Private sector ICICI Bank will offer 6.55% on fixed deposits of 5-year to 10-year tenure for senior citizens, which is 80 basis points (bps) higher than the ordinary deposits. Typically, banks offer 50 bps more to senior citizens for fixed deposits.“Named ‘ICICI Bank Golden Years FD’, the scheme offers senior citizens an interest rate of 6.55% per annum for deposits up to ₹2 crore with a tenure of more than five to 10 years,” the bank said in a statement.The scheme is available from May 20 to September 30, 2020. This offer from the ICICI Bank comes after the State Bank of India introduced a similar deposit product for senior citizens earlier this month. The SBI’s product also offered additional 30 bps interest rate with deposits of 5 years and above.“We are offering higher interest rates to them [senior citizens] through the new scheme, even in the declining interest rate regime … We believe that this scheme will help them to create a good pension kitty on their long term deposit and thereby enhance their convenience,” said Pranav Mishra, Head, Liabilities Group, ICICI Bank.
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