The issue, which will open on June 18, will close on July 28. The financial institution has also received a green signal from Securities & Exchange Board of India (SEBI) to raise the said amount with a right to retain oversubscription, if any.

The financial institution will be offering unsecured redeemable bonds in the nature of debentures. For the bond issue, ICICI will offer investors an option to access their money by selling bonds. "This facility will ensure an exit option open to investors," an ICICI release stated.

ICICI will offer three types of bonds to the investors -- a regular income bond, a money multiplier bond in the nature of a deep discount bond and atax-saving bond.

Under the regular income bond, an investor will be able to invest for five years and earn regular income on a quarterly, half yearly and annual basis under option one, two and three. The investor will earn an annualised yield of 14 per cent interest under option three, 13.50 per cent under option two and 13.25 per cent under option one. The redemption period of the issue will be five years. The face value of each bond will be Rs 5,000.

Under the money multiplier bond, the investors' total amount under option one will become one and a half times in three years three months, yielding the investor 13.3 per cent per annum.

Under option two, the institution will offer 13.9 per cent per annum, doubling the savings in five years and four months and 14.2 per cent under option three, multiplying the saving by four times in 10 years and five months.

The tax-saving bond will give capital gains tax exemption. Under option one of this scheme, the investor will get capital gains tax exemption andearn an interest of 12.5 per cent per annum maturing in three years.

Under the second option, the bond, which will be in the nature of a deep discount bond, will offer a return of 12.6 per cent maturing in three years three months. The third option will offer an yield of 13 per cent maturing after seven years.