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2 Government Companies That Offer 8.5% Monthly Interest Income On Fixed Deposits

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Interest rates in the economy continue to remain extremely subdued, with retired folk in particular hit hard. Here are 2 government companies that can offer you monthly interest of 8.5% for senior citizens and 8% for non senior citizens or other category of investors.

 

Fixed Deposits of Tamil Nadu PowerFinance And Infrastructure

Fixed Deposits of Tamil Nadu PowerFinance And Infrastructure

The Tamil Nadu Government owned, Tamil Nadu Power Finance and Infra is offering an interest rate of as high as 8.5% for senior citizens and 8% for non senior citizens.

Senior citizens interest rates as on Dec 11, 2021, Monthly InterestNon senior citizens interest rate as on Dec 11, 2021, Monthly Interest
36-months8.25%7.75%
48-months8.25%7.75
60-months8.50%8.00%

The scheme also offers annual payment as well as cumulative. For senior citizens the interest rates go as high as 8.77%, if you opt for the annual payout of interest, while for a regular depositor the interest rate is as high as 8.24% under the annual payout.

First hand experience with the deposits of Tamil Nadu Power Finance and Infra
 

First hand experience with the deposits of Tamil Nadu Power Finance and Infra

The good news is that deposit holders can open an account online through the app. The app is superb and easy to use. We visited the office of the company for the purpose of opening a fixed deposit account. Because of the rate of interest being offered, there was a crowd at the office. However, we received our deposit, which is an e receipt on the app. The electronic receipt can be downloaded with the help of the app and the PAN number.

So far we found the app very helpful and there were no issues with the deposit as well. In fact, the office called us to confirm a few things like whether we wanted out TDS to be deducted etc. The deposits are safe as the company is a Government of Tamil Nadu owned undertaking.

Fixed deposits of Tamil Nadu Transport Development Finance

Fixed deposits of Tamil Nadu Transport Development Finance

This entity is again wholly owned by the Government of Tamil Nadu. Registered with RBI as a Non Banking Finance Company the company is a Hire Purchase Finance Company. It Mobilises funds through various attractive Deposit Schemes and provides financial assistance to State Transport Undertakings in Tamil Nadu.

Senior citizens interest rates as on Dec 11, 2021, Monthly InterestNon senior citizens interest rate as on Dec 11, 2021, Monthly Interest
36-months8.25%7.75%
48-months8.25%7.75
60-months8.50%8.00%

The interest rates on the Fixed deposits of Tamil Nadu Transport Development Finance is the same like the deposits of Tamil Nadu Power Finance and Infra. However, the big difference is that this does not have app and there is no facility to open a deposit online. We suggest that investors look at the deposits of Tamil Nadu Power Finance and Infra as a better option.

Invest for tenures of 3-5 years deposits

Invest for tenures of 3-5 years deposits

We suggest investors to look for the option of 5-years and the annualized option, which offers an interest rate of as high as 8.77%. Interest rates in the economy are unlikely to go down anytime soon and hence these deposits are a good option. We recommend investors to also boon their deposits online through the app of Tamil Nadu Power Finance, which is a better option at the moment.

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