ICICI Bank introduces special FD scheme for senior citizens: Interest rate, loan and all you need to know

New Delhi: Private sector lender ICICI Bank on Thursday introduced a special fixed deposit (FD) scheme for senior citizens called – 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 said.

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.

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…We believe that this scheme will help them to create a good pension kitty on their long term deposit and thereby enhance their convenience,“ Pranav Mishra, Head – Liabilities Group, ICICI Bank said.

Here is all you need to know about ICICI Bank Golden Years FD

Availability

 ‘ICICI Bank Golden Years FD’, is available from May 20 to September 30, 2020. The bank said that it 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.

Interest rates

Senior citizens get 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.

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.