ICICI Home Finance, a fully owned subsidiary of ICICI Bank has introduced a special term offer on fixed deposits. The company has launched a scheme where by an interest rate of 11.15% per annum will be provided on fixed deposits of 15, 20 and 30 months.
A press release of the company stated: "In the present market, fixed deposits are one of the most attractive and safest investment options for customers. ICICI Home Finance offers its customers fixed deposits with triple benefits of safety, trust and returns."
In addition, senior citizens will avail an additional 35 basis points under this special offer.
Leading credit rating agency in India, CARE has rated these deposits as AAA whereas MAAA rating has been assigned by another credit rating agency, ICRA. These are the highest credit quality ratings assigned to a fixed deposit and therefore they are considered to offer highest safety to the customers.
The offer comes at a time when most banks are stepping back with their fixed deposit of special terms. Recently Union Bank of India has discontinued its 900-day deposit scheme that offered 10.5% rate per annum.
Presently when the interest rates are falling, this launch comes as a big surprise for consumers.