposits.

It is worth mentioning that senior citizens can invest their hard-earned money in these deposits and enjoy additional interest rates only for a limited tenure. The deposits will become invalid after October 7, 2022. So if you want to earn additional rates of interest, it is important that you invest your money in ICICI's FD before October 7, 2022.

It is important to note that the additional rate of interest will become applicable on fresh deposits opened as well as on deposits renewed during the tenure of the scheme.

Resident senior citizens can earn the additional interest rates on their FDs at 0.25% interest rate which is over and above the current additional interest rate of 0.50% per annum, only for a limited tenure.

It will remain applicable on single FDs on less than Rs 2 crore. The interest rate under Golden Years will be 6.50% p.a. for senior citizen for the period between 5 year 1 day to 10 years.

However, if any deposits opened or renewed under this scheme is prematurely withdrawn or closed on or after five year and one, there is a penalty of 1.25%.

Story first published: Saturday, May 28, 2022, 14:55 [IST]
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