ICICI Bank Golden Years FD for senior citizens with higher interest rate to end tomorrow: Check details

ICICI Bank, offering a special fixed deposit (FD) scheme dubbed as ‘ICICI Bank Golden Years FD’ for senior citizens to end on April 7, 2023. According to the ICICI Bank website, seniors will receive an additional interest rate of 0.10 percent under this program, on top of the existing additional rate of 0.50 percent per year granted to seniors on retail term deposits of more than five years to up to 10 years. This scheme is valid till April 7, 2023.

The bank has extended the last date numerous times from September 2020.

Also read: Latest Bank Fixed Deposit (FD) Interest Rates in India for 2023


Highlights of the scheme:

• Enhanced interest rates: 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.
• Period: The scheme is available from May 20 to April 7, 2023
• For new and old FDs: The scheme will be applicable on fresh FDs as well as renewal of FDs
• Loan against FD: The customers can avail a loan against their FD up to 90% of principal and accrued interest
• Credit card against FD: The customers can apply for a credit card against their FD from the Bank.

ICICI Bank senior citizen FD rates
ICICI Bank will now offer interest rates between 3.50 percent and 7.60 percent for tenors from 7 days to 10 years. The bank offers the highest interest rate of 7.60% on tenure ranging between 15 months to 2 years. The bank offers interest rate of 7.50% on tenure of 5 years 1 day to 10 years and on Golden years FD, the bank offers 7.60%

Maturity Period
	**Senior Citizen
7 days to 14 days	3.50%
15 days to 29 days	3.50%
30 days to 45 days	4.00%
46 days to 60 days	4.75%
61 days to 90 days	5.00%
91 days to 120 days	5.25%
121 days to 150 days	5.25%
151 days to 184 days	5.25%
185 days to 210 days	6.25%
211 days to 270 days	6.25%
271 days to 289 days	6.50%
290 days to less than 1 year	6.50%
1 year to 389 days	7.20%
390 days to < 15 months	7.20%
15 months to < 18 months	7.60%
18 months to 2 years	7.60%
2 years 1 day to 3 years	7.50%
3 years 1 day to 5 years	7.50%
5 years 1 day to 10 years	#7.50%
5 Years (80C FD) – Max to `1.50 lac	7.50%

Premature withdrawal
As per the website, “Premature withdrawal on FD: In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.00% with effect from March 14 , 2023.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.”

SBI WeCare
State Bank of India has extended the special senior citizens FD scheme to June 30, 2023. HDFC Bank and IDBI Bank have not updated anything on their special senior citizen deposit.