New Delhi: On May 21, 2020, the largest private lender ICICI Bank introduced its “ICICI Bank Golden Years FD” fixed deposit (FD) scheme designed especially for senior persons. On FDs with durations ranging from 5 years and 1 day to 10 years and deposits under 2 crore, older individuals who reside in the country can benefit from higher interest rates.
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However, on April 7, 2023, ICICI Bank will stop offering its unique fixed deposit programme (FD) after numerous extensions.
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Name of the scheme: ICICI Bank Golden Years FD
Who can apply: Indian senior citizens
Closing Date: April 7, 2023
Tenure: Up to 10 years
How to purchase ICICI Bank Golden Years FD?
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Customers can use the bank’s internet and mobile banking systems to open an ICICI Bank Golden Years FD in just a few minutes, or they can visit the ICICI Bank branch.
ICICI Bank Golden Years FD Interest Rate
Senior residents would receive an interest rate of 7 percent on ICICI Bank Golden Years FDs of 5 years and a day, up to 10 years, which is 60 basis points higher than the usual rate of 6.9 percent.
Premature withdrawal
On its website, ICICI Bank states that “With effect from March 14, 2023, the applicable penal rate will be 1 percent in case a Fixed Deposit is formed and the aforementioned scheme is prematurely withdrawn/closed after, on or after 5 years and 1 day.
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The current premature withdrawal policy shall be applicable if the deposit opened under the aforementioned programme is prematurely withdrawn or closed before 5 years, 1 day.
Other benefits of ICICI Bank Golden Year FD
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– Credit card against FD
– Loan against FD
