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Govt Company That Offers 8.24% Interest On Regular Fds & 8.77% On Senior Citizen Deposits
The Tamil Nadu government owned Tamil Nadu Transport Development Finance Corporation (TNTDFC) is offering interest rates up to 8.77% on fixed deposits. Here are some other details of the fixed deposits.
FD interest rates for regular deposit holders on TNTDFC Deposits
| Annual payment | Money multiplier (cumulative) | |
|---|---|---|
| 60 months | 8.21% | 7.75% |
| 48-months | 7.98% | 7.75% |
| 36-months | 7.98 | 8% |
FD Interest rates for senior citizens
| Annual payment | Money multiplier (cumulative) | |
|---|---|---|
| 60 months | 8.77% | 8.25% |
| 48-months | 8.51% | 8.25% |
| 36-months | 8.51% | 8.50% |
Other schemes
Tamil Nadu Transport Development Finance Corporation also has quarterly and monthly payout for which the interest rates are slightly lower. We do not recommend investing for the short-term as interest rates could fall. Apart from this the deposits of Tamil Nadu Transport Development Finance Corporation are safe, as they have the backing of the state government of Tamil Nadu. It is also important to note that the company has a facility of online application, which can facilitate the payment for the fixed deposits. If you are not liable to pay any income tax, you can also submit form 15g and form 15h. Investors may note that fixed deposits attract a TDS if the amount is over Rs 5000 on company fixed deposits.
About company fixed deposits
Generally, fixed deposits from companies are not secured, which means should the company go bankrupt, there is the possibility of losing money. At least in the case of banks, there is a deposit insurance where even if the bank fails, one can get Rs 5 lakhs from bank deposits and savings bank account put together. We have always told our readers to exercise some caution before investing. Please do not invest unless it is a government company or the ratings are rated by some reputed agency. In this case, since Tamil Nadu Transport Development Corporation is owned by the Government of Tamil Nadu, there is some assurance for the deposits. In any case the interest rates are the best.
