PERSONAL FINANCE
The special FD scheme was unveiled by ICICI bank in May 2020.
India's leading private sector bank, ICICI Bank, is going to end its special Fixed Deposits (FD) scheme for senior citizens on April 8, 2022.
In May 2020, the bank had introduced the scheme with additional benefits for elderly people in order to assist them to cope with the negative interest regime.
What’s the special scheme?
The bank had unveiled a special fixed deposit scheme for senior citizens called ‘ICICI Bank Golden Years FD’.
Under the scheme, the bank offers an exclusive additional interest rate of 0.25 percent per year on fixed deposits held by elderly people for more than 5 years and up to 10 years.
In general, senior citizens receive a 0.50 percent higher interest rate on their deposits than the general public.
Since the launch of the scheme, the bank has promised an additional 0.25 percent interest rate over and above the existing additional rate of 0.50 percent per annum for senior citizens.
The bank introduced the programme for a term of 5 years 1 day up to 10 years, with the applicable period being May 20, 2020, to April 8, 2022.
READ | Want to apply for home loan? Know credit score, income, other eligibility criteria here
Premature withdrawals
For premature withdrawals made during the lock-in period of 5 years to 10 years, ICICI Bank has mentioned on its website that "In case deposit opened in above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.25%."
"In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable," it added.
Interest rates on FD
The bank gives a regular rate of 5.60 percent on fixed deposits of less than Rs 2 crore maturing in 5 years 1 day to 10 years.
However, under the Golden Years FD, ICICI Bank will offer an interest rate of 6.35 percent, which is a jump of 0.75 percent.
READ | Apply for ration card from home, follow these simple steps
Deepinder Goyal reveals customers' reaction to wife Grecia Munoz delivering Zomato orders
Infosys founder Narayana Murthy flirts with Sudha Murty in viral video from Kapil Sharma show
Ajay Devgn's fans don't want Singham Again to become a blockbuster: 'Rohit Shetty jab tak hai...'
Types, Most Popular and Where to Buy Peptides for Bodybuilding
Luxury in the City of Light: SABO Boutique Hotel Brings Elegance to Varanasi’s Sacred Ghats
Virat Kohli, Babar Azam could play for same team as Afro-Asia Cup set for revival
Shaping the Future of Web Apps: Full Stack Developer’s Expertise in API Design and Cloud Deployment
The Role of Artificial Intelligence in Enhancing Software Performance and Security
Mastering Linux for Superior Sound
Amid divorce rumours of Abhishek Bachchan and Aishwarya Rai, Aaradhya praises mother in viral video
AI in Data Warehousing: Future Trends and Innovations
Mukesh Ambani's Reliance Jio IPO worth Rs 840960 crore in 2025: All you need to know
After India's 0-3 loss against New Zealand, Shah Rukh Khan calls Gautam Gambhir...
BIG revelation on Imane Khelif, Olympic gold medallist boxer's medical repot leaked, it confirms…
Meet man who built Rs 152000 crore company, donated Rs 100 crore, now set to lead US firm as...
Visa Uncertainty: Impact of US polls on global talent
Virat Kohli turns 36: IPL franchises send heartwarming birthday wishes to legendary India cricketer
Meet Sanjay Verma, the new DGP of Maharashtra who replaced Rashmi Shukla
Anushka Sharma shares FIRST photo of Akaay, Vamika to celebrate Virat Kohli’s birthday
CAT 2024 admit card to be out today at iimcat.ac.in; know release time, steps to download
Vikas Divyakirti UPSC Tips: Check strategy to crack IAS exam, aspirants should study for...
Video of Pakistani man putting hand into chained tiger's mouth goes viral, social media reacts
Shalini Passi reveals her husband's connection to Shah Rukh Khan's wife Gauri Khan, they were..
SC upholds validity of UP madrassa law, says it does not violate principle of secularism
US Presidential Elections 2024: What time do the polls close; when will the results be known?
Elon Musk shares controversial post on X amid US election results, video goes viral
Mukesh Ambani's company earned Rs 15393 crore last week, his net worth now stands at...
Chhath Puja 2024: Know about Kharna, Sandhya Arghya, Usha Arghya, date, timings and puja vidhi
Virat Kohli Birthday: Legendary batter turns 36, here's a look at his incredible milestones
When Ratan Tata met his first true love after 50 years, went for dinner together, know who she was
Samantha Ruth Prabhu hits back at trolls who body-shamed her: 'If you guys...'
Two fall prey to Narayana Murthy and Mukesh Ambani's deepfake videos, lose Rs 80 lakh: Report
North Korea fires multiple ballistic missiles toward sea ahead of US election
Deepika Padukone romances Hrithik Roshan in Bikini, looks sizzling hot in UNSEEN viral video
Chhath Puja 2024: Top 50 wishes, What'sApp messages, quotes to share with your loved ones
Meet Caroline Emmons, Ratan Tata's 'first love' with whom he couldn't marry due to...
Who is Rohan Jaitley, frontrunner to replace Jay Shah as BCCI secretary?
World’s most expensive human tooth is valued over Rs 3000000, it belonged to…
Viral video: Little girl’s adorable dance to Lisa Haydon’s 'Manali Trance' impresses internet, watch
SC to deliver its verdict on pleas against Allahabad HC order scrapping UP madrasa law today
DNA TV Show: Why Election Commission changed Assembly by-elections' dates
Days after imposing fine on Anil Ambani, Sebi now issues Rs 130 crore demand notices to...
Thailand announces indefinite visa-free entry for Indian travellers
Meet daughter of billionaire, who studied in UK, now works in Rs 32770 crore Indian company as...
MUDA case: Lokayukta police summon Karnataka CM Siddaramaiah for questioning on...
This city is 4000 years old, belongs to bronze age where 500 people lived, it is located in...
Kamala Harris has been the President of US before? Here's when and how
What is elimination inflammation diet that helped Vidya Balan lose weight?
Shah Rukh Khan feels breathless after quitting smoking: Know withdrawal symptoms, how to manage them
Zomato CEO Deepinder Goyal takes action on vendor for mislabelling mushrooms at Hyperpure warehouse
Mukesh Ambani's Reliance shares fell by 3%, loses Rs 50205 crore in one day due to...