ICICI Bank has extended the last date for investing in the Popular Fixed Deposit Scheme for Senior Citizens. The bank is offering additional interest to senior citizens on this FD.
ICICI Bank, one of the country’s largest private banks, has extended the last date for investing in ‘Golden Years FD’. This FD scheme is for Senior Citizens, in which investments can now be made till 31 October 2023. Please tell that this scheme was going to end on 7th April. But it has now been given an extension of six months. This special fixed deposit of ICICI Bank is getting 7.50 percent interest.
Get extra interest
Senior citizens can invest in ICICI Bank’s Golden Years FD for tenures ranging from five years one day to 10 years. Under the Special Fixed Deposit Scheme, ICICI Bank gives an additional 0.60% interest to its customers over the standard rate. However, additional interest rate is available on new FD or renewal. This scheme is for investment of less than two crore rupees. You cannot deposit more than this amount under this scheme.
Loan facility available
ICICI Bank started the Golden Years Special FD in the year 2020. This FD is very popular among the customers. Because of this, the bank has extended its deadline several times. Customers investing in this FD can take a loan of up to 90 percent of the principal and interest earned on their FD.
If a customer wants to withdraw his money before the maturity of FD, then its facility is also available. But if the amount is withdrawn on or after five years one day, a penalty of 1.00 per cent is applicable under the one per cent rule applicable from March 14, 2023.
FD can be opened like this
Customers can open FD using internet banking and mobile banking platform. Along with this, you can also go to the nearest ICICI Bank branch to open FD. Golden Years Special FD is quite popular among senior citizens and the interest rate has made it more attractive. Earlier, State Bank of India had extended the FD scheme of senior citizens till June 30.
Reserve Bank gave relief
The Reserve Bank of India had increased the repo rate by 2.50 percent from May 2022 to February 2023. In the first MPC meeting of the new financial year, the Reserve Bank has given relief to the people. After increasing the repo rate in the last financial year, all the banks of the country have increased the interest rates to make their FD scheme attractive.
