Retired folk, or people who do not have a regular source of income, always look at investments that offer them regular income. Among the most popular are the ones that offer monthly, quarterly, half yearly interest rates. We look at some of the highest paying fixed deposits that offer superb interest rates on monthly, quarterly, half yearly tenures.
TN Power Finance
Tamil Nadu Power Finance offers an interest rate that is the best in its category. The interest rate on the monthly scheme is 9.75 per cent, while for the quarterly interest rate ranges from 9.07 per cent to 9.83 per cent, while for the annual interest rate it is 10.20 per cent, depending on the tenure. The company is a government of Tamil Nadu owned entity.
Bajaj Finserv offers an interest rate of 8.40 per cent to 8.55 per cent on quarterly deposits, depending on the tenure of the deposit. The half yearly interest rate ranges from 8.55 per cent to 8.70 per cent, while in the case of annual interest it ranges between 8.75 per cent to 8.90 per cent. This is a AAA rated deposit and hence very safe.
DHFL Fixed Deposits
These are again AAA rated deposits, which probably are among the best in terms of interest rates, if not the best.
The quarterly interest rate varies from 8.20 to 8.55 per cent, while the half yearly it ranges from 8.30 per cent to 8.70 per cent, depending on the tenure.
For yearly, you get an interest rate of up to 8.90 per cent.
The fixed deposits from Mahindra Finance offer an interest rate of 8 to 8.30 per cent on the half yearly tenure. The quarterly interest rates comes within a range of 7.90 to 8.20 per cent. The deposits are AAA rated and very secure.
PNB Housing Finance
Under the monthly income scheme the interest rate ranges from 7.70 per cent to 7.95 per cent. Under the quarterly scheme the interest rate ranges from 7.75 per cent to 8.00 per cent, while the interest rate on the annual scheme is 8.85 per cent. PNB Housing Finance is a subsidiary of the majority government owned Punjab National Bank.
Shriram Transport Finance Unnati
These deposits are from the Shriram Transport group. Under the monthly income scheme the interest rate ranges from 7.95 per cent to 8.42 per cent, while in the case of quarterly interest it ranges from 8 per cent to 8.48 per cent, depending on the tenure. For the half yearly it ranges from 8.08 per cent to 8.57 per cent.
Post Office Monthly Income Scheme
Although the Post Office Monthly Income Scheme is very secure, it offers an interest rate of 7.80 per cent, that is paid every month. This may not be among these best. It is important to remember that there is a cap of Rs 4.5 lakhs in single account and Rs 9 lakhs in joint account.
HDFC Fixed Deposits are highly secure deposits, as with most of the deposits mentioned above. HDFC Deposits offer you an interest rate of 7.75 to 8.10 per cent on the monthly income depending on the tenure.
The quarterly deposits comes with an interest rate of 7.8 to 8.20 per cent, while under the half yearly the interest rate ranges from 7.85 to 8.25 per cent.
KTDFC Fixed Deposits
Kerala Transport Development Finance Corporation offers an annual interest rate of 8.50 per cent. The company's deposits are relatively safe and are backed by the government of Kerala.