ICICI Bank Extended Validity of Its Special Fixed Deposit Scheme, Check Details

For both your short-term and long-term goals, ICICI Bank provides a range of fixed deposit schemes with assured returns. With flexible tenure options, attractive interest rates, and online banking facility, ICICI Bank provides its customers with the best fixed deposit plans. ICICI Bank allows its customers to invest in 4 different types of FD schemes, i.e. Regular Fixed Deposit, ICICI Bank Golden Years FD (For resident senior citizens), Money Multiplier FD and Tax Saver FD.

For the betterment of senior citizens who have experienced a low-interest rate regime of bank fixed deposits since the last year due to COVID-19, ICICI Bank offers a special fixed deposit scheme for senior citizens named Golden Years Fixed Deposit. Under this special fixed deposit scheme, resident senior citizens would be eligible to get an additional 0.30 percent interest rate on their single fixed deposits of less than Rs 2 Cr, above the prevailing additional rate of 0.50 percent per annum. This additional interest rate is only applicable on deposit periods of 5 years to 10 years and on new fixed deposits or renewed deposits.

The validity of this scheme was earlier valid till June, 2021, but now it has been extended by the bank. On its official website, ICICI Bank has stated that "this scheme is applicable from May 20, 2020 to October 7, 2021." The bank has also clarified that a penalty rate of 1.30% would be charged in case of premature exit or withdrawal, whereas all other terms and conditions will remain the same for senior citizens.

Recently, leading banks of India such as HDFC, Bank of Baroda and State Bank of India have also extended the validity of their special term deposit scheme for senior citizens till September 30, 2021. Under its WeCare Deposit scheme, SBI is promising an interest rate of 6.20% for senior citizens for a deposit tenure of 5 to 10 years. Whereas, for the same tenure, HDFC Bank and Bank of Baroda are providing an interest rate of 6.25% respectively under their special fixed deposit scheme for senior citizens.