Ifci Hikes Fd Rates By 50 Bps

In a bid to further penetrate the retail fixed deposit (FD) market, IFCI Ltd has revised rates upwards by 50 basis points on its family deposit scheme.

Emphasising that the rates now offered by IFCI are higher than those offered by the banking industry and other financial institutions, a press release said IFIC is offering 9 per cent per annum for deposits of 12-23 months, 9.25 per cent per annum for deposits of 24-35 months, 9.75 per cent per annum for deposit of 36-59 months and 10 per cent for deposit of 60 months.

IFCI is also offering additional interest of 0.50 per cent per annum to senior citizens and continues to offer additional interest of 0.25 per cent for deposit of Rs 10 lakh and above.

 

As interest payable to investors on fixed deposit is calculated/compounded on quarterly rests wherever applicable, the yield to maturity (YTM) to investors under cumulative option for a deposit of 60 months stands at 12.77 per cent per annum.

The YTM for senior citizen on deposit of Rs 10 lakh and above for 60 months stands at 12.99 per cent per annum, the release said.