Money

ICICI Bank introduces special FD scheme for senior citizens with higher interest

ICICI Bank has launched a special term deposit (FD) scheme for senior citizens called ‘ICICI Bank Golden Years FD’. ‘ICICI Bank Golden Year FD’ scheme provides 6.55% pa interest rate for deposits to senior citizens 2 crores with tenure of more than five crores 10 years.

“We at ICICI Bank always value our relationship with senior citizens. We know that FD interest is a major source of income for a large section of senior citizens. Keeping this in mind, we are offering them a higher rate of interest as a token of our respect for them through the new scheme, even through the decreasing interest rate regime, “Pranav Mishra, Head – Liability 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 provides more than 80 basis points (BPS) for the same deposit amount and tenor as applicable to general public.

3) Resident senior citizens can avail this scheme for renewal of old FD as well as old FD.

4) Resident senior citizens get the facility of high interest rate on FD from 1 day to 10 years with a tenure of 5 years. This applies to a single FD amounting to less than Rs. 2 crores Rs.

5) Customers can avail loans against their FDs at principal and accrued interest of up to 90%. They can also apply for a credit card against their FD from the bank.

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

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