Highest FD Rates For Senior Citizens: This Fixed Deposit Scheme With AA+/Stable Rating Offers 9.40% Interest

Ahead of RBI's June policy where yet another status quo in repo rate is likely on the table, there is swift in fixed deposit schemes offered by banks, NBFCs, and other finance companies. Competition is high among these financial service providers as they offer attractive and top rated interests on FDs which is the country's traditional old investment scheme. There is one NBFC, Shriram Finance who recently introduced a new tenure, and is offering a massive rate of return to senior citizens.

To be precise, the interest rate is as high as 9.40% for senior citizens. And that's not all, its FD scheme has [ICRA]AA+ (Stable) rating by ICRA and {IND AA+/Stable" by India Ratings and Research which is just the icing on the cake.

Some of the key features and benefits of Shriram's FD Schemes:

- Grow your savings with interest rates as high as 9.40% p.a.

- Choose from flexible interest payout options, i.e., monthly, quarterly, half-yearly, yearly or at maturity.

- Choose from the flexible investment options starting from 12 to 60 months.

- Get steady and assured returns irrespective of market fluctuations.

As per Shriram Finance's website, its FD scheme offers interest rates up to 9.40% per annum which includes 0.50% per annum for senior citizens and 0.10% per annum for women.

One of the newest introductions to its FD scheme is a tenure of 15 months. Here are the normal rates offered by Shriram Finance, on top of which, additional rates are added for senior citizens and women.

Under the non-cumulative deposit, to the general category, Shriram is offering a 7.85% rate for 12 months, while 8.15% on the new tenure of 15 years and also 24 months. The highest rate is 8.80% offered on its 50-month (Jubilee) special FD scheme and 60-month tenure. While the lender also offers 8.75% on 42 months, and 8.70% on 30 months tenure.

In the case of cumulative FDs, the bank is offering the highest rate of 8.47% for 50 months (Jubilee) and 60 months. While it is offering 8.42% on 42 months, and 8.38% on 36 months. On the new tenure of 15 months, the rate is 7.87% here, which is also similar to the 24-month tenure.

For both non-cumulative and cumulative FDs, Shriram said the following:

- Additional interest of 0.50% p.a. will be paid for Senior citizens (Completed age 60 years on the date of deposit/renewal)

- Additional interest of 0.25% p.a. will be paid on all Renewals, where the deposit is matured.

- Additional interest of 0.10% p.a. will be paid to Women Depositors.

How To Apply?

As per the website, applying for Shriram Fixed Deposit online is easy. Book your Shriram Fixed Deposit in four easy steps.

Step 1: Register using your mobile number

Step 2: Enter the investment amount, tenure and PAN details

Step 3: Complete your payment and proceed to enter your KYC and bank details

Step 4: Receive fixed deposit acknowledgement and maximise your returns

The minimum tenure of a fixed deposit is 12 months and the maximum tenure is up to 60 months. The interest on FD will be credited to your registered bank accounts.

Currently, the largest PSU lender, SBI has revised its FD rates, and other financial institutions are likely to follow.