Following the decision of the Reserve Bank of India, they have started raising interest rates on fixed deposits known as Fixed Deposit. ICICI Bank has announced that it has hiked interest rates on fixed deposits since the move came into effect on May 21 this year.
Accordingly, FD interest rates for general citizens will be increased and FD interest rates for senior citizens will be increased.
A plan exclusively for senior citizens, called Golden Years, is a term policy scheme offered by ICICI Bank for senior citizens.
Senior citizens with FD accounts who are citizens of India will receive an additional 0.25% interest rate for a specified period of time, after which they will receive an additional 0.50% interest rate.
Ordinary citizens will receive an interest rate of 5.75% for a fixed period of 5.75%, while senior citizens will receive an interest rate of 6.50% for one year to ten years under the Golden Years Plan.
If the deposits held under this scheme are withdrawn after 5 years 1 day or earlier, the penalty rate will be 1.25%.
According to ICICI Bank, the scheme offers additional interest rates for newly opened and renewed accounts.