Companies accepting corporate deposits have now hiked their interest rates, even as the RBI has raised repo rates. Interest rates are rising and several companies are raising their deposit rates. Here are a few AAA rated deposits that now offer you higher interest rates then before.
Until recently, Bajaj Finance was offering an interest rate of just 7.85 per cent on its deposits. The Non Banking Finance Company has now hiked the same to 8.40 per cent for three years and 5 years deposit. For 2 years, Bajaj Finance offers an interest rate of 8.15 per cent per annum.
Mahindra Finance too has raised interest rates on its deposits recently. The company now offers an interest rate of 8.35 per cent, on its 3 and 5 year deposit. For a smaller tenure of 2 years, the NBFC offers an interest rate of 8.10 per cent.
There is little doubt that coming from the Mahindra stable, these deposits are relatively safe. Again, like BAJAJ Finance, the Mahindra Finance deposits have the highest rating of AAA. Go for these deposits for a smaller time frame, as interest rates are only slated to rise further.
Dewan Housing Finance
Dewan Housing Finance is offering the highest interest rate among the well rated NBFCs in the country. The interest rate is 8.50 per cent over a 5-year tenure. For a tenure of 3-years, the company is offering a slightly reduced interest rate of 8.45 per cent.
Dewan Housing Finance is among the leading housing finance companies in the country. The deposits are once again rated AAA by one of the top rating agencies in the country. It is important to note that all company deposits attract a TDS over and above a sum of Rs 5,000.
HDFC Ltd offers a uniform rate of interest of 7.55 per cent across all tenures. HDFC is the top housing finance in the country and its deposits can be considered as very secure.
Shriram Transport Finance
Shriram Transport Finance offers an interest rate of 8 per cent for three years and 8.25 per cent for 5 years. The deposits are AAA rated. This company too has a superb track record of servicing principal and timely payment of interest. It is one of the top truck financiers in the country.