On May 21, 2020 The Private sector ICICI bank has introduced a special fixed deposit (FD) scheme for senior citizens called ‘ICICI Bank Golden Years FD’ which offers an interest rate of 6.55% per annum(p.a) for deposits up to Rs 2 crores with a tenure of more than 5 years(5 years and 1 day ) to 10 years. It is applicable for resident Indians & is available from May 20 to September 30, 2020.
i.The scheme offers 80 basis points (bps) more than what is applicable to the general public (non-senior citizens) for the same deposit amount and tenor.
ii.It is 30 bps more than the previous rates offered by the Bank.
Major Highlights of the scheme
i.For new and old FDs- Resident senior citizens can also avail the benefit of the scheme for new FDs as well as renewal of old FDs.
ii.Loan against FD– The customers can avail a loan against their FD up to 90% of principal and accrued interest
iii.Credit card against FD– The customers can apply for a credit card against their FD from the Bank.
Other Bank’s special FD launch for senior citizens
State Bank of India(SBI)
SBI has launched ‘SBI Wecare Deposit’ scheme which offers an additional 30 bps interest to senior citizens on their term deposits. However, tenor of such deposits must be at least 5 years. The scheme is available from May 12 to September 30, 2020.
Housing Development Finance Corporation(HDFC)
HDFC has launched ‘Senior Citizen Care FD’ which offers an additional 75bps for deposits with more than 5-year tenors with investments up to Rs 5 crore. The scheme is available between May 18, 2020 and September 30, 2020.
Corporate Office- Mumbai, Maharashtra
Registered Office– Vadodara, Gujarat
Managing Director & CEO– Sandeep Bakhshi
Chairman– Girish Chandra Chaturvedi