One of the leading private sector lender, ICICI Bank has hiked its interest rates for a special FD plan which is designed to benefit the elders and will be in effect from May 21, 2022. ICICI offers a special term deposit plan for senior citizens called ICICI Bank Golden Years FD. With this special FD, plan bank offers the advantage of an additional interest rate over the standard benefit of 0.50 per cent to elders.
Interest Rate Hiked For Senior Citizens
Before May 21, 2022, the bank was offering an additional interest rate of 0.10 per cent over the standard rate of 0.50 per cent to the senior citizens, which helped them to earn a total of 6.35 per cent interest rate by investing in ICICI Bank Golden Years FD. Now, after the hike the senior investors will receive an additional interest rate of 0.25 per cent with the additional rate of 0.50 per cent, bringing the total interest earned to 6.50 per cent.
Tenure Period
Senior citizens will get an interest rate of 6.50 per cent from the previous 6.35 per cent on investments made towards ICICI Bank Golden Years FD Plan.
While informing about the premature withdrawals from the ICICI Bank Golden Years FD, the ICICI Bank website said, “In case deposit opened in above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.25%. In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.”
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Here Is The List of Interest Rates Offered By ICICI Bank For The Investments Made Towards FDs Worth Less Than ₹2 Cr From May 21, 2022:
| FD Tenures | Interest Rates Offered (%) |
| 7 days to 14 days | 2.50 |
| 15 days to 29 days | 2.50 |
| 30 days to 45 days | 3.00 |
| 46 days to 60 days | 3.00 |
| 61 days to 90 days | 3.00 |
| 91 days to 120 days | 3.50 |
| 121 days to 150 days | 3.50 |
| 151 days to 184 days | 3.50 |
| 185 days to 210 days | 4.40 |
| 211 days to 270 days | 4.40 |
| 271 days to 289 days | 4.40 |
| 290 days to less than 1 year | 4.50 |
| 1 year to 389 days | 5.10 |
| 390 days to less than 15 months | 5.10 |
| 15 months to less than 18 months | 5.10 |
| 18 months to 2 years | 5.10 |
| 2 years 1 day to 3 years | 5.40 |
| 3 years 1 day to 5 years | 5.60 |
| 5 years 1 day to 10 years | 5.75 |
| 5 Years (80C FD) – Max to ₹1.50 lac | 5.60 |
