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Best FD 2023: Top NBFC Offering Maximum Interest Rate Of 9.05%
Leading Non-Banking Financial Company (NBFC), Shriram Finance is offering maximum interest rate of 9.05% p.a. on its fixed deposits. The NBFC revised its FD interest rate with effect from January 1, 2023. The interest rate of 9.05% p.a. includes 0.50% p.a. for senior citizens and 0.10% p.a. for women. It is offering two types of deposits namely Non-Cumulative Deposit and cumulative deposit. Check details below:
1. Non-Cumulative Deposit
The bank offers FD for the tenure of 12, 18, 24, 30, 36, 42, 48, and 60 months tenure. You can opt for monthly, quarterly, half yearly, and yearly FDs. The minimum interest rate begins for 12 months FD wherein regular citizens can get 7.30% p.a. (yearly), senior citizens can get 7.80% p.a. (yearly) for the same tenure.
The maximum interest rate goes to 8.45% p.a. for regular citizens for 60 months FD (yearly) while senior citizens can fetch 8.95% p.a. (yearly). Additional interest rate of 0.10% p.a. will be offered to women depositors so the interest rate will go up to 9.05% p.a. for women senior citizens.
There will be additional interest rate of 0.25% p.a. on all Renewals, where the deposit is matured.
Citizens can get all the above tenures both offline and online investments.
2. Cumulative Deposit
Under cumulative deposit, the minimum interest rate begins for 12 months FD at 7.06% p.a. while senior citizens will get additional 0.50% interest rate and an additional 0.10% p.a. will be paid to women depositors.
If you invest an amount of Rs 5000 in this tenure, you will receive Rs 5,365 after the deposit is matured. Meanwhile, the maximum interest rate under cumulative deposit is 8.13% p.a. for regular citizens for 60 months FD.
Senior citizens can get 8.63% p.a. interest rate for 60 months FD and women depositors can get additional .10% interest rate. An investment of Rs 5000 in 60 months fd will become Rs 7500 for regular citizens.
3. Is Shriram Finance Safe?
It offers one of the safest investment options with attractive interest rates. It has been rated [ICRA]AA+ Stable by ICRA and "IND AA+/Stable " by India Ratings and Research.
