ICICI Bank, a private sector lender, is ending its special fixed deposit (FD) scheme for older residents today. The scheme is called "ICICI Bank Golden Years FD," and it would provide elderly citizens a special additional interest rate on fixed deposits under Rs 2 crore till April 8, 2022. The bank is giving resident senior citizen customers an additional 0.25 percent interest rate over and above the existing additional rate of 0.50 percent per annum under its special FD plan, which was started on May 1, 2020.
Senior citizens will get an additional 0.75 percent interest rate on deposits booked for 5 years 1 day up to 10 years, as well as on new accounts created as well as deposits renewed within the scheme timeframe of 20th May 2020 to 08th April 2022. The bank gives a regular rate of 5.60 percent on domestic term deposits of less than Rs 2 crore maturing in 5 to 10 years, but under the special FD scheme, elderly persons would receive a rate of 6.35 percent, which is an addition of 0.25 percent + 0.50 percent, totaling 0.75 percent.
According to the ICICI Bank website, the applicable penal rate will be 1.25 percent if a deposit made under the Golden Years FD is prematurely withdrawn/closed after, on, or after 5 years 1 day, and the prevailing premature withdrawal policy will apply if the deposit is prematurely withdrawn/closed before 5 years 1 day.
ICICI Bank FD Rates For Senior Citizens
Till now the bank has promised older persons the following interest rates on deposits of less than Rs 2 crore maturing in 7 days to 10 years, commencing January 20, 2022.
|Tenors||Interest rates (per cent per annum) w.e.f. January 20, 2022|
|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 less than 15 months||5.50%|
|15 months to less than 18 months||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||6.35%|
|5 Years (80C FD) - Max to Rs 1.50 lac||5.95%|
|Source: Bank Website|