ICICI Bank announce special FD scheme for senior citizens

Indian multinational banking and financial services company, ICICI Bank Limited, has come up with a special fixed deposit (FD) scheme, especially for senior citizens.

The special scheme has been named, ‘ICICI Bank Golden Years FD’. Under this scheme, senior citizens would be offered an interest rate of 6.55 per cent per annum for deposits up to Rs 2 crore. Meanwhile, the tenure of the scheme would be five to ten years.

The bank informed that the scheme would be available from May 20 to September 30, 2020. The scheme offers 80 basis points, i.e. 30 bps more than the previous rate offered by the bank. Moreover, it is also more than what is applicable to non-senior citizens for the same amount and tenure. The offer would be valid on all new FDs opened by senior citizens and also, on the renewal of old FDs.

The bank has taken this initiative since FD interest forms a key source of income for senior citizens. Also, higher interest rates on long-term deposits would help senior citizens to have a good amount of pension.

Despite this wonderful scheme, the stock of ICICI Bank Ltd closed at Rs 291.20, down by 4.32 per cent against its previous close of Rs 304.35. Its 52-week high is Rs 552.40 while, its 52-week low is Rs 269.00 on BSE.