ICICI Bank Extends Special FD Scheme For Senior Citizens Till Oct 7, Offers Additional Interest Rate

ICICI Bank Customers Alert: The bank said the additional interest rate will be applicable on fresh deposits opened as well as deposits renewed during the scheme period.

The deadline for investing in ICICI Bank's special fixed deposit scheme, which offers higher rates to senior citizens, has been extended. Individuals can invest in the FD plan until October 7, 2022, according to the private lender.

Individual investors over the age of 60 can invest up to Rs 2 crore in ICICI Bank's special senior citizen FD programmes. ICICI Bank Golden Years FD is the name of the bank's scheme.

ICICI Bank said in a statement that resident senior citizen customers will receive a 0.25 percent additional interest rate for a limited time, on top of the existing additional rate of 0.50 percent per annum.

Previously, April 8, 2022 was the last day to invest in the ICICI Bank Golden Years FD plan. Senior citizens, on the other hand, can now invest in a special FD plan until October 7, 2022.

However, in order to benefit from the special FD programme, investors must commit their capital for at least five years. During the scheme's duration, the higher interest rate is offered on new FD deposits as well as the renewal of existing term deposits.

It's worth noting that most banks give older citizens a 0.50 percent or 50 basis point higher interest rate. The ICICI Bank Golden Years FD scheme, on the other hand, offers an additional 0.25 percent interest rate, or 25 basis points, over and above the additional 0.50 percent rate, which is one of the main reasons why elderly citizens choose the scheme.