ICICI Housing Finance Company (HFC) has hiked its interest rates of fixed deposits (FDs) of less than Rs 2 crore. The new interest rates have been effective from January 3, as per the official website of the company. Both cumulative and non-cumulative interest rate options are available for the ICICI Housing Finance FDs. In the cumulative scheme, the company is now offering a maximum interest rate of 7.50 per cent.
Under the non-cumulative scheme, the company is giving a maximum interest rate of 7.25 per cent for the monthly plan. In the quarter income plan, it is 7.30 per cent and 7.50 per cent for the annual income plan.
In the cumulative option, on a deposit tenor of 12 to 24 months, the ICICI HFC is offering an interest of 7 per cent. For 36 to 48 months it is 7.40 per cent and for a tenor of 48 to 120 months, it is providing 7.50 per cent.
Under the non-cumulative option, the company is providing a monthly interest rate of 6.80 per cent on FDs maturing on a tenor of 12 to 24 months, while 7.05 per cent for 24 to 36 months, 7.15 per cent on a tenor of 36 to 48 months and FDs maturing in 48 to 120 months the interest rate is 7.25 per cent.
In the quarter interest payouts, the FDs maturing within 12 to 24 months will get 6.85 per cent. For the 24 to 36 months the mature FDs will get an interest rate of 7.10 per cent, an interest rate of 7.20 per cent on a tenor of 36 to 48 months and 7.30 per cent for the period of 48 to 120 months.
For 12 to 24 months the annual interest payout is 7 per cent, the interest rate of 7.30 per cent on an FD maturing 24 to 36 months, 7.40 per cent interest will be given for the period of 36 months to 48 months and the interest rate of 7.50 per cent on a tenor of 48 to 120 months.
According to the statement issued by ICICI HFC stated, “Under the non-cumulative scheme, Fixed Deposit interest would be paid on a monthly, quarterly or annual basis depending on the scheme opted by you. In cumulative deposits, the FD interest is accumulated with the deposit amount, which is eligible to earn interest on annual compounding principle.”
It also added that the principal as well as the accumulated interest is paid to the customer only upon maturity or premature withdrawal.
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