New Delhi: The largest private lender, ICICI Bank, launched the “ICICI Bank Golden Years FD” fixed deposit (FD) program specifically for senior citizens on May 21, 2020. Older people who live in the country can take advantage of higher interest rates on FDs with durations ranging from 5 years and 1 day to 10 years and deposits of less than 2 crore.
However, despite numerous extensions, ICICI Bank will cease offering its unique fixed deposit program (FD) on April 7, 2023. Read Also: Rates for FDs as of 2023: Comparison of Fixed Deposit Rates from HDFC, ICICI, and Axis Bank)
Name of the scheme: ICICI Bank Golden Years FD
Who can apply: Indian senior citizens
Closing Date: April 7, 2023
Tenure: Up to 10 years
How do I purchase ICICI Bank Golden Years FD for up to ten years?
Open an ICICI Bank Golden Years FD in a matter of minutes using the bank’s internet and mobile banking systems or by going to the ICICI Bank branch.
ICICI Bank Golden Years FD Interest Rate
On ICICI Bank Golden Years FDs of 5 years and a day, up to 10 years, senior citizens would receive an interest rate of 7.5%, which is 60 basis points higher than the usual rate of 6.9%.
Untimely withdrawal
On its site, that’s what ICICI Bank expresses “With impact from Walk 14, 2023, the relevant correctional rate will be 1% in the event that a Decent Store is shaped and the previously mentioned conspire is rashly removed/shut later, on or following 5 years and 1 day.
If a deposit opened under the aforementioned program is prematurely withdrawn or closed before 5 years, 1 day, the current premature withdrawal policy will apply.
Different advantages of ICICI Bank Golden Year FD
- Visa against FD
- Advance against FD
