Senior Citizen FD: This Home Finance Is Giving Up To 7.25% Interest Rates On Special Scheme FDs

Following the RBI's hike in repo rates, several banks/NDFC have revised interest rates on fixed deposits (FD). The recent development has been seen as RBI's effort to regime to control high inflation and raise its key policy rates, banks & NBFCs are also following the suit. Since the RBI hiked the repo rates, several lenders, including HDFC Bank, PNB, ICICI Bank and also some Small Finance Banks, have increased their interest rates for both deposits & home loans. However, NBFCs also followed the rate hike. Slowly the Corporate FDs or NBFC (Non-Banking Financial Company) FDs are also getting enough attraction of investors for FDs. The Interest rates offered by these NBFC FDs are attractive, in some cases better than what banks offer. Here, we have given the FD rates of one such FD offered by the ICICI Home Finance.

ICICI Home Finance Corporation

Recently ICICI Home Finance also revised their FD rates. ICICI Home Finance Corporation is a part of ICICI Group that offers home loan facilities to customers. Other the home-related services, it also offers FD, Gold Loan, and PMAY like facilities to customers. ICICI Housing finance FDs offer a combination of attractive interest rates, under non-cumulative and cumulative schemes. ICICI Home Finance offers a minimum tenure of 1 year and a maximum tenure of 10 years for Resident Indians. For NRIs, the maximum tenure is 3 years. Check out the new FD interest rates effective from 30th May 2022 for non-cumulative and cumulative schemes below.

Interest Rates for FDs < Rs 2 Crore (Cumulative Plan) w.e.f 30th May 2022

Tenure (In Months)	Regular Deposits	Senior Citizens Deposits
>=12 to <24	4.00%	4.25%
>=24 to <36	5.95%	6.20%
>=36 to <60	6.60%	6.85%
>=60 to <84	6.80%	7.05%
>=84 to <=120	6.95%	7.20%

Please Note - Additional 0.25% interest is applicable for senior citizens as well as ICICI Group employees.

Interest Rates for FDs < Rs 2 Crore (Non-Cumulative Plan) w.e.f 30th May 2022

Tenure (In Months)	Monthly Income Plan	Quarterly Income Plan	Yearly Income Plan
>=12 to <24	3.90%	3.95%	4.00%
>=24 to <36	5.80%	5.85%	5.95%
>=36 to <60	6.40%	6.45%	6.60%
>=60 to <84	6.60%	6.65%	6.80%
>=84 to <=120	6.75%	6.80%	6.95%

Please Note - Additional 0.25% interest is applicable for senior citizens as well as ICICI Group employees.

Special Scheme FD Rates Rs 2 Crore (Cumulative Plan) w.e.f 30th May 2022

Tenure (In Months)	Regular Deposits	Senior Citizens Deposits
39	6.85%	7.10%
45	6.95%	7.20%
65	7.00%	7.25%

Please Note - 1) Additional 0.25% interest is applicable for senior citizens as well as ICICI Group employees.
2) In the case of a cumulative deposit, interest is compounded before deduction of Tax.

Special Scheme FD Rates Rs 2 Crore (Non-Cumulative Plan) w.e.f 30th May 2022

Tenure (In Months)	Monthly Income Plan	Quarterly Income Plan	Yearly Income Plan
39	6.65%	6.70%	6.85%
45	6.75%	6.80%	6.95%
65	6.80%	6.85%	7.00%

Please Note - Additional 0.25% interest is applicable for senior citizens as well as ICICI Group employees.

 

Source - www.icicihfc.com