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ICICI cuts rate on Safety Bonds

Our Bureau

MUMBAI, March 13

CLOSE on the heels of IDBI lowering returns on its retail debt offering, Flexibonds, ICICI has slashed the interest rates on its Safety Bonds by a quarter percentage point.

In the latest issue of Safety Bonds, the ninth this year, ICICI has reduced interest rates across all instruments by 25 basis points. The Tax-Saving Bond, the largest-selling instrument in the Safety Bond family, would now offer a lower return of 8.75 per cent for three-year maturity. For a six-year maturity, the rate has been pared to 9 per cent from 9.25 per cent.

The institution is offering multiple options under six instruments — Tax-Saving, Encash, Monthly Income, Regular Income, Money Multiplier, Children Growth — to collect an aggregate of Rs 600 crore with a right to retain over-subscription of a like amount.

This year, the financial institution has collected Rs 2,442 crore through seven Safety Bond issues. The collections of the last issue, the eighth, that closed on March 4 are not yet available.

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