For covering inflation-adjusted living expenditures during retirement days, a typical retirement plan with a smart investing strategy for seniors is centered on retirement goals, risk tolerance attitude, steady income in the form of assured returns, easy exit or withdrawal rules, and so on. To guarantee steady income after retirement, it is critical for a retiree to budget and park his or her regular sum of money in a secure or safe investment vehicle. And, when it comes to safe investments for elderly folks, investing in fixed deposits is always the smartest and safest option for guaranteed returns.
To celebrate "World Senior Citizens Day", ICICI Bank, a leading private sector lender, has exclusive benefits for senior citizens. Regarding the same the bank via its Twitter handle has today said that "This World Senior Citizens Day, invest for your golden years with ICICI Bank and enjoy an exclusive additional interest rate." Only for the convenience of senior citizens, the bank today has said that "This World Senior Citizens Day Open An ICICI Bank Golden Years Fixed Deposit And Enjoy Your Golden Years Worry-Free." Now let's talk briefly about the special fixed deposit of the bank.
Golden Years Fixed Deposit From ICICI Bank
Last year on 21st May 2020, ICICI Bank had introduced a special FD scheme for senior citizens. ‘ICICI Bank Golden Years FD', the scheme offers senior citizens an interest rate of 6.30% per annum for deposits up to Rs 2 crore with a tenure of more than five years to 10 years, according to the bank. According to the official statement of the bank "ICICI Bank Golden Years FD offers 80 basis points (bps) more than what is applicable to the general public (non-senior citizens) for the same deposit amount and tenor. Also, it is 30 bps more than the previous rates offered by the Bank. Resident senior citizens can avail the benefit of this scheme for new FDs as well as renewal of old FDs." Here are the key benefits of the special fixed deposit scheme of ICICI Bank that senior citizens should need to know:
Exclusive additional interest rate: Indian senior citizens over the age of 65 will receive an additional 0.30 percent interest rate on their term deposits, including the existing additional rate of 0.50 percent per annum for deposit terms ranging from 5 years and 1 day to 10 years.
Period: This deposit is open to senior citizens till October 7, 2021.
Deposit amount: For a deposit amount of less than Rs 2 Cr, senior citizens will be eligible to get the additional interest rates under this special fixed deposit scheme.
Loan against fixed deposit: Senior citizens can also apply for a loan and get loan amount up to 90 percent of the principal and accrued interest against their special fixed deposit.
Credit card against fixed deposit: Against their Golden Years Fixed Deposit, senior citizens can also apply for a credit card with the bank.
ICICI Bank FD Interest Rates For Senior Citizens
For a deposit amount of less than Rs 2 Cr, senior citizens will get the following interest rates on their fixed deposit.
|Maturity Period||Interest Rates For Senior Citizens|
|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||5.40%|
|390 days to less than 18 months||5.40%|
|18 months to 2 years||5.50%|
|2 years 1 day to 3 years||5.65%|
|3 years 1 day to 5 years||5.85%|
|5 years 1 day to 10 years||6.30% (Golden Years FD)|
|5 Years (80C FD) - Max to Rs 1.50 lac||5.85%|
|Source: ICICI Bank, W.e.f. Oct 21, 2020|
ICICI Bank Penalty Rates On Premature Withdrawal of FD
Premature withdrawal of Domestic, NRO, and NRE deposits shall result in interest being determined at the prevailing rate for the period of the deposit was kept with the bank or the contracted rate of the deposit, whichever is lower, plus the relevant penalty as follows:
|Original Tenure of Deposit||Penal Rates|
|Less than Rs 5.0 crore||Rs 5.0 crore & above|
|Less than 1 year||0.50%||0.50%|
|1 year & above but less than 5 years||1.00%||1.00%|
|5 years and above||1.00%||1.50%|
|Source: Bank Website|
This #WorldSeniorCitizensDay, invest for your golden years with #ICICIBank and enjoy an exclusive additional interest rate. TnC apply. Know more here: https://t.co/7yywsud4qH pic.twitter.com/pvYZbI1Ss0— ICICI Bank (@ICICIBank) August 21, 2021