ICICI Housing Finance Company (HFC) has increased its interest rates on fixed deposits of less than 2 crores. According to the company’s official website, the new interest rates are effective from January 3, 2023. Both cumulative and non-cumulative interest rate options are available with ICICI HFC Fixed Deposit. Under the cumulative plan, the company is now offering a maximum interest rate of 7.50% and under the non-cumulative plan, ICICI HFC is offering a maximum interest rate of 7.25% for the monthly income plan, 7.30% for the quarterly income plan. and 7.50% for Annual Income Plan.
ICICI HFC FD Rates
Under the cumulative option, ICICI HFC is offering an interest rate of 7.00% for deposits with a tenure of 12 to 24 months, 7.30% for a tenure of 24 to 36 months, 7.40% for a tenure of 36 to 48 months and 7.50% for deposits . Tenure of 48 to 120 months.
While under non-cumulative option the company is offering 6.80% monthly interest rate for 12 to 24 months tenure, 7.05% for 24 to 36 months tenure, 7.15% monthly interest rate for 36 to 48 months tenure . 7.25% for a tenure of 48 to 120 months. Quarterly interest payments of 6.85% for 12 to 24 months, 7.10% for 24 to 36 months, 7.20% for 36 to 48 months and 7.30% for 48 to 120 months.
Annual interest payments of 7.00% for 12 to 24 months, 7.30% for 24 to 36 months, 7.40% for 36 to 48 months and 7.50% for 48 to 48 months 120 months .
View Full Image
ICICI HFC mentions on its website that “Under the non-cumulative scheme, fixed deposit interest will be paid on a monthly, quarterly or annual basis, depending on the scheme chosen by you. In a cumulative deposit, FD interest accumulates along with the deposit amount, which is eligible to earn interest on an annual compounding principle. The principal as well as the accumulated interest is paid to the customer only on maturity or premature withdrawal.
For resident Indians, ICICI HFC offers FD plans with a minimum tenure of 1 year and a maximum tenure of 10 years. The maximum tenure for NRIs is three years. Based on the frequently asked question How many years will it take for my FD investment to double?, ICICI HFC on its website answers that “The growth of your FD investment depends on the applicable interest rate. As a rule, divide 72 with the applicable rate to calculate the period for your FD amount to double. For example, if the interest rate on your FD is 7.60%, then the number of years in which your FD investment will double is 9.47 years (72/7.60).
ICICI HFC Fixed Deposit is rated AAA/Stable by CRISIL, AAA/Stable by ICRA and AAA/Stable by CARE, indicating highest level of safety.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.