New Delhi: Senior Citizens Special Fixed Deposit: There is important news for senior citizens. After HDFC, now ICICI Bank is going to give relief to senior citizens. The deadline for the special FD scheme ‘Golden Years FD’ run by ICICI Bank has been extended. Actually, this scheme was to be closed on 8th April, but now it has been increased to 7th October, 2022 by the bank. Let us tell you that keeping in mind the interests of senior citizens, this scheme was launched by the banks in May 2020 last year.
What is Special FD Scheme
Under this special fixed deposit scheme, senior citizens get more interest than ordinary FDs. It is worth noting that most of the banks offer higher interest rate to senior citizens, but, in special FD, the benefit of additional interest rate is being given on that interest rate. ICICI Bank on May 20, 2020 announced a special Fixed Deposit (FD) scheme for senior citizens named ‘Golden Years FD’.
Senior citizens are getting benefits
Under this special scheme, bank senior citizens are getting additional interest rate on new deposits and renewal deposits during the period from May 20, 2020 to October 7, 2022. Under this, the bank gives a regular interest rate of 5.6 percent on FDs of less than Rs 2 crore for a period of 5 years 1 day to 10 years, but senior citizens will get an interest rate of 6.35 percent. That is, under the Golden Years FD scheme, senior citizens get 0.75 percent more interest rate.
Premature withdrawal will attract penalty
Senior citizens who have made FD under this special scheme, if they break the FD prematurely, then they will get 1.25 percent penalty (ie 1.25 interest will be deducted).