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Govt-Backed NBFC Offering Highest Interest On Your FD At 8.50%
At time when many leading private and public lenders are offering less interest rates on fixed deposits, it is significant to look for different platforms offering higher interest rates.
At time when many leading private and public lenders are offering less interest rates on fixed deposits, it is significant to look for different platforms offering higher interest rates. Tamil Nadu Power Finance and Infrastructure Development Corporation Limited or TNPFC offers higher interest rate to citizens that are 2% to 3% higher than many government and private banks.
It is a wholly owned company by Tamil Nadu Government and it has been licensed with the Reserve Bank of India as a non-banking finance company. As it has the backing of Tamil Nadu Government, the deposits under this NBFC are quite safe.
TNPFC has been assigned with credit rating of "MA-".
Citizens can select between cumulative and non-cumulative fixed deposit. Below are the key details:
1. Non-Cumulative Fixed Deposits
Under this scheme, interest on fixed deposits shall be paid monthly, quarterly, and annually. When the deposits mature, citizens will get their investment back. The tenure of these fixed deposits is for 2, 3, 4, and 5 years. Citizens can fetch an interest rate in the range of 7.25% to 8% as per the tenure selected by investors. Senior citizens can fetch a higher interest rate of 0.50%. The minimum deposit amount is Rs 50,000 and thereafter in multiples of 1000.
| Period (Month) | Quarterly (%) | Interest Amount(Rs.) |
|---|---|---|
| 24 | 7.25 | 57,250 |
| 36 | 7.75 | 61,625 |
| 48 | 7.75 | 65,500 |
| 60 | 8 | 70,000 |
| Deposit Amount Rs. | 50,000/- |
2. Cumulative Deposits
In these fixed deposits interest would be quarterly compounded and paid on maturity. The tenors of these fixed deposits will be 1, 2, 3, 4, and 5 years. Meanwhile, interest range will begin from 7.25% to 8.50% depending on the tenor that investors select. Senior citizens will fetch additional 0.50% interest rate. The minimum deposit amount is Rs 50,000 and thereafter in multiples of 1000.
| Period (Month) | On Maturity (%) | Maturity Amount (Rs.) |
|---|---|---|
| 12 | 7 | 53,592 |
| 24 | 7.25 | 57,726 |
| 36 | 7.75 | 62,947 |
| 48 | 7.75 | 67,969 |
| 60 | 8 | 74,297 |
| Deposit Amount Rs. | 50,000/- |
3. Documents To Submit
For Individuals: Investors will need to submit a photo, PAN Card, Aadhaar card, and a cancelled cheque. Investors need to keep these documents ready before they start to open their FDs in TNPFC.
For Institutions: In the case of institutions, the documents that need to be submitted include certificate of registration, address proof, authorized signatory photo, authorization letter, cancelled bank cheque.
