ICICI Bank introduces special FD scheme for senior citizens: Interest rate, loan and all you need to know


New Delhi: Private sector lender ICICI Bank on Thursday launched a special mounted deposit (FD) scheme for senior residents known as – ICICI Bank Golden Years FD’.

The scheme provides senior residents an rate of interest of 6.55% each year for deposits up to Rs 2 crore with a tenure of greater than 5 years to 10 years, ICICI Bank stated.

The prospects can conveniently and immediately open an FD utilizing the Bank’s web and cellular banking platforms. Alternatively, they will additionally go to the closest ICICI Bank department.

We know that FD curiosity is a key supply of revenue for a big part of senior residents. Keeping this in thoughts, we’re providing greater rates of interest to them by the brand new scheme…We consider that this scheme will assist them to create a great pension kitty on their long run deposit and thereby improve their comfort,“ Pranav Mishra, Head – Liabilities Group, ICICI Bank stated.

Here is all you need to know about ICICI Bank Golden Years FD

Availability

 ‘ICICI Bank Golden Years FD’, is accessible from May 20 to September 30, 2020. The financial institution stated that it provides 80 foundation factors (bps) greater than what’s relevant to basic public (non-senior residents) for the identical deposit quantity and tenor. Also, it’s 30 bps greater than the earlier charges supplied by the Bank. Resident senior residents can avail the good thing about this scheme for new FDs in addition to renewal of outdated FDs.

Interest charges

Senior residents get rate of interest on FDs with a tenure of 5 years 1 days to 10 years. This is relevant on a single FD amounting to lower than Rs 2 crore.

New and outdated FDs

The scheme will likely be relevant on recent FDs in addition to renewal of FDs

Loan towards FD

The prospects can avail a loan towards their FD up to 90% of principal and accrued curiosity

Credit card towards FD

The prospects can apply for a bank card towards their FD from the Bank.

 

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