ICICI Bank said that 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.
New Delhi: ICICI Bank has extended the last date for investing in its special fixed deposit scheme offering higher returns to senior citizen investors. The private lender has announced that individuals can invest in the FD scheme till October 7, 2022. An individual investor above the age of 60 can invest up to Rs 2 crore in the special FD schemes offered by ICICI Bank to senior citizens. The bank has named the scheme – ICICI Bank Golden Years FD.
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In an official statement, ICICI Bank said that 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.
Previously, the last date to invest in the ICICI Bank Golden Years FD scheme was April 08, 2022. However, senior citizen investors can now put their money in the special FD scheme till October 7, 2022.
Investors, however, are required to lock in their funds for at least five years to get the benefits of the special FD scheme. The higher interest rate is offered on new FD deposits and also on the renewal of existing term deposits during the period of the scheme.
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It is important to note that most banks offer a 0.50% or 50 basis points higher interest to senior citizen investors. However, the ICICI Bank Golden Years FD scheme offers an additional interest rate of 0.25% or 25 basis points over and above the additional 0.50% rate – a major reason why the scheme is opted for by senior citizen investors.
Currently, ICICI Bank is offering a 6.35% interest rate to senior citizen investors opting for the special FD scheme. In contrast, regular citizens receive a 5.60% interest rate on their term deposits with a maturity of more than 5 years to 10 years.
