ICICI Home Finance Company Limited (ICICI HFC) is one of the leaders in the private realty space and mortgage lending and is a wholly owned subsidiary of ICICI Bank. ICICI Bank is India's second-largest bank with total assets of 4,736.47 billion (US$ 93 billion) as on March 31, 2012 and profit after tax ₹ 64.65 billion (US$ 1,271 million). It has a network of 2,755 branches and 9,363 ATMs in the country, and has a presence in 19 countries, including India.
ICICI HFC offers retail fixed deposits to investors looking for a safe and profitable savings channel. The company’s fixed deposit schemes feature competitive interest rates and flexibility allowing for effective compounding or liquidity depending on a depositor’s financial needs. These deposits are offered for differing tenures based on which interest rates are fixed. These deposits are easy to access and operate.
In terms of safety and timely fulfilment of financial obligations, the ICICI HFC fixed deposits have been give the highest ratings of MAAA by ICRA, and AAA (FD) by CARE respectively. A high rating from these credit rating agencies ensures that the fixed deposit will be a good bet for the future.
The following entities can open FD account with ICICI HFC:
Any resident Indian individual fulfilling KYC requirements, any 'Non-Resident Indian'/'Person of Indian Origin' individual as defined by the Government of India/Reserve Bank of India, from time to time and non-individual resident legal entities like Association of Persons, Hindu Undivided Family, Trust, Societies, Firms, Companies and Foundations can open an ICICI HFC account.
ICICI HFC offers three types of Fixed Deposits – Cumulative, Quarterly and Monthly income plans.
The minimum amount for ICICI HFC FDs differs as per the scheme chosen. While for the Monthly Income Plan it is ₹ 40,000, for the Quarterly Income Plan it is ₹ 20,000, and for the Cumulative Income Plan it is ₹ 10,000.
There is no maximum amount stated for FDs with ICICI HFC. Deposits over the minimum initial investment are accepted in multiple units of Re. 1.
The minimum tenure for ICICI HFC is 12 months and maximum is 60 months.
A depositor fulfilling the eligibility criteria and KYC requirements can walk into any branch of ICICI Bank or call their customer care centre and open an FD. They also have tie-up with few third-party websites where the depositors may leave their details and be contacted by ICICI HFC to have their KYC documents and cheque collected.
The rate of interest for ICICI HFC FDs differs as per the plan, tenure and the deposit amount. For depositing below ₹ 1 cr, the rates range between 8.4% to 9.25%.
Right now, ICICI HFC does not offer any tax saver Fds.
Yes, if the aggregate interest income of a depositor is greater than ₹ 5,000/- in a financial year, TDS will be deducted as applicable. Those who do not have PAN may submit Form 15G (For entities other than Companies/Firms)/15H (For Senior Citizen who is of the age of 65 years or more) or a certificate for lower/nil deduction of TDS issued by Income Tax Authorities u/s 197 of the Income Tax Act, 1961.
Yes, loan facility is available from ICICI HFC, after three months from the date of acceptance of FDs and up to 75% of the deposit. This loan facility is available only to individuals (other than minors and NRIs) and HUFs. The interest rate for such loans will be 2% higher than what is applicable to that FD.
Yes, depositors aged over 60 are offered special interest rates over 0.35% more than ordinary deposits. The depositor needs to provide proof of age establishing that he/she is a senior citizen, while placing the deposit.