This AAA-rated NBFC revises interest rates on fixed deposits

A Non-Banking Financial Company (NBFC), ICICI Home Finance, has modified its interest rates for fixed deposits. Effective July 13, 2022, the new interest rates for ICICI Home Finance Company (HFC) Fixed Deposits are in force. A minimum investment of Rs. 10,000 is required to make the deposit, and ICICI HFC provides various tenure choices ranging from 12 to 120 months. ICICI HFC holds the highest credit ratings in the industry which include AAA/Stable by CRISIL, AAA/Stable by ICRA and AAA/Stable by CARE. On the ICICI HFC fixed deposit plan, one can get interest payments on a monthly, quarterly, yearly, or compounded basis. The firm also offers elderly people a 0.25 per cent higher rate of interest. With various tenure alternatives that vary from 1 to 10 years, one can make easy withdrawals. Up to 75% of the amount deposited can be borrowed against a fixed deposit, with interest charged at a rate that is 2% higher than the interest on the deposit. No premature withdrawal is permitted on ICICI HFC deposits during the first three months of the deposit, and premature closure of an FD is permitted in the event of the depositor’s death.

ICICI HFC Fixed Deposit Rates

Under the cumulative plan, the company offers an interest rate of 5.25% – 6.95% whereas under the non-cumulative plan the company offers 5.10% – 6.75% under the monthly income plan, 5.15% – 6.80% under the quarterly income plan and 5.25% – 6.95% under the yearly income plan.

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ICICI HFC FD Rates (icicihfc.com)

ICICI HFC Special Fixed Deposit Interest Rates

Additionally, the company provides public depositors with a special fixed deposit scheme. In relation to this scheme, ICICI HFC offers interest rates that vary from 6.85 per cent to 7.00 per cent under the cumulative plan and under the non-cumulative plan the interest rate ranges from 6.65% – 6.80% for the monthly income plan, 6.70% – 6.85% for the quarterly income plan and 6.85% – 7.00% for yearly income plan.

ICICI HFC FD Rates

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ICICI HFC FD Rates (icicihfc.com)

A resident Indian person, a non-resident Indian, a Hindu Undivided Family (HUF), a public or private enterprise, or other entities like associations of persons, societies, or trusts can establish an ICICI HFC deposit. The tenure extends from 1 to 10 years for Indian residents and 1 to 3 years for non-Resident Indians. There must be a minimum of one depositor and a maximum of three depositors. 

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