ICICI Bank gives additional interest to senior citizens on FDs over and above the interest rate common to the general public. However, under this special scheme, the bank will get another additional interest rate.
New Delhi . It is the last day of the Golden Years FD scheme launched by ICICI Bank. It is worth noting that the bank is offering a special additional interest rate to senior citizens on fixed deposits of less than Rs 2 crore till 8 April 2022 i.e. till date. This additional interest rate will be given on FDs above the tenure of 5 years.
The golden years scheme under which the bank is giving this additional interest rate came into effect on January 20, 2022. ICICI Bank says that resident senior citizen customers who get FD within a limited time will get an additional interest rate of 0.25% in addition to the existing additional interest rate of 0.50% for a period of time.
The scheme will also be applicable on renewed FDs
The bank has said that under this scheme, apart from people opening new FDs, those people who have renewed their old FD during this period will also be included. This scheme is applicable to those FDs which have been opened or renewed between 20 May 2020 to 8 April 2022.
FD tenure
The FD is applicable for tenures ranging from 5 years 1 day to 10 years and deposits below Rs 2 crore. In general the bank offers 6.35% interest rate to senior citizens on the specified tenure which is already higher as compared to 5.60% rate offered to others. However, since the introduction of Golden Years FD, the bank is offering an additional 0.25% rate over the normal interest rate offered to senior citizens.
What are the rules for premature breaking of FD
According to the bank, if the deposit opened under the above scheme is prematurely withdrawn or closed on or after 5 years 1 day, then penalty at the rate of 1.25% per cent will be applicable. If the deposit opened in the scheme is prematurely withdrawn/closed before 5 years and 1 day, then the prevailing premature withdrawal policy will be applicable.
