ICICI Bank has extended its Special Senior Citizen Golden Years FD program until April 7, 2023.
Scheme ICICI Bank Golden Years FD: ICICI Bank has increased the interest rate on its special FD scheme for the elderly “Golden Years FD”. The Bank increased the interest received under this scheme by 10 basis points. According to information released by ICICI Bank, seniors who invest in the bank’s Golden Years FD will receive 0.20 percent more interest from the bank at an additional rate of 0.50 percent per annum.
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Increased rate effective from today
Previously, the additional interest rate on ICICI Bank Golden Years FD was 0.10% per annum. The increased interest rate is effective from today. After the interest rate change, retirees will receive 6.95% interest under the Golden Years FD scheme. This interest is provided on FD up to Rs 2 crore for a period of 5 to 10 years.
The scheme has been extended until April 7, 2023.
According to information published on the ICICI official website, the bank has extended the special FD scheme until April 7, 2023. Previously, the last date for this scheme was October 31, 2022. This is the second time this month that the bank has raised the FD interest rate. Earlier in October itself, the bank raised FD interest rates by 50 basis points.
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Investments can be withdrawn ahead of schedule
Seniors investing in this scheme get the opportunity to withdraw their money from the FD even before maturity. The bank will reduce the amount invested for this by 1.10 percent. In this case, all the rules of early repayment will apply to it. The Golden Years FD scheme, launched by ICICI Bank in May 2020, has been extended several times over the past two years. Following the increase in the repo rate by the Reserve Bank of India, many public and private banks increased interest rates under FD schemes.