<p>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.</p>.<p>Earlier, banks used to give an additional interest of 0.50 per cent to senior citizens.</p>.<p>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.</p>.<p>Senior citizens depositing with ICICI Bank will be earning 6.55 per cent per annum for deposits of under Rs 2 crore for a tenor between 5-10 years, the bank said in a statement.</p>.<p>The product is available only till September 30, it said.</p>.<p>“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. </p>
<p>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.</p>.<p>Earlier, banks used to give an additional interest of 0.50 per cent to senior citizens.</p>.<p>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.</p>.<p>Senior citizens depositing with ICICI Bank will be earning 6.55 per cent per annum for deposits of under Rs 2 crore for a tenor between 5-10 years, the bank said in a statement.</p>.<p>The product is available only till September 30, it said.</p>.<p>“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. </p>