The ICICI Bank website states, “The additional rate will be available on fresh deposits as well as on deposits renewed during the plan period.”
The tenure of Golden Years FD is five to ten years. The scheme was launched on May 20, 2020, and will run till October 31, 2022. These FDs are applicable to a single FD with a balance of less than Rs 2 crore.
Premature Withdrawal on Golden Year FD
As per ICICI Bank website, “Premature Withdrawal on FD: If a fixed deposit is opened and the above scheme is prematurely withdrawn on or after 5 years 1 day, the applicable penalty rate will be 1.10% If the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the Premature Withdrawal Policy prevailing will be applicable.
icici bank interest rates
ICICI Bank Offers higher interest rates of up to 6.60% p.a. for senior citizens (those above 60 years of age) and up to 6.10% p.a. for citizens below 60 years of age.
According to the bank’s website, “With the current uncertainty and highly volatile market, you can always rely on ICICI Bank Fixed Deposits for assured and guaranteed returns. ICICI Bank FD is one of the safest FDs and is referred to as “AAA”. Which easily beats any competition.
How is interest calculated on Fixed Deposit (FD)?
The interest on fixed deposits is calculated based on the tenure of the FD and the current interest rate effective at the time of opening the FD.
According to the ICICI Bank website, here’s how to calculate the interest:
- Cumulative FD: Interest is calculated for the quarter and compounded/reinvested in the principal amount. Interest for the next quarter is calculated on the accumulated amount.
- Traditional FD with quarterly interest payment option: Simple interest is calculated and paid at the end of each quarter
- Traditional FD with Monthly Interest Payout Option: Interest is paid at a discounted price and at the end of each month
- Short Term FD: Interest is calculated on the basis of simple interest.