ICICI Bank on Thursday rolled out a fixed deposit (FD) scheme for senior citizens. The name of the scheme is ‘ICICI Bank Golden Years FD’. Under this scheme, the senior citizens will get an interest rate of 6.55% per annum for deposits up to Rs 2 crore. The tenure of the FD should be more than five years to 10 years.
The scheme is available from May 20 to September 30, 2020. Senior citizens will get 80 basis points (bps) extra than what is applicable to non-senior citizens for the same deposit amount and tenure.
The benefits of this scheme can be availed with new FDs and renewal of FDs. The basis points offered by the bank under this scheme is 30 bps more than what the Bank offered earlier.
Mr. Pranav Mishra, Head of Liabilities Group, ICICI Bank said in a statement, “We at ICICI Bank have always valued our relationship with senior citizens. We know that FD interest is a key source of income for a large section of senior citizens. Keeping this in mind, we are offering higher interest rates to them through the new scheme, even in the declining interest rate regime, as a mark of our respect to them”.
He further added, “We believe that this scheme will help them to create a good pension kitty on their long term deposit and thereby enhance their convenience”.