Looking for that extra bit on interest rates ahead of the RBI's Policy meet on June 7, where they might cut interest rates.
Here are some of the best FD rates for the month of June 2016. We have kept in mind security and safety of our readers in mind before selection.
DHFL Ashray Fixed Deposit
These are AAA rated fixed deposits. If you are investing amounts under Rs 50 lakh, you can get an interest rate of 8.90 per cent for deposits of 40-months.
If you have sums in excess of Rs 50 lakhs, you would get an interest rate of 9.15 per cent. The minimum deposit required is just Rs 2000.
Interest at 9.25%
TN Power Finance is a government of Tamil Nadu Enterprise. The 26, 48 and 60-months deposit fetch an interest rate of as much as 9.25 per cent.
This is probably way better than what bank deposits are offering. However, we are not sure of service and other aspects. You may have to check with the broker or your financial advisor before applying.
RBL Bank is offering an interest rate of 8.75 per cent on a 24-36 months deposit. This is the best that it could probably get from a private sector bank.
Senior citizens could get a yield of as much as 9.58 per cent on a 24-36 months deposit. Not bad for those looking at medium term deposits.
The interest rates are probably the best from AAA rated finance company at 8.65 per cent for 12, 24 and 36 months deposit. Again, a solid rated company with decent interest rates.
Mahindra Finance is offering an interest rate of 8.45 per cent for individuals, other than senior citizens for 24 and 36 months tenure. Senior citizens are entitled to an extra 0.25 per cent, which is not bad at all.
FAA Rated deposit
Shriram City Union Finance is FAA+ RATED BY Crisil. The company is offering an interest rate of 8.50 per cent on its deposits for 2 and 3 years. Not bad when compared to bank deposits.
Competitive interest rates
LIC Housing Finance offers an interest rate of 8.40 per cent on a 3-year deposit. Again, this is a AAA rated deposit and senior citizens are entitled to an extra 0.25 per cent interest rate, depending on the size of the deposit.