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ICICI Home Finance Vs PNB Housing Finance FD Rates: Offers Up To 7.95% Interest On FDs
Two leading Housing Finance Companies (HFCs) ICICI Home Finance and PNB Housing Finance are a few HFCs that offer Fixed Deposit facilities to their customers. The interest on FDs offered by the HFCs is high in comparison to some bank FDs post the consecutive Repo Rate hike by the Reserve Bank of India (RBI). Here we have compared the latest interest rates offered by these two leading HFCs:
ICICI Home Finance Company (ICICI HFC)
ICICI Home Finance, an ICICI Group company and an HFC regulated by the RBI recently hiked the interest rate on FDs. The revised interest rates are effective from January 03, 2023, according to the company's website. The company after the interest rate hike now offers a maximum interest rate up to 7.95% p.a. (Including 0.25% Additional Interest to Senior Citizens).
The company provides regular FDs to both the general public and senior citizens. It also offers Special FDs with maturity periods starting from 39 Months to 65 Months for General Public as well as Senior Citizens. Under both the FD options, the company prices cumulative and Non-Cumulative plans. Senior Citizens and ICICI Group employees will get 0.25% additional interest. Customers have the option of receiving monthly interest on their Fixed Deposit under the non-cumulative scheme. The deposit will earn the applicable fixed interest rate for the entire deposit period as chosen by the customers.
ICICI HFC Interest rates
Interest rates on Public Fixed Deposit up to Rs 2 Cr
Cumulative Plan
| Tenure (Months) | Interest rates p.a. |
|---|---|
| >=12 to <24 | 7.00% |
| >=24 to <36 | 7.30% |
| >=36 to <48 | 7.40% |
| >=48 to <=120 | 7.50% |
Non-Cumulative Plan
| Tenure (Months) | Monthly Income Plan | Quarterly Income Plan | Yearly Income Plan |
|---|---|---|---|
| >=12 to <24 | 6.80% | 6.85% | 7.00% |
| >=24 to <36 | 7.05% | 7.10% | 7.30% |
| >=36 to <48 | 7.15% | 7.20% | 7.40% |
| >=48 to <=120 | 7.25% | 7.30% | 7.50% |
Interest rates on Special Public Fixed Deposit up to Rs 2 Cr
Cumulative Plan
| Tenure (Months) | Interest rates p.a. |
|---|---|
| 39 | 7.40% |
| 45 | 7.60% |
| 65 | 7.70% |
Non-Cumulative Plan
| Tenure (Months) | Monthly Income Plan | Quarterly Income Plan | Yearly Income Plan |
|---|---|---|---|
| 39 | 7.15% | 7.20% | 7.40% |
| 45 | 7.35% | 7.40% | 7.60% |
| 65 | 7.45% | 7.50% | 7.70% |
Source - icicihfc.com
PNB Housing Finance
PNB Housing Finance, a Domestic associate company of Punjab National Bank and an HFC regulated by the Reserve Bank of India (RBI) offers interest up to 7.80% p.a. on FDs (including 0.25% additional interest to Senior citizens). The company has hiked the interest on their FDs last year on October 07, 2022. It offers FDs below Rs 5 cr under the Cumulative & Non-Cumulative options.
The company offers the highest 7.55% p.a. on a 36-47 months maturity period to the general public and the lowest 6.80% p.a. on a maturity period of 24-35 months. According to the company's website, "Senior citizens (above 60 years) will be eligible for 0.25% additional Rate of Interest. Senior citizen special rates applicable for deposits upto ₹ 1 crore."
PNB Housing Finance - Interest rates for Public Fixed Deposits Upto Rs 5 Cr
Cumulative Plan
| Tenure (Months) | Interest rates p.a. |
|---|---|
| 12 - 23 | 7.00% |
| 24 - 35 | 6.80% |
| 36 - 47 | 7.55% |
| 48 - 59 | 7.40% |
| 60 -71 | 7.40% |
| 72 - 84 | 7.40% |
| 120 | 7.40% |
Non-Cumulative Plan
| Tenure (Months) | Monthly | Quarterly | Half Yearly | Annual |
|---|---|---|---|---|
| 12 - 23 | 6.78% | 6.82% | 6.88% | 7.00% |
| 24 - 35 | 6.57% | 6.63% | 6.69% | 6.80% |
| 36 - 47 | 7.30% | 7.34% | 7.41% | 7.55% |
| 48 - 59 | 7.16% | 7.20% | 7.26% | 7.40% |
| 60 -71 | 7.16% | 7.20% | 7.27% | 7.40% |
| 72 - 84 | 7.16% | 7.20% | 7.27% | 7.40% |
| 120 | 7.16% | 7.20% | 7.27% | 7.40% |
Source - pnbhousing.com
