India’s driving private area bank, ICICI Bank, will end its exceptional Fixed Deposits (FD)scheme for senior residents on April 8, 2022.
In May 2020, the bank had presented the plan with extra advantages for older individuals to help them to adapt to the negative interest regime.
What’s the extraordinary plan?
The bank had disclosed an extraordinary fixed deposit scheme for senior residents called ‘ICICI Bank Golden Years FD’.
Under the plan, the bank offers a select extra interest rate of 0.25 percent each year on fixed deposits held by older individuals for over 5 years and as long as 10 years.
As a general rule, senior residents get a 0.50 percent higher interest rate on their deposits than the overall population.
Since the launch of the plan, the bank has guaranteed an extra 0.25 percent interest rate well beyond the current extra pace of 0.50 percent per annum for senior residents.
The bank presented the program for a term of 5 years 1 day as long as 10 years, with the material time frame being May 20, 2020, to April 8, 2022.
Premature withdrawals
For premature withdrawals made during the lock-in time of 5 years to 10 years, ICICI Bank has referenced on its site that “If deposit opened in above scheme is rashly removed/shut later, on or following 5 years 1 day, the material corrective rate will be 1.25%.”
“If the deposit opened in the above plot is rashly removed/shut before 5 years 1 day, the predominant untimely withdrawal policy will be pertinent,” it added.
Interest rates on FD
The bank gives an ordinary pace of 5.60 percent on fixed deposits of not as much as Rs 2 crore developing in 5 years 1 day to 10 years.
In any case, under the Golden Years FD, ICICI Bank will offer an interest rate of 6.35 percent, which is a leap of 0.75 percent.
