Finally, interest rates in the economy are heading higher and we are getting decent interest rates. It is now possible to get interest rates as high as 9 per cent in a solidly backed company fixed deposit.
Mahindra Finance FD Now at 9%
The Mahindra Finance FD now comes with an interest rate of 9 per cent, if you apply online. You do not find a AAA rated FD with an interest rate of 9 per cent.
The tenure for the 9 per cent interest is 33 and 40 months. For tenures of 15, 20 and 27 months, the company offers you an interest rate of 8.30 per cent, 8.35 per cent and 8.60 per cent. All of these interest rates are under the cumulative scheme.
The yield on these deposits can go as high as 10 per cent, due to compounding. It is important to remember that the above mentioned interest rate of 9 per cent is only for online investors.
In line with the broader market trend, Bajaj Finance has also hiked its deposit interest rates. It is now possible to get an interest rate of as high as 8.75 per cent for a tenure of 36-60 months under the cumulative scheme of Bajaj Finance.
Senior citizens are entitled to an additional interest rate of 0.35 per cent, which means interest rates for them can go as high as 9.10 per cent.
This is again a AAA rated deposit and there is no reason to believe that it is not safe. Investors can consider this FD for the more long term of 3 years or so.
This is a government of Kerala backed organization that offers an interest rate of 8.50 per cent per annum.
What is most interesting is that while the interest rate offered is 8.50 per cent, the interest rate is compounded every month, which takes your yield to be much higher.
In fact, over a three year period, your cumulative yield could be as high as 9.64 per cent, while for senior citizens it is near 10 per cent over the three year tenure.
As mentioned earlier the deposits are backed by the government of Kerala and are hence very safe.
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