NE BUSINESS BUREAU
MUMBAI, MAY 21
ICICI Bank on Thursday announced that it has introduced a special fixed deposit (FD) scheme for senior citizens. Named ‘ICICI Bank Golden Years FD’, the scheme offers senior citizens an interest rate of 6.55% per annum for deposits up to Rs 2 crore with a tenure of more than five years to 10 years, a bank statement said.
‘ICICI Bank Golden Years FD’, which is available from May 20 to September 30, 2020, offers 80 basis points (bps) more than what applies to the general public (non-senior citizens) for the same deposit amount and tenor. Also, it is 30 bps more than the previous rates offered by the Bank. Resident senior citizens can avail of the benefit of this scheme for new FDs as well as renewal of old FDs.
Speaking on the initiative, Pranav Mishra, Head – Liabilities Group, ICICI Bank said, “We at ICICI Bank have always valued our relationship with senior citizens. We know that FD interest is a key source of income for a large section of senior citizens. Keeping this in mind, we are offering higher interest rates to them through the new scheme, even in the declining interest rate regime, as a mark of our respect. We believe that this scheme will help them to create a good pension kitty on their long-term deposit and thereby enhance their convenience.“
