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HomeFinanceBankingICICI Bank extended its Golden years FD, a senior citizens' special FD...

ICICI Bank extended its Golden years FD, a senior citizens’ special FD deadline till 7 Oct 2022

The Monetary Policy Committee of India has not made any change in the repo rate for the year 2022 in its meeting. That is, there is no change in the interest rates of central banks.

Under this, now after HDFC Bank, ICICI Bank has also decided to extend the deadline of its senior citizens’ FD accounts’ those who have opened a special fixed deposit account as Golden Year FD.

ICICI Bank on 20 May 2020 launched a special fixed deposit scheme for senior citizens called a Golden Year FD. Which was to be closed on 8th April 2022 this year.

But now the bank has extended it to 7 October 2022. On this, the bank says that we have decided to do this keeping in mind the interests of our senior citizens.

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What is ICICI bank’s Golden Year FD Scheme?

This scheme is launched by ICICI bank on 20 May 2020, and its current deadline is 7 October 2022.

Golden Year Scheme i.e. such a special FD scheme for senior citizens, under which they are given additional interest from ordinary FD. By the way, all the banks give more than ordinary interest on their senior citizens’ FD accounts. But on the other hand, if you had got Golden Year FD done in ICICI Bank, then they pay extra interest on it.

Under this, the bank offers you a regular interest rate of 5.6% on FDs of less than 2 crores for a period of 5 years to 10 years. But if you are a senior citizen, then this interest rate becomes 6.35%.

In this special golden year scheme, you are given an additional interest rate, due to which they get more interest and get a lot of savings. But there are also some rules and regulations in it, one of which is that if you break the FD before it is completed, then you will be fined 1.25% as fine.

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Conclusion 

Certainly, more interest is paid on FD accounts than simple, especially on senior citizen accounts, but due to the kind of economic pressure that has come on the country for some time. If banks give more interest on FD, then it will definitely give some benefit to their customers. Will provide relief and due to this their economic condition will improve and India’s economy will also increase by this.

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