ICICI Bank offers interest rate of 6.55% to senior citizens, 80 bps more than general public

Private lender ICICI Bank on Thursday announced a fixed deposit product with an enhanced interest rate offering of 0.80 percentage point for senior citizens

Press Trust of India May 21, 2020 19:08:16 IST
ICICI Bank offers interest rate of 6.55% to senior citizens, 80 bps more than general public

Mumbai: Private lender ICICI Bank on Thursday announced a fixed deposit product with an enhanced interest rate offering of 0.80 percentage point for senior citizens.

Earlier, banks used to give an additional interest of 0.50 percent to senior citizens.

With a sharp decrease in interest rates since the beginning of the pandemic, lenders starting with SBI and then HDFC Bank have enhanced the premium paid to elder people.

Senior citizens depositing with ICICI Bank will be earning 6.55 percent per annum for deposits of under Rs 2 crore for a tenor between 5-10 years, the bank said in a statement.

The product is available only till 30 September, it said.

“We know that FD interest is a key source of income for a large section of senior citizens. Keeping this in mind, we are offering higher interest rates to them through the new scheme, even in the declining interest rate regime, as a mark of our respect to them,” Pranav Mishra, who heads the liabilities group, said.

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