Golden Years FD Scheme
ICICI Bank’s special FD scheme, also known as Golden Year FD, is for resident senior citizen customers. Investors will get an additional interest rate of 0.10% for a limited period of time in addition to the existing additional rate of 0.50% per annum.
This means that under the Golden Years FD scheme at an additional rate of 0.50 per cent per annum, senior citizens will earn an additional 0.10 per cent interest rate on the FD for a specific tenure. The scheme is applicable for newly opened accounts and deposits renewed during the programme. Note that the tenure of this particular deposit is 5 years 1 day, up to 10 years.
premature withdrawal
The applicable penalty rate will be 1.10% in case a fixed deposit is opened and the above scheme is prematurely withdrawn or closed on or after 5 years and 1 day. The existing Premature Withdrawal Policy will be effective if the deposits opened under the above program are withdrawn prematurely or are closed before 5 years and 1 day.
icici bank fd interest rate
With effect from 30th September, 2022 ICICI Bank is offering FD interest rates In the range of 3.50 to 6.60 per cent with tenure of 7 days to 10 years. The highest interest rate offered on tenures of 3 years 1 day to 5 years and 5 years 1 day to 10 years is 6.60%.
Special Senior Citizen FD Schemes Offered by Other Banks
During the pandemic, several other banks had also introduced similar special fixed deposits for senior citizens, where higher interest rates were offered on certain tenures (5 years and above). Some of these banks are still continuing with these schemes.
Examples of such schemes are State Bank Of India WeCare Senior Citizen FD and HDFC bank Special FDs for senior citizens etc. SBI WeCare FD offers an additional interest of 80 bps (an additional 30 bps + 50 bps normally offered to senior citizens) on the card rate for the public. Similarly, HDFC Bank offers an additional premium of 0.25% (over 0.50% of the existing premium) to senior citizens who wish to book FDs with tenures ranging from 5 years 1 day to 10 years.
HDFC Bank and IDBI Bank Both have extended their special senior citizen schemes till March 1, 2023 and October 31, 2022 respectively.