ICICI Bank FD Rates for Senior Citizens

The following table presents an overview of the ICICI FD scheme:

ICICI Bank FD Rates for Senior Citizens

The following table shows the ICICI Bank FD rates for senior citizens for deposits below Rs. 2 Crores. The below-mentioned interest rates became applicable from 21^st October 2020.

Note: The interest rates are subject to change without any prior notification.

*Under the Golden Years Fixed Deposit Scheme, for FD tenure above five years, an additional 0.30% p.a. is given to senior citizens.

Features of the ICICI FD scheme

Listed below are the features of the ICICI FD scheme:

• The ICICI Bank Fixed Deposit is an excellent investment product, especially for senior citizens. It offers attractive ICICI Bank FD rates for senior citizens, liquidity, and safety.
• The FD can be easily opened using internet banking or iMobile.
• The minimum amount that needs to be deposited when opening the FD is Rs. 10,000. The maximum amount can be Rs. 1 Crore or higher. 
• The tenure for the FD can range from seven days to 10 years.
• The ICICI Bank FD rates for senior citizens are higher than the regular FD interest rates and are compounded quarterly. 
• If the senior citizens desire, they can add a nominee to the FD account.
• The depositor will receive the principal once the FD matures, along with regular interest returns.
• The ICICI Bank FD for senior citizens can be closed prematurely except for tax-saver FD accounts. For the latter, the premature withdrawal will lead to a penalty.

Benefits of the ICICI FD scheme

Following are the benefits offered by the ICICI FD scheme:

• ICICI Bank FD for senior citizens is a safer investment option compared to market investment instruments.
• The regular interest returns at the ICICI Bank FD rates for senior citizens, higher than usual, are a source of income for senior citizens enjoying their retirement days.
• The interest rate of FD opened with ICICI Bank by senior citizens is 0.50% p.a. higher than the regular interest rates. 
• The senior citizens also get an additional 0.30% p.a. interest for accounts with more than five years of tenure.
• The depositor can also take a loan against the FD of up to 90% of the principal amount invested.

Eligibility Criteria

The eligibility criteria for ICICI Bank FD for senior citizens:

Documents required to open ICICI Senior Citizen FD account

• Valid documents for identity proof
• Valid documents for address proof
• Recent passport-size photographs
• Duly filled application form

Factors that affect Senior Citizen ICICI Bank Fixed Deposit 

Some factors that affect the interest rates of fixed deposits are:

• The depositor’s age: To be eligible for the senior citizen FD, the depositor needs to be more than 60 years old. Only then can they benefit from the higher ICICI Bank FD rates for senior citizens.

• Amount used for investment: A higher investment amount will receive higher returns from the Fixed Deposit.

• Maturity tenure: For over five years, the senior citizen can enjoy an additional 0.30% on the return from the FD account. Thus, higher tenure means a higher interest rate.

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