Home/ Industry / Banking/  ICICI Bank discontinuing special fixed deposit (FD) for senior citizens this week: 10 things to know

The leading private lender ICICI Bank launched its "ICICI Bank Golden Years FD" fixed deposit (FD) programme specifically for senior citizens on May 21, 2020. Resident senior citizens can benefit from higher interest rates on FDs with terms ranging from 5 years and 1 day to 10 years on deposits of less than 2 Cr. However, after multiple extensions, ICICI Bank is going to end its special fixed deposit scheme (FD) on 7th April, 2023.

ICICI Bank Special FD Scheme

1. Scheme name: ICICI Bank Golden Years FD

2. Eligible customers: Resident senior citizens only

3. Applicable period: 20th May, 2020 to 7th April, 2023

4. Eligible FD tenure: 5 years 1 day, up to 10 years

5. Interest rate benefit: For a limited period, in addition to the current additional rate of 0.50% annually, resident senior citizen consumers will get an additional interest rate on an FD of 0.10%, taking their total benefit to 60 bps over and above the standard rates.

6. FD amount: Applicable on single FD opened through ICICI Bank of an amount less than 2 crore.

7. Type of FD accounts: ICICI Bank Golden Years FDwill be applicable on fresh FDs as well as renewal of FDs.

8. Loan against FD: Can be availed up to 90% of principal and accrued interest

9. Credit card against FD: Can be applied for a credit card againstICICI Bank Golden Years FD from the bank.

10. Premature withdrawal option: ICICI Bank has mentioned on its website that “In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.00% with effect from March 14, 2023. In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable."

ICICI Bank Special FD Scheme
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ICICI Bank Special FD Scheme (icicibank.com)

Customers may open an ICICI Bank Golden Years FD in a matter of minutes using the bank's internet and mobile banking platforms, or they can go to the ICICI Bank branch that is the nearest to them. On ICICI Bank Golden Years FD of 5 years 1 day, up to 10 years, senior citizens will get an interest rate of 7.50% which is 60 bps higher than the standard rate of 6.90%. Under the Golden Years FD scheme, all other FD Deposit features including terms & conditions remain in effect, according to ICICI Bank.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 02 Apr 2023, 06:20 PM IST
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