The scheme offers interest rate of 6.55% to senior citizens, 80 bps more than general public
ICICI Bank today announced that it has introduced a special fixed deposit (FD) scheme for senior citizens. Named ‘ICICI Bank Golden Years FD’, the scheme offers senior citizens an interest rate of 6.55% per annum for deposits up to Rs 2 crore with a tenure of more than five years to 10 years.
‘ICICI Bank Golden Years FD’, which is available from May 20 to September 30, 2020, offers 80 basis points (bps) more than what is applicable to 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.
Speaking on the initiative, Mr. Pranav Mishra, Head – Liabilities Group, ICICI Bank said, “We at ICICI Bank have always valued our relationship with senior citizens. We know that FD interest is a key source of income for a large section of senior citizens. Keeping this in mind, we are offering higher interest rates to them through the new scheme, even in the declining interest rate regime, as a mark of our respect to them. We believe that this scheme will help them to create a good pension kitty on their long term deposit and thereby enhance their convenience.”
Highlights of the scheme:
- Enhanced interest rates: Resident senior citizens get the convenience of higher interest rate on FDs with a tenure of 5 years 1 days to 10 years. This is applicable on a single FD amounting to less than Rs. 2 crore.
- Period: The scheme is available from May 20 to September 30, 2020.
- For new and old FDs: The scheme will be applicable on fresh FDs as well as renewal of FDs
- Loan against FD: The customers can avail a loan against their FD up to 90% of principal and accrued interest
- Credit card against FD: The customers can apply for a credit card against their FD from the Bank.
The customers can conveniently and instantly open an FD using the Bank’s internet and mobile banking platforms. Alternatively, they can also visit the nearest ICICI Bank branch.
Source: Company Press Release