ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was established in 1991. This is a professional and an independent investment information and credit rating agency.

When looking to invest in a company fixed deposit, you must have noticed that these instruments have certain ratings. Some may be denoted as ‘AAA’ or even the words ‘AAA ICRA Fixed Deposit’. ICRA provides ratings by examining factors such as cash flow, liquidity, and financial flexibility, among others. As such, the ICRA fixed deposit rating plays a vital role in identifying credible FD issuers.

ICRA Ratings of Our FD Partners

Here are the ICRA fixed deposit ratings of our partners:


ICRA Fixed Deposit Rating

Bajaj Finance

[ICRA]AAA (Stable)

Mahindra Finance 

[ICRA]AAA (Stable)

Shriram Finance

[ICRA]AA+ (Stable)

Note: These ratings are subject to change at the discretion of ICRA.

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Significance of ICRA Ratings for Fixed Deposits

To ensure the safety of the funds you deposit in an FD, you must check the ICRA ratings. Here are some reasons how it can be helpful:

  • ICRA ratings help identify the issuer’s credibility, ensuring that they provide reliable service to investors, issuers, intermediaries, and regulators

  • ICRA credit ratings ensure transparency in the money and capital market and help in standardisation

  • ICRA ratings provide a ranking of the default loss probability of the investment instrument and help you know all about its safety

  • Intermediaries like investment bankers can use the ICRA ratings to set the price and marketing strategies

  • Regulators can use these ratings to provide benchmarks and rules for the financial market

How Do ICRA Ratings Impact the Investors

ICRA ratings are mainly given for long-term, medium-term, and short-term investments. Here is a quick overview of these:

  • Long-term Investments: Financial instruments and bank loans with original maturity over one year

  • Short-term Investments: Debentures, commercial papers, and other money market instruments with original maturity within 1 year come under this category

1. ICRA’s Long-term Rating Scale





Highest degree of safety

Lowest credit risk


High degree of safety

Very low credit risk


Adequate degree of safety

Low credit risk


Moderate degree of safety

Moderate credit risk


Moderate risk of default


High risk of default


Very high risk of default


Defaulting or are expected to default soon

2. ICRA’s Short-term Rating Scale 





Very strong degree of safety

Lowest credit risk


Strong degree of safety

Low credit risk


Moderate degree of safety

Higher credit risk


Minimal degree of safety

Very high credit risk


Defaulting or expected to be in default on maturity


For the rating categories, certain modifiers like + (plus) or – (minus) may be added to the ratings. As an investor, you should know that these indicate a relative position of the rating in its category.

Limitations of ICRA Ratings

ICRA ratings are simply the relative ranking of the investment’s credit risk. Some of them are:

  • ICRA ratings categorise debt obligation with similar but not identical credit risks

  • ICRA ratings focus on credit risk, not other risks like interest rate changes or fluctuations in the markets

  • Even though ICRA incorporates all essential factors, the risk parameters assessed can be inaccurate

  • All ICRA ratings are subjected to regular monitoring, so you should check for updates on the official website


The information provided by BFDL is related to the rates provided by Banks and Deposit taking NBFCs as available from public domain and under no circumstances is intended to be source of advice or recommendation of any financial investment advice or endorsement of any sort. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers and use of such information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. Display of any intellectual property along with the related product information does not imply BFDL’s partnership with the owner of the intellectual property of such products and is solely for the purpose of information, unless otherwise provided by BFDL.

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