ICICI gives FD scheme for senior residents

Non-public sector ICICI Financial institution will supply 6.55% on mounted deposits of 5-year to 10-year tenure for senior residents, which is 80 foundation factors (bps) increased than the peculiar deposits. Usually, banks supply 50 bps extra to senior residents for mounted deposits.

“Named ‘ICICI Financial institution Golden Years FD’, the scheme gives senior residents an rate of interest of 6.55% each year for deposits as much as ₹2 crore with a tenure of greater than 5 to 10 years,” the financial institution stated in an announcement.

The scheme is out there from Could 20 to September 30, 2020.

This supply from the ICICI Financial institution comes after the State Financial institution of India launched an identical deposit product for senior residents earlier this month. The SBI’s product additionally supplied extra 30 bps rate of interest with deposits of 5 years and above.

“We’re providing increased rates of interest to them [senior citizens] by means of the brand new scheme, even within the declining rate of interest regime … We consider that this scheme will assist them to create an excellent pension kitty on their long run deposit and thereby improve their comfort,” stated Pranav Mishra, Head, Liabilities Group, ICICI Financial institution.

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