Five NBFCs Offering Fixed Deposit With Highest Interest Rates On Various Tenure

The safest form of investing is thought to be fixed deposits. After the Reserve Bank of India's repo rate was raised the second time, the interest rates on fixed deposits started to look very appealing. In the face of increasing inflation and stock market instability, more investors are choosing fixed deposits over other investments. These 5 NBFCs are providing the general public and senior folks with the highest FD rates on Cumulative, non-cumulative deposits.

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (TNPFC) FD

TNPFC is a Government of Tamil Nadu owned NBFC that is offering very attractive interest rates on Fixed Deposits. The company offers FD scheme under the two options, cumulative & non-cumulative deposits. The company FD rates range between 7% to 8% for the general public and 7.50% to 8.50% for senior citizen deposits. It offers the highest 8.% interest rate for general public deposits & highest 8.5% interest rate for senior citizens, respectively. The maturity period ranges from 12 months to 60 months.

Shriram Transport Finance FD

Shriram Transport Finance Company Ltd is a part of the SHRIRAM Group conglomerate which has a significant presence in the financing business. STFC is engaged in the business of commercial vehicle financing mainly focusing on trucks from preowned to new ones. STFC's FD comes with an FD rated "[ICRA]AA+ (Stable)" by ICRA & rated "'IND AA+/Stable" by India Ratings & Research, which indicates a high degree of safety. It's a Deposit-taking NBFC comprising 1,758 branches, 831 rural centres, and partnerships with ~500 private financiers.

The NCFC offers FD under both Cumulative & Non-cumulative deposits on amount deposits below Rs 5 Crore with effect from 20th May 2022. The interest rate ranges from 6.31% to 7.90% and the highest is 8.40% for senior citizens. The tenure for deposits ranges from 12 months to 60 months, under both deposits.

The NBFC offers 3 additional forms of additional interest to deposits. First, additional 0.50% p.a. interest for senior citizens (60 years). Sector, additional interest of 0.25% p.a. on all renewals, when the deposit is matured, and a third additional interest of 0.15% to employees of Shriram Group Companies & their relatives.

 

Bajaj Finance FD

One of the most varied NBFCs in the Indian industry, Bajaj Finance is the main division of Bajaj Finserv Limited. Deposits with Bajaj Finance are safe as it has the highest domestic credit rating of CRISIL AAA & ICRA AAA for its FD scheme.

Bajaj Finance offers FD under Cumulative & Non-cumulative options for maturity tenure of 12 months to 60 months. It also offers special FD for the various tenure ranges between 15 months to 44 months. Currently, it is offering the highest interest rate of 7.75% to senior citizens and the lowest at 6.03% to general citizens. The company offers up to 0.25% additional interest on senior citizen deposits.

PNB Housing Finance FD

PNB Housing Finance Limited (PNB Housing) is a housing finance business registered with the National Housing Bank (NHB). One of India's top public sector banks, Punjab National Bank (PNB), is the promotor of PNB Housing. With more than three decades of specialised knowledge in the field of housing finance, PNB Housing has a wide network of branches across the nation that make it easy for its clients to access financial services (loans and deposits) without any hassle. PNB Housing Finance FD is secure as it is rated AA/Negative by CRISIL and CARE AA/Stable.

The company offers deposits for a maturity period of 12 months to 120 months. Its FD rate ranges from 6% to 7.25% for general public deposits. For senior citizens (above 60 years) the interest rate ranges between 6.25% to 7.50% for deposits up to Rs 5 crore. It offers a 0.25% additional interest rate to senior citizens. The senior citizen's additional FD rate is applicable for deposits up to Rs 1 Crore. The interest are are effective from 16 June 2022.

Mahindra Finance FD

Mahindra & Mahindra Financial Services Limited (MMFSL), a part of the Mahindra Group, is an NBFC primarily engaged in the business of financing the purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment and SME Financing. Mahindra Finance Fixed Deposits come with the highest safety indicated by IND AAA / Stable rating by India Ratings.

The company offers FD under cumulative & non-cumulative options under various options such as Dhanvruddhi Scheme, Samruddhi Scheme, and Bulk Deposit for deposits above 50 lakh up to 5 crores and above 5 crores. The FD offered by the company ranges interest rates between 6% to 7.40% for a tenure of 30 months to 60 months. It offers 0.25% additional interest to senior citizen deposits. Senior citizens will get an additional interest rate of 0.25% p.a. for Samruddhi deposits and 0.25% p.a. additional rate for Dhanvruddhi deposits up to Rs. 50 Lakhs (All Mahindra Group Company Employees).