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.
Five things to know about ICICI Bank’s special FD scheme for senior citizens-
- The scheme is available from May 20 to September 30, 2020.
- It offers 80 basis points (bps) more than what is applicable to general public for the same deposit amount and tenor.
- Resident senior citizens can avail the benefit of this scheme for new FDs as well as renewal of old FDs.
- 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.
- 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.
About ICICI Bank-
- ICICI Bank Limited is an Indian multinational banking and financial services company,It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
- Founded– 5 January 1994
- Headquarter – Mumbai
- Managing Director & CEO- Sandeep Bakhshi
- Chairman – Girish Chandra Chaturvedi
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