8.25% Interest On Fixed Deposits From This Government Owned Institution

The government of Tamil Nadu backed, Tamil Nadu Power Finance & Infrastructure Development Fixed deposits is offering an interest rate of 8.25% on fixed deposits. This is one of the highest among Government-owned Non Banking Finance companies.

Interest and other details of Tamil Nadu Power Finance & Infrastructure Development Fixed deposits

1) Senior citizens interest rates on cumulative deposits

For senior citizen Tamil Nadu Power Finance & Infrastructure Development Fixed deposits offer an interest rate of 8.25%, if you opt for the cumulative deposits under the 60-months tenure period. If you opt for 36 and 48-months, you get an interest rate of 8%, which is slightly lower. The 12-months cumulative deposits come with an interest rate of 7% and 7.25% for 24-months.

2) Non-Senior citizens interest rates on cumulative deposits

The cumulative deposits offer an interest rate of 7.75% on the 60-months deposit for regular deposits. For 36 and 48-months the interest rates drop sharply to 7.50%. The other tenures come with a lower interest rates, which is as good as bank deposit rates. We suggest go for the longer term tenures as there is a complete safety, being a government owned institution.

We tried to look at the non cumulative options for the Tamil Nadu Power Finance & Infrastructure Development Fixed deposits, but, we somehow could not click the options. The company also has an APP, where you can download on android and IOS and apply for the fixed deposits. The receipt can be stored on the app and you can also redeem the same if required. The app that we tried to look at the deposits is good and we encountered no issues. Online transactions and receipts are easy and should not be a problem. Right now, the company has a year-end, so please check when they are allowing to open fresh deposits. The RBI may hike interest rates next week, so interest rates on fixed deposits may even go higher.