HDFC VS ICICI Home Finance Vs PNB Housing Finance: Who Offers High-Interest Rates On FD?

Since May 2022, several public and private sector banks have hiked the fixed deposit (FD) interest rate after the Reserve Bank of India (RBI) began increasing the repo rate. Till now, RBI has hiked the repo rate to 6.50 per cent, the recent one was last month.

When it comes to rising interest rates, non-banking financial corporations (NBFCs) are not far behind commercial banks. Several NBFCs including Housing Finance Companies (HFCs) have hiked interest rates on their FDs.

Similarly, three leading HFCs namely HDFC, ICICI Home Finance and PNB Housing Finance have also hiked interest rates on FDs. Here we have compared the FD rates offered by the respective HFC.

1. HDFC

HDFC is among the biggest HFCs in India. The company offers Green Deposits FD schemes and other FD schemes for customers. The Green Deposits scheme was introduced by the company as a part of combating climate change. Green Deposits support United Nations' Sustainable Development Goals (SDGs). Under this scheme, HDFC offers three schemes namely Special Deposits, Premium Deposits and Regular Deposits. Whereas Under the other FD scheme, it offers 5 types of deposits, namely Diamond Deposits (For Senior Citizens Only), Sapphire Deposits, Special Deposits, Premium Deposits and Regular Deposits.

1. Green Deposits Scheme

Interest Rates For Individuals under Rs 2 Cr FD w.e.f. March 1, 2023

a) Special Deposits (Fixed Rates Only)

PERIOD OF DEPOSIT	Monthly	Quarterly	Half-Yearly	Annual	Cum.Int.
33 Months	7.20%	7.25%	7.30%	7.45%	7.45%
66 Months	7.30%	7.35%	7.40%	7.55%	7.55%

b) Premium Deposits (Fixed Rates Only)

PERIOD OF DEPOSIT	Monthly	Quarterly	Half-Yearly	Annual	Cum.Int.
22 Months	7.15%	7.20%	7.25%	7.40%	7.40%
44 Months	7.15%	7.20%	7.25%	7.40%	7.40%

c) Regular Deposits (Fixed Rates Only)

PERIOD OF DEPOSIT	Monthly	Quarterly	Half-Yearly	Annual	Cum.Int.
24-35 Months	7.00%	7.05%	7.10%	7.25%	7.25%
36-60 Months	7.05%	7.10%	7.15%	7.30%	7.30%
61-120 Months	6.95%	7.00%	7.05%	7.20%	7.20%

2. Other Deposits -

Interest Rates on FD under Rs 2 Cr (Individual only) w.e.f. March 01, 2023

a) Diamond Deposits (For Senior Citizens Only)

Period	Monthly Income Plan	Quarterly Option	Half-Yearly Option	Annual Income Plan	Cumulative Option
75 Months	7.70%	7.75%	7.80%	8.00%	8.00%

b) Sapphire Deposits (Fixed Rates)

Period	Monthly Income Plan	Quarterly Option	Half-Yearly Option	Annual Income Plan	Cumulative Option
45 Months	7.45%	7.50%	7.55%	7.70%	7.70%
Minimum Amount (Rs.)	40000	20000	20000	20000	20000

c) Special Deposits (Fixed Rates)

Period	Monthly Income Plan	Quarterly Option	Half-Yearly Option	Annual Income Plan	Cumulative Option
33 Months	7.30%	7.35%	7.40%	7.55%	7.55%
66 Months	7.40%	7.45%	7.50%	7.65%	7.65%
Minimum Amount (Rs.)	40000	20000	20000	20000	20000

d) Premium Deposits (Fixed Rates)

Period	Monthly Income Plan	Quarterly Option	Half-Yearly Option	Annual Income Plan	Cumulative Option
15 Months	7.20%	7.25%	7.30%	-	7.45%
22 Months	7.25%	7.30%	7.35%	7.50%	7.50%
44 Months	7.25%	7.30%	7.35%	7.50%	7.50%
Minimum Amount (Rs.)	40000	20000	20000	20000	20000

e) Regular Deposits (Fixed Rates)

Period	Monthly Income Plan	Quarterly Option	Half-Yearly Option	Annual Income Plan	Cumulative Option
12-23 Months	6.85%	6.90%	6.95%	-	7.10%
24-35 Months	7.10%	7.15%	7.20%	7.35%	7.35%
36-60 Months	7.15%	7.20%	7.25%	7.40%	7.40%
61-120 Months	7.05%	7.10%	7.15%	7.30%	7.30%
Minimum Amount (₹)	₹40,000.00	₹20,000.00	₹20,000.00	₹20,000.00	₹20,000.00

Source - www.HDFC.com

2. ICICI Home Finance

ICICI Home Finance is an ICICI Group company that offers Deposits (FD). The company offers Cumulative and non Cumulative Fixed Deposits to customers. Under the Cumulative FD Scheme, it offers maximum 7.50 percent and minimum 7 percent. Whereas, under the non-cumulative FD scheme, it offers maximum 7.50 percent and minimum 6.80 percent with monthly, quarterly and yearly options. These interest rates are applicable on FD tenure of 2 months to 120 months.

Interest rates for FD

Cumulative Scheme

Tenure (In Months)	Cumulative Plan	**Indicative Yield(Cumulative option)
>=12 to7.00%7.00%
>=24 to7.30%7.57%
>=36 to7.40%7.96%
>=48 to	7.50%	8.39%

Non-Cumulative Scheme

Tenure (In Months)	Monthly Income Plan	Quarterly Income Plan	Yearly Income Plan
>=12 to6.80%6.85%7.00%
>=24 to7.05%7.10%7.30%
>=36 to7.15%7.20%7.40%
>=48 to	7.25%	7.30%	7.50%

Source - ICICIHFC.com

3. PNB Housing Finance

PNB Housing Finance also offers Cumulative and non Cumulative Fixed Deposits to customers. Under the cumulative scheme, it offers maximum 7.40 percent and minimum 7 percent and under the non-cumulative scheme, it offers maximum 7.40 percent and minimum 6.79 percent with monthly, quarterly, half-yearly and yearly options. The above mentioned FD rates are applicable on tenure of 2 months to 120 months.

Fixed Deposit Interest Rates (upto Rs 5 crore) effective from 17 February 2023

Cumulative Scheme

Tenure (Months)	ROI (p.a.)	Tentative yield to maturity
12 - 23	7.35%	7.35%
24 - 35	7.00%	7.25%
36 - 47	7.70%	8.31%
48 - 59	7.40%	8.26%
60 -71	7.50%	8.71%
72 - 84	7.40%	8.91%
120	7.40%	10.42%

Non-Cumulative Scheme

Tenure (Months)	Monthly	Quarterly	Half Yearly	Annual
12 - 23	7.11%	7.15%	7.22%	7.35%
24 - 35	6.79%	6.83%	6.89%	7.00%
36 - 47	7.44%	7.49%	7.56%	7.70%
48 - 59	7.16%	7.20%	7.26%	7.40%
60 -71	7.25%	7.29%	7.36%	7.50%
72 - 84	7.16%	7.20%	7.27%	7.40%
120	7.16%	7.20%	7.27%	7.40%

Source - PNBhousing.com