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Govt Company That Offers 8.24% Interest On Deposits, 8.77% For Senior Citizens

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Investment in Fixed Deposits (FDs) is one of the most popular investment options for citizens. Investors who do not want to take risks prefer to open their FDs with various available public and private lenders. Investors become eligible to receive interest on their deposits over a fixed period of tenure. Fixed deposit are also known as term deposits. Investors look for best interest rates when they invest their money in FDs.

Govt Company That Offers 8.24% Interest On Deposits, 8.77% For Senior Citizens

One such government company that is offering attractive interest rates to investors on their deposits is Tamil Nadu Transport Development Finance Corporation Ltd or TTDFC Ltd. The company came into existence in the year 1975 with the aim of raising funds to meet the requirements of State Transport Undertakings in Tamil Nadu. The company consistently announced profit since its inception. Also, the company is quite safe for investors as it has been registered with RBI as a Non-Banking Finance Company. TTDFC has been classified as Hire Purchase Finance Company.

 

Presently, TTDFC Ltd. has mobilized its deposits under two separate schemes. Investors can open their FDs with TTDFC and enjoy interest rates ranging from 7.75% to 8.77%. The two separates schemes offered by TTFC Ltd are known as Period Interest Payment Scheme (PIPS) and Money Multiplier Scheme (MMS). Given below is the detailed description of interest rates of the two schemes.

1. Period Interest Payment Scheme (PIPS): Under this scheme, the interest rates will be paid either monthly, quarterly or annually. The depositors will have to make a minimum amount deposit of Rs 50,000 to receive the attractive interest rates. If investors choose to deposit Rs 50,000 for a tenure of 24 months, they will receive quarterly interest rate of 7.25% while senior citizens will get 7.50% quarterly interest rates on this deposit.

If citizens invest Rs 50,000 under PIPS scheme for 36 months to 48 months, they will get monthly interest rates of 7.75%, quarterly interest rates of 7.75%, annual interest rates of 7.98%. Meanwhile, for this same tenure, senior citizens will get monthly interest rates of 8.25%, quarterly interest rate of 8.25%, and annual interest rate of 8.51%.

 

If citizens choose to open their FDs for a period of 60 months, they will get a monthly interest rate of 8%, quarterly interest rate of 8.00% and annual interest rate of 8.24%. Meanwhile, senior citizens will get monthly interest rate of 8.50%, quarterly interest rate of 8.50%, and yearly interest rate of 8.77%

2. Money Multiplier Scheme (MMS): Under this scheme, the interest rates will be compounded quarterly at the ideal interest and it will be paid upon maturity along with principal. Depositors will need to make a deposit of Rs 50,000. If investors opt for this scheme for 12 months tenure, they will get basic rate PA of 7.00% and effective yield PA of 7.19%, for 24 months tenure the basic rate PA is 7.25% and effective yield is 7.73 %, for 36 months tenure the basic rate PA is 7.75% and effective yield PA is 8.63%. If investors choose 48 months period, the basic rate PA is 7.75% and effective yield PA is 8.99 and for 60 months tenure, the basic rate PA for general citizens is 8.00% and effective yield PA is 9.72%.

When it comes to senior citizens, the basic rate PA for 12 months tenure scheme will be 7.25 % and effective yield PA is 7.45 %. For 24 months tenure scheme, the basic rate PA goes up to 7.50% and effective yield PA is 8.01%. For 36 months tenure, the basic rate PA is 8.25% and effective yield PA is 9.25%. For 48 months period scheme, the basic rate PA is 8.25% and effective yield PA is 9.66%. And, for 60 months tenure, the basic rate PA is 8.50% and effective yield PA is 10.46%.

Story first published: Monday, May 16, 2022, 11:50 [IST]
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