ICICI Bank’s special fixed deposits scheme is going to end on October 7. Under the scheme, the bank offers an additional interest rate of 0.10% on FDs above 5 years tenure. The rate is applicable on fresh FDs as well as renewed ones during the scheme period. However, the scheme is available only on FDs less than ₹2 crore.
ICICI Bank has been giving additional rate benefits to senior citizens through its scheme ‘Golden Years FD Interest Rates’. The latest revision in the scheme has come into effect from September 30, 2022.
With effect from September 30, ICICI Bank offers a 6% rate to the general public on FDs below ₹2 crore maturing from 5 years 1 day to 10 years. To senior citizens, the bank offers 6.60% on the same tenure.
Meanwhile, ICICI Bank offers between 3% to 6.10% to the general public on tenures from 7 days to 5 years. The rate is between 3.50% to 6.6% on these tenures for senior citizens.
The minimum amount to open an FD account at ICICI Bank is ₹10,000 crore. However, notably, FD interest rates will be subject to Tax Deducted at Source as per Income Tax Laws”(YEAR)”.
On its website, under the Golden Years FD scheme, ICICI Bank said, resident Senior Citizen customers will get an additional interest rate on an FD of 0.10% for a limited time over and above the existing additional rate of 0.50% per annum. The additional rate will be available on fresh deposits opened as well as deposits renewed during the scheme period.
The eligible tenure in the scheme is 5 years 1 day to 10 years. The scheme is valid till October 7, 2022. While the scheme is applicable on a single FD opened through ICICI Bank of an amount less than ₹2crore.
In case of premature withdrawal on FDs under the scheme, ICICI Bank stated that in case Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on, or after 5 years 1 day, the applicable penal rate will be 1.10%. While in case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.
A customer can avail of a maximum tax deduction of ₹1,50,000 from taxable income through an ICICI Bank FD.
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