The special fixed deposit programme of ICICI Bank will expire tomorrow October 7. The bank provides an additional 0.10 per cent interest rate under the programme for FDs with terms longer than five years. During the duration of the plan, both new and renewed FDs are subject to the rate. The programme, however, is only applicable to FDs under 2 crore rupees.
Through its programme called “Golden Years FD Interest Rates,” ICICI Bank has been offering senior citizens rate perks at an increased rate. As of September 30, 2022, the scheme’s most recent amendment is in force.
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With effect from September 30, ICICI Bank would charge the general public 6 per cent interest on FDs under Rs. 2 crores that mature between 5 and 10 years. The bank provides 6.60 per cent on the same term to senior citizens.
On tenures ranging from 7 days to 5 years, ICICI Bank provides the general public rates between 3 per cent and 6.10 per cent. For these tenures for senior citizens, the rate ranges from 3.50 per cent to 6.6 per cent.
The ICICI Bank requires a minimum deposit of 10,000 crores to start an FD account. Notably, FD interest rates are subject to Tax Deducted at Source following Income Tax Law.
According to ICICI Bank, residents who are senior citizens will receive an additional 0.10 per cent interest rate on an FD for a certain period over and above the current additional rate of 0.50 per cent per annum under the Golden Years FD plan. The higher rate will be offered on newly created accounts as well as deposits renewed throughout the initiative.
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The scheme’s eligible tenure ranges from 5 years and 1 day to 10 years. The programme is still active as of October 7, 2022. The programme is only applicable to one FD opened with ICICI Bank that is less than Rs. 2 crores.
According to ICICI Bank, if a fixed deposit is opened and the aforesaid scheme is prematurely withdrawn or closed after, on, or after 5 years and 1 day, the appropriate penal rate will be 1.10 per cent. If the deposit opened under the aforementioned programme is closed or prematurely withdrawn before 5 years and 1 day, the current premature withdrawal policy will be in effect.
Through an ICICI Bank FD, a customer may deduct up to 1,50,000 rupees in taxes from their taxable income.
