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Senior Citizens Fixed Deposit Interest Rates in ICICI Bank

Updated 11 Jan 2024

ICICI Bank has various schemes to safeguard and better serve its senior citizen customers. Financial security is paramount as you age, and ICICI offers competitive interest rates for their senior citizens. Let’s look at the interest rates for senior citizen customers at ICICI Bank.

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

FD Interest Rate for Senior Citizens by ICICI Bank

Senior Citizen FD Interest rates on Domestic, NRO & NRE deposits(Less than ₹5 Crore)

Maturity PeriodInterest rates (per cent per annum) w.e.f. October 16, 2023
Single deposit of less than ₹2 Crores
Interest rates (per cent per annum) w.e.f. January 11, 2024
Single deposit of ₹2 Crores & above but less than ₹5 Crores
7 days to 14 days3.50%4.75%
15 days to 29 days3.50%4.75%
30 days to 45 days4.00%5.50%
46 days to 60 days4.75%5.75%
61 days to 90 days5.00%6.00%
91 days to 120 days5.25%6.50%
121 days to 150 days5.25%6.50%
151 days to 184 days5.25%6.50%
185 days to 210 days6.25%6.75%
211 days to 270 days6.25%6.75%
271 days to 289 days6.50%6.85%
290 days to less than 1 year6.50%6.85%
1 year to 389 days7.20%7.25%
390 days to < 15 months7.20%7.25%
15 months to < 18 months7.65%7.05%
18 months to 2 years7.65%7.05%
2 years 1 day to 3 years7.50%7.00%
3 years 1 day to 5 years7.50%7.00%
5 years 1 day to 10 years#7.50%7.00%
5 Years (80C FD) – Max to `1.50 lac7.50%NA

*Senior Citizens FD Interest rates are only applicable for domestic term deposits.

Eligibility Criteria

The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.

 

Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License

 

Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.

FAQs

Can I open a joint Senior Citizen FD with a non-senior citizen?

Yes, but the primary account holder must be a senior citizen to avail of the senior citizen interest rate.

Is there a minimum or maximum deposit amount for Senior Citizen FDs?

The minimum and maximum deposit amounts are generally determined by the specific FD scheme chosen and are the same for both regular and senior citizens.

Can Senior Citizen FDs be broken before maturity?

Yes, but there may be a penalty or reduced interest rate for premature withdrawal.

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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