After the amendment, senior citizens will earn an interest of 6.7 per cent under the ICICI Bank Golden Years FD scheme. The new rate is effective from September 30, 2022, according to the bank’s website.
Note that as per the bank’s website, an additional rate will be available on fresh deposits as well as on deposits renewed during the plan period. ICICI Golden Years FD This scheme is available till October 7, 2022. This special rate is applicable for fixed deposits up to Rs 2 crore with tenors ranging from five years a day to 10 years, the bank’s website said.
Premature withdrawal option is also available under ICICI Bank Golden Years FD. “If a fixed deposit is opened, and the above scheme is prematurely withdrawn or closed after five years or so, the applicable penalty rate will be 1.10 per cent,” the lender said. According to the bank’s website, “If the deposits opened in the above scheme are prematurely withdrawn/closed five years before one day, the Premature Withdrawal Policy prevailing shall be applicable.”
ICICI Bank recently increased interest rates by 25 basis points (on select tenures) on fixed deposits up to Rs 2 crore. The revised rates came into effect on September 30, 2022.
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Bank FD interest rates will increase
reserve bank of india (RBI) increased the repo rate by 50 basis points on September 30, 2022. The central bank has hiked the prime lending rate by 190 basis points since May this year, taking the repo rate to a three-year high of 5.9 per cent. The back-to-back repo rate hikes have given further impetus to the rise in fixed deposit interest rates. many banks including axis BankBank of India, and RBL Bank Interest rates on fixed deposits have already been increased.
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“The era of low FD rates is definitely behind us now, and FD investors can look forward to better days ahead. The pace of rate hike is expected to continue for some more time. While up to double digit rates in the near future With the odds of reaching low, it is clear that FD interest rates are expected to reach 8 per cent and are heading towards the 9 per cent mark,” said Adil Shetty, CEO, BankBazaar.com.
“While rate transmission in FD rates is slow, low liquidity may drive a rise in FD rates. Nevertheless, higher growth in FDs is still expected and terraced FDs will continue to be a good move for the next few months.” added further.