ICICI Bank has cut the interest rate on Golden Years FD by 10 basis points, a special FD scheme for senior citizens.
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ICICI Bank special FD scheme for senior citizens – Golden Years FD But the interest rate has been cut by 10 basis points. Under this scheme, senior citizens get a special interest of 0.10 per cent over and above the existing additional interest of 0.50 per cent they get on FDs. ICICI Bank According to the website, this scheme is for retail term deposits of more than five years and up to 10 years. Earlier ICICI Bank Golden Years FD SchemeFor this, an additional interest of 0.20 percent was available. This offer is applicable till 7th April 2023.
Withdrawal can be done even before maturity
Under ICICI Bank Golden Years FD, users also get the facility of premature withdrawal. The bank says that if a fixed deposit is opened, and under this scheme, a penalty of 1.10 per cent will be charged by withdrawing the money one day before or after five years of maturity. According to the bank’s website, if the money deposited in this scheme is prematurely withdrawn before five years, then the existing premature withdrawal policy will be applicable.
ICICI Bank recently increased interest rates on fixed deposits up to Rs 2 crore by up to 30 basis points. The changed interest rates came into effect from 16 November 2022. Private banks now get interest between 3.50 per cent to 7.10 per cent for FDs with a tenure of 7 days to 10 years. The bank is paying a maximum interest of 7.10 per cent for a period of three years to 10 years.
Other banks also have special FD scheme
Apart from this, other big banks like SBI and HDFC Bank also offer special FDs for senior citizens with higher interest rates. SBI Wecare scheme is run under Retail Term Deposit for Senior Citizens in which additional 30 basis points interest is given. This additional interest is given on term deposit schemes with maturity of 5 years and above.
In May 2020, State Bank launched the SBI WeCare FD scheme during the first wave of the COVID epidemic. This scheme was started to provide financial benefits to senior citizens.
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