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ICICI Bank, a private sector lender, has raised interest rates on a special term deposit scheme for elderly adults effective 21st May 2022. The bank offers a term deposit scheme for senior citizens called ICICI Bank Golden Years FD, a special fixed deposit scheme in which the bank gives an additional rate of interest and the standard benefit of 0.50 per cent. Previously, the bank offered resident senior citizen customers an additional rate of 0.10 per cent over and above the current rate of 0.50 per cent, bringing the total rate to 6.35 per cent, however, they will now receive an additional interest rate of 0.25 per cent over and above the existing additional rate of 0.50 per cent per annum, amounting to 6.50%.

As a result of the change, elderly residents would now get an interest rate of 6.50 per cent on deposits maturing in 5 years 1 day to 10 years, up from 6.35 per cent before. In the event of a premature withdrawal from the Golden Years FD, ICICI Bank has stated on its website for elderly residents that “In case deposit opened in above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.25%. In case the deposit opened in above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable."

ICICI Bank FD Rates 2022

ICICI Bank is giving the following interest rates on fixed deposits of less than 2 crore as of May 21, 2022.

7 days to 14 days- 2.50%

15 days to 29 days- 2.50%

30 days to 45 days- 3.00%

46 days to 60 days- 3.00%

61 days to 90 days- 3.00%

91 days to 120 days- 3.50%

121 days to 150 days- 3.50%

151 days to 184 days- 3.50%

185 days to 210 days- 4.40%

211 days to 270 days- 4.40%

271 days to 289 days- 4.40%

290 days to less than 1 year- 4.50%

1 year to 389 days- 5.10%

390 days to less than 15 months- 5.10%

15 months to less than 18 months- 5.10%

18 months to 2 years- 5.10%

2 years 1 day to 3 years- 5.40%

3 years 1 day to 5 years- 5.60%

5 years 1 day to 10 years- 5.75%

5 Years (80C FD) – Max to 1.50 lac- 5.60%

ICICI Bank FD Rates For Senior Citizens

7 days to 14 days- 3.00%

15 days to 29 days- 3.00%

30 days to 45 days- 3.50%

46 days to 60 days- 3.50%

61 days to 90 days- 3.50%

91 days to 120 days- 4.00%

121 days to 150 days- 4.00%

151 days to 184 days- 4.00%

185 days to 210 days- 4.90%

211 days to 270 days- 4.90%

271 days to 289 days- 4.90%

290 days to less than 1 year- 5.00%

1 year to 389 days- 5.60%

390 days to less than 15 months- 5.60%

15 months to less than 18 months- 5.60%

18 months to 2 years- 5.60%

2 years 1 day to 3 years- 5.90%

3 years 1 day to 5 years- 6.10%

5 years 1 day to 10 years- 6.50%

5 Years (80C FD) – Max to 1.50 lac- 6.10%

Source: Bank Website. W.e.f. May 21, 2022

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