ICICI Bank has extended its special fixed deposit scheme for senior citizens. Now, an elderly individuals can enjoy exclusive additional interest rates on their FDs below ₹2 crore till October 7, 2022.
Earlier, the ICICI Bank’s Golden Years FD Rates that came into effect from January 20, 2022, were set to end on April 08, 2022.
However, ICICI Bank has now extended the scheme on its official website till October 7, 2022.
Under the scheme, ICICI Bank said, “resident senior citizen customers, will get an additional interest rate of 0.25% for a limited time over and above the existing additional rate of 0.50% per annum.”
The additional rate is applicable on fresh deposits opened as well as deposits renewed during the scheme period.
However, this special scheme is available for tenure above 5 years.
On 5 years 1 day up to 10 years tenure, ICICI Bank offers a 6.35% interest rate to senior citizens which is already higher than compared to 5.60% offered to the general category.
However, since the launch of the Golden Years FD, the bank is offering an additional 0.25% rate on the normal interest rate offered to senior citizens.
Furthermore, it needs to be noted that in case the deposit opened in the above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.25%.
In case the deposit opened in the scheme is prematurely withdrawn/closed before 5 years and 1 day, the prevailing premature withdrawal policy will be applicable.