Home > Money > Personal Finance > ICICI Bank introduces special FD scheme for senior citizens with higher interest

ICICI Bank has introduced a special fixed deposit (FD) scheme for senior citizens called ‘ICICI Bank Golden Years FD’. 'ICICI Bank Golden Years FD’ scheme offers senior citizens an interest rate of 6.55% per annum for deposits up to 2 crore with a tenure of more than five years to 10 years.

“We at ICICI Bank have always valued our relationship with senior citizens. 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, even in the declining interest rate regime, as a mark of our respect to them,"Pranav Mishra, Head – Liabilities Group, ICICI Bank said.

Five things to know about ICICI Bank's special FD scheme for senior citizens:

1) The scheme is available from May 20 to September 30, 2020.

2) It offers 80 basis points (bps) more than what is applicable to general public for the same deposit amount and tenor.

3) Resident senior citizens can avail the benefit of this scheme for new FDs as well as renewal of old FDs.

4) Resident senior citizens get the convenience of higher 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.

5) The customers can avail a loan against their FD up to 90% of principal and accrued interest. They can also apply for a credit card against their FD from the Bank.

State Bank of India (SBI) and HDFC Bank have also launched special FD scheme for senior citizens to provide a higher interest rate to them in the current falling interest rate scenario.

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