Following RBI‘s decision to boost the repo rate, numerous banks have started to increase fixed deposit (FD) interest rates. has announced that it has increased interest rates on FDs which came into effect on May 21, 2022. Along with interest rates offered to general citizens, interest rates of FDs eligible for senior citizens have been increased.
Golden Years FD details
The Golden Years FD is a term deposit scheme offered by ICICI Bank for senior citizens. Resident Senior citizen customers will get an additional interest rate of 0.25% for limited time over and above the existing additional rate of 0.50% per annum.
FD tenure: 5 years 1 day up to 10 years
Scheme Period : Valid upto October 7th , 2022
Applicable on single FD of amount Rs 2cr
For normal citizens the interest rate offered for the said tenure is 5.75 percent. The interest rate under Golden Years will fetch 6.50 percent for senior citizen for tenure between 5 year 1 day to 10 years.
The appropriate penal rate will be 1.25 percent if a deposit opened in the foregoing scheme is prematurely withdrawn/closed after, on, or after 5 years 1 day. If a deposit opened in the aforesaid scheme is withdrawn or closed before 5 years and 1 day, the current premature withdrawal policy will apply.
According to the ICICI bank website, “The additional rate will be available on fresh deposits opened as well as deposits renewed during the scheme period.”