ICICI Bank introduces special FD scheme for senior citizens

May 21, 2020




ICICI Bank introduces special FD scheme for senior citizens

 

  • The scheme offers interest rate of 6.55%* to senior citizens, 80 bps more than general public
  • It is available on new FDs and renewal of FDs

Mumbai: ICICI Bank today 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.

 

‘ICICI Bank Golden Years FD’, which is available from May 20 to September 30, 2020, offers 80 basis points (bps) more than what is applicable to 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 the benefit of this scheme for new FDs as well as renewal of old FDs.

 

Speaking on the initiative, Mr. 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 to them. We believe that this scheme will help them to create a good pension kitty on their long term deposit and thereby enhance their convenience.“

 

Highlights of the scheme:

  • Enhanced interest rates: Resident senior citizens get the convenience of higher interest rate on FDs with a tenure of 5 years 1 days to 10 years. This is applicable on a single FD amounting to less than Rs. 2 crore.
  • Period: The scheme is available from May 20 to September 30, 2020.
  • For new and old FDs: The scheme will be applicable on fresh FDs as well as renewal of FDs
  • Loan against FD: The customers can avail a loan against their FD up to 90% of principal and accrued interest
  • Credit card against FD: The customers can apply for a credit card against their FD from the Bank.

The customers can conveniently and instantly open an FD using the Bank’s internet and mobile banking platforms. Alternatively, they can also visit the nearest ICICI Bank branch.

 

*: for FDs with tenor of 5 years 1 day to 10 years, and deposit of less than Rs 2 crore. It is applicable for resident Indians. The scheme is available from May 20 to September 30, 2020

 

Log into ICICI Bank internet banking: https://www.icicibank.com/Personal-Banking/instabanking/internet-banking/index.page 

 

Download ICICI Bank iMobile app by visiting: https://www.icicibank.com/mobilebanking/imobile.page 

 

To know more on the new scheme, visit: https://www.icicibank.com/interest-rates.page 

 

For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank

 

About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹13,77,292 crore at March 31, 2020. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.

 

Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov



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