This AAA rated firm FD hikes rates of interest and now gives as much as 7.50%

ICICI Housing Finance Company (HFC) has hiked its rates of interest on mounted deposits of lower than ₹2 Cr. As per the official web site of the corporate the brand new rates of interest are efficient as of third January 2023. Both cumulative and non-cumulative rate of interest choices can be found with ICICI HFC Fixed Deposits. Under the cumulative scheme, the corporate is now providing a most rate of interest of seven.50% and beneath the non-cumulative scheme, ICICI HFC is providing a most rate of interest of seven.25% for the month-to-month revenue plan, 7.30% for the quarterly revenue plan, and seven.50% for the yearly revenue plan.

ICICI HFC FD Rates

Under the cumulative choice, ICICI HFC is providing an rate of interest of seven.00% on a deposit tenor of 12 to 24 months, 7.30% on a tenor of 24 to 36 months, 7.40% on a tenor of 36 to 48 months and seven.50% on a tenor of 48 to 120 months.

Whereas beneath the non-cumulative choice, the corporate is providing a month-to-month rate of interest of 6.80% on a tenor of 12 to 24 months, 7.05% on a tenor of 24 to 36 months, 7.15% on a tenor of 36 to 48 months and seven.25% on a tenor of 48 to 120 months. Quarterly curiosity payout of 6.85% on a tenor of 12 to 24 months, 7.10% on a tenor of 24 to 36 months, 7.20% on a tenor of 36 to 48 months and an rate of interest of seven.30% on a tenor of 48 to 120 months.

An annual curiosity payout of seven.00% on a tenor of 12 to 24 months, 7.30% on a tenor of 24 to 36 months, 7.40% on a tenor of 36 to 48 months and an rate of interest of seven.50% on a tenor of 48 to 120 months.

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ICICI HFC FD Rates (icicihfc.com)

ICICI HFC has talked about on its web site that “Under the non-cumulative scheme, Fixed Deposit curiosity can be paid on a month-to-month, quarterly or annual foundation relying on the scheme opted by you. In cumulative deposits, the FD curiosity is amassed with the deposit quantity, which is eligible to earn curiosity on annual compounding precept. The principal in addition to the amassed curiosity is paid to the shopper solely upon maturity or untimely withdrawal.”

For Resident Indians, ICICI HFC offers FD plans with a minimum duration of 1 year and a maximum tenure of 10 years. The maximum tenure for non-resident Indians is three years. Based on a frequently asked question How many years will it take for my FD investment to double?, ICICI HFC has answered on its website that “The growth of your FD investment depends on the applicable interest rate. As a rule of thumb, divide 72 with the applicable rate to calculate the period in which your FD amount will 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 Deposits has been rated AAA/Stable by CRISIL, AAA/Stable by ICRA and AAA/Stable by CARE, indicating the best diploma of security.

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