The scheme is valid till 7 April 2023. It’s applicable on single FD opened through ICICI Bank for an amount less than Rs 2 crore.
New Delhi: India’s leading private sector lender ICICI Bank has launched “ICICI Bank Golden Years FD” fixed deposit (FD) programme specifically for senior citizens on 20 May 2020. As per the scheme, resident senior citizens will get an additional interest rate of 0.10 per cent on an FD for a limited time over and above the existing additional rate of 0.50 per cent per annum.
The scheme is valid till 7 April 2023. It’s applicable on single FD opened through ICICI Bank for an amount less than Rs 2 crore. The fresh deposits that have been opened and those deposits renewed during the scheme period are eligible for the additional rate of interest, as per the bank’s website.
Eligible FD tenure: 5 years 1 day, up to 10 years.
ICICI Bank Interest Rates On Fixed Deposits up to Rs 2 crore
| Tenure | General | Senior Citizen |
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to 90 days | 4.50% | 5.00% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 150 days | 4.75% | 5.25% |
| 151 days to 184 days | 4.75% | 5.25% |
| 185 days to 210 days | 5.75% | 6.25% |
| 211 days to 270 days | 5.75% | 6.25% |
| 271 days to 289 days | 6.00% | 6.50% |
| 290 days to less than 1 year | 6.00% | 6.50% |
| 1 year to 389 days | 6.70% | 7.20% |
| 390 days to < 15 months | 6.70% | 7.20% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to 2 years | 7.10% | 7.60% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | #7.50% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% | 7.50% |
As you can see, in the ‘5 years 1 day to 10 years’ tenure, the interest rate is 0.10 per cent higher than the usual 0.50 per cent extra for senior citizens as compared to the general investors taking their total benefit to 60 bps over and above the standard rates.
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What Happens In Case Of Premature Withdrawal of the FD
- In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.00 per cent with effect from 14 March 14 2023.
- In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.
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Other Benefits
- A loan against FD can be availed up to 90 per cent of principal and accrued interest.
- Investors can also apply for credit card against ICICI Bank Golden Years FD from the bank.
