ICICI Bank has introduced a special fixed deposit (FD) scheme for senior citizens called ‘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.

The benefits of this scheme, ICICI says, includes enhanced interest rates where senior citizens who are Indian residents get 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.

The scheme is available from May 20 to September 30, 2020 and will be applicable on fresh FDs as well as renewal of FDs

The customers can also avail a loan against their FD up to 90% of principal and accrued interest and can also apply for a credit card against their FD from the bank.

“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,” Pranav Mishra, Head – Liabilities Group, ICICI Bank said in a statement.

Senior citizen customers can open an FD using the bank’s internet and mobile banking platforms and can alternatively visit the nearest ICICI bank branch.