Tag Archives: ICICI Bank

ICICI Bank New Home Loan Scheme Launched

Festive season has come, but the great reason for our happiness is that the ICICI Bank which is country’s largest private sector lender, has come into festive mood and introduced a 1 year and 2 year fixed cum floating interest rate scheme for home loan.

The new ICICI schemes at a glance:

Loan Amount

Fixed Rate of Interest (%)

Upto 25 lakh

10.50 – 1 yr

10.75 –  2 yr

25 – 75 lakh

11.00 – 1 yr

11.25 –  2 yr

Above 75 lakh

11.50 – 1 yr

11.75 –  2yr

The  current base rate for ICICI bank home loan is 10% but the problem for customer is it’s increasing day by day, so these both schemes are very lucrative.

1 Year Scheme:
In this scheme, Interest Rate will be fixed for first 1 year, after completion of which which it will be same as current market rate.  Interest rate also depends upon the home loan amount. For loan amount up to 25 lakhs  the fixed rate of interest is 10.50% and for 25 to 75lakhs the  interest rate is 11% whereas for above 75 lakhs loan amount  it is 11.50%.

2 Year Scheme:
It is similar to 1 year scheme. In this the interest rate for loan amount up to 25 lakhs is 10.75 % for 2 year and 11.25 % for 25 to 75 lakhs whereas it is 11.75 % for the above 75 lakhs.

If we compare the interest rate across both these schemes, interest rate is more than current market rate, but we should also keep in mind that, rates are not steady and in fact are increasing gradually, so Fixed Interest Rate will help you save your money.

But some financial advisor as Suresh Sadagopan, principal planner, Ladder7 Financial Advisors has said “Borrower should definitely go for One Year fixed Rate Scheme, as there will not be any significant shift of rate cycle in the next one year. However, the Two Year Scheme does not look very lucrative for a home loan buyer. Rates may fall below fixed rates in next two years, as rates are expected to come down after a year, after witnessing a year of unprecedented interest-rate hikes”

So celebrate your festival and save your money by availing these attractive Home Loan Offers 🙂

Secure Your Tele-Shopping Mobile IVR Credit Card Transactions Using 3D Secure OTP(One Time Password)

In an earlier post, I had mentioned about an RBI guideline about enforcing an additional password validation step for Credit-Card Transactions, done over Mobile/IVR Systems. This is now being called as IVR 3D Secure OTP (One Time Password). Here are the other relevant details regarding IVR 3D Secure OTP (One Time Password), which helps you secure your Mobile/IVR Transactions.

Q : What is OTP ?
Ans : An OTP (One Time Password) is a 6-digit numeric key to make your IVR/Mobile payments more secure.

Q : Is the OTP mandatory ??
Ans : Yes, RBI has made OTP mandatory for the successful completion of any credit-card transaction, done over Tele-Shopping/Mobile/IVR.

Q : How do I generate the OTP ??
Ans : You need to send a specific SMS to a bank’s designated number. Here are the numbers and message, that you need to be in SMS, for some of the popular banks.

  • ICICI SMS ‘IOTP XXXX XXXX XXXX XXXX’ to 5676766, where XXXX XXXX XXXX XXXX is your 16 digit card number.
  • HDFC SMS ‘PWD XXXX’ to 9717465555, where XXXX are the last 4 digits of your credit card.
  • Citibank SMS ‘OTP XXXX’ to 52484 or 9880752484, where XXXX are the last 4 digits of your credit card.
  • SBI SMS ‘OTP XXXX’ to 5676791, where XXXX are the last 4 digits of your credit card.
  • AXIS Every time you initiate an IVR-based transaction, the bank will automatically send you a one time password.

Q : I had generated the OTP, but forgot my mobile at home, how do I get my OTP  ??
Ans : Apart from your mobile number, OTP is also sent to the registered email address. So if you can get hold of your email account, you can get your OTP.

Q : I forgot to generate an OTP, but I have to complete an urgent transaction,  I am half way through, how do I get my OTP and complete my transaction ??
Ans : You can immediately call up customer service to request for your IVR OTP and an OTP will be triggered to your registered mobile number and email ID, while the transaction is in process.

Q: Is there any validity period for the IVR 3D Secure OTP?
Ans : IVR 3D Secure OTP is valid only for a period of 2 hours from the time of its generation(Some banks are allowing 12 hours limit, check with your bank, how much they offer). If not used within this period, it would get expired and a new IVR 3D Secure OTP has to be generated.

Q : Can I use the same OTP for performing more than one transactions?
Ans : No, You can’t. Each OTP can be used only once.

Q : Will this affect my online password and transactions?
Ans : No, it won’t. This OTP is only for IVR or mobile based payments – the payments made through a call center. Online transactions will continue to function as they currently do.

Update : As lot of banks were not yet ready, Implementation of additional password for Tele-Shopping/ Mobile/IVR(Interactive Voice Response) Transactions has now been revised to 1st Feb 2011. So existing process will continue till 31st Jan 2011.