ICICI Bank FD Rates for Senior Citizens

Investing in a fixed deposit scheme is one of the best ways to save money for your retirement. There is no investment age limit. Especially if you are a senior citizen, a fixed deposit scheme is a beneficial investment option that helps save and grow your money.
Most banks in the market offer a higher FD interest rate to senior citizens. Similarly, ICICI Bank FD rates for senior citizens provide an additional 0.50% compared to standard rates.

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

Tenure 

Minimum is 7 Days

Maximum is 10 Years 

Investment Amount 

Minimum is Rs. 10,000

Maximum – no limit 

Interest Rates

Minimum is 2.50% p.a.

Maximum is 5.50% p.a.

(For senior citizens, additional 0.50%)

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 21st October 2020.

Tenure

Senior Citizen FD Interest Rates

7 Days – 14 Days 

3.00% p.a.

15 Days – 29 Days

3.00% p.a. 

30 Days – 45 Days

3.50% p.a.

46 Days – 60 Days

3.50% p.a.

61 Days – 90 Days

3.50% p.a.

91 Days – 120 Days

4.00% p.a.

121 Days – 184 Days

4.00% p.a.

185 Days – 210 Days

4.90% p.a.

211 Days – 270 Days

4.90% p.a.

271 Days – 289 Days

4.90% p.a.

290 Days – less than 1 Year

4.90% p.a.

1 Year – 389 Days

5.40% p.a.

390 Days – less than 18 Months

5.40% p.a.

18 Months – 2 Years

5.50% p.a.

2 Years 1 Day – 3 Years

5.65% p.a.

3 Years 1 Day – 5 Years

5.85% p.a.

5 Years 1 Day – 10 Years

6.30% p.a. * (6.00% + 0.30%)

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.

FD interest have fallen consistently over the last 5 years.
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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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Eligibility Criteria

The eligibility criteria for ICICI Bank FD for senior citizens:

Indian Senior Residents

The depositor needs to be above 60 years old on the day they open the FD account.

NRI Senior Citizens

Can open FD accounts through NRO or NRE accounts. The depositor should be above 60 years old. 

Special Case

ICICI Bank allows depositors above 55 years old to open FD if they have taken early voluntary retirement.

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.

FAQ's

    • Q. What are the investment plans available under the ICICI Bank FD account?

      Ans: There are two types:
      • Traditional: the interest payout options are quarterly and monthly. The maturity period ranges from 7 days to 10 years.
      • Reinvestment/cumulative: the interest gets compounded quarterly, and the amount is reinvested. The maturity term is six months to 10 years.
    • Q. What are the interest payout options available in FD accounts?

      Ans: For traditional FD accounts, the payout can be quarterly, monthly, or periodically, based on the customer’s preference. For reinvestment FD accounts, the interest will be paid along with the principal at maturity. 
    • Q. What is the recently launched ICICI Golden Years Scheme for senior citizens?

      Ans: In this scheme, the senior citizens (above 60 years) will get an additional 80 basis point interest rate on their FD deposit. This ICICI Bank FD rate for senior citizens will be available on deposits less than Rs.2 Crores with a tenure of more than five years.
    • Q. How can I use the ICICI Bank FD Calculator?

      Ans: Follow these steps to use the ICICI Bank FD calculator:
      • First, select the customer type- regular or senior citizen.
      • Next, choose the FD type- cumulative/interest payout/short-term FD.
      • The FD date will be set on default to the current date.
      • Enter the FD amount
      • Enter the tenure 
      • Automatically the interest rate, interest amount, maturity amount, and maturity amount will be displayed.
    • Q. What is the penalty for premature closure of the FD account?

      Ans: The following table gives the penalty details for premature withdrawal:
      Tenure Penalty for Premature Withdrawal
      < Rs.5 Crore deposit Rs.5 Crore and More
      < 7 days No interest amount paid No interest amount paid
      < 1 year 0.50% 0.50%
      1 year to < 5 years 1.00% 1.00%
      Five years and more 1.00% 1.00%
* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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