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HDFC Vs Shriram Transport Vs Bajaj Finance Ltd: Which FD Offers Better Interest Rates?
There are several leading non-banking financial companies (NBFCs) and housing finance companies (HFCs) that offer investors attractive rate of interest on their deposit when compared with bank deposits.
There are several leading non-banking financial companies (NBFCs) and housing finance companies (HFCs) that offer investors attractive rate of interest on their deposit when compared with bank deposits. It is important to check the credit ratings of FDs before you choose the particular NBFCs or HFCs for investing your hard-earned money.
These credit ratings are assigned by several agencies namely CARE, ICRA, CRISIL, etc. These ratings indicate that the company will have a strong ability to pay interests on your FD along with principal when the tenure of the FD comes to an end. We have compared the interest rates of FDs offered by HDFC, Shriram Transport and Bajaj Finance Ltd. Check the rates below:
1. Shriram Transport Finance Company
The company offers one of the highest interest rates for FDs. Citizens can earn up to 8.40% p.a. interest rates while senior citizens can fetch additional interest rate of 0.50% p.a. and above the normal rates. Therefore, citizens can earn maximum returns up to 9.05% effective yield. Also, there shall be an additional interest of 0.25% p.a. on all the renewals where the deposit is matured. It is worth noting that Shriram Transport Finance Company has one of the highest safety rating assigned by CRISIL. The AAA ratings indicates high credit quality and there is a least chance of defaults in interest and principal repayments. Check the table below for interest rates on FDs:
| Period | Non Cumulative Deposit | Cumulative Deposit | ||||
|---|---|---|---|---|---|---|
| Months | Monthly % | Quarterly % | Half yearly % | Yearly % | Effective yield % | Maturity value |
| p.a | p.a | p.a | p.a | p.a | for Rs 5,000/- | |
| 12 | 6.31 | 6.35 | 6.4 | 6.5 | 6.5 | 5325 |
| 15 | 6.54 | 6.58 | 6.64 | 6.75 | 6.8 | 5425 |
| 24 | 6.54 | 6.58 | 6.64 | 6.75 | 6.97 | 5695 |
| 30 | 7.48 | 7.53 | 7.6 | 7.75 | 8.2 | 6025 |
| 36 | 7.48 | 7.53 | 7.6 | 7.75 | 8.36 | 6255 |
| 45 | 7.53 | 7.58 | 7.65 | 7.8 | 8.68 | 6625 |
| 48 | 7.53 | 7.58 | 7.65 | 7.8 | 8.76 | 6750 |
| 60 | 7.62 | 7.67 | 7.75 | 7.9 | 9.25 | 7310 |
2. Bajaj Finance Ltd.
Bajaj Finance FDs offer an interest rate of 7.20% p.a. for citizens below 60 years and 7.45% p.a. for senior citizens on their fixed deposits. You can get maximum returns on these special tenors. The tenors include 15 months, 18 months, 22 months, 33 months, and 44 months, respectively. Your deposits begin from Rs 15,000 and there is an additional benefit of 0.25% p.a. for senior citizens. As the tenors are flexible, you can choose from 12 months to 60 months. You can also withdraw your FD after a minimum lock-in period of 3 months. It is worth mentioning that Bajaj Finance Ltd has been assigned a high rating of FAAA/Stable by CRISIL which indicates a high credit quality and the FDs carry lowest credit risk for depositors.
3. HDFC Ltd
You can also grow your money with assured returns and safety with HDFC's Fixed Deposits. It has highest safety and has obtained AAA rating from CRISIL and ICRA. It indicates that your deposits are safe with it. You can also secure assured and attractive returns on your FDs. You can choose a tenor of 33 months, 66 months, 77 months, 99 months with a minimum amount of Rs 20,000. If you choose the tenor of 33 months, you can fetch 6.45% interest rate on a minimum amount of Rs 40,000 under monthly plan. If you choose the 99 months plan, you can get an interest rate of 6.95% under Annual income plan. You can deposit up to Rs 2 crore in these special deposits.
