These Two NBFCs Are Offering Senior Citizens FDs With Interest Rates Above 8%, Check Rates Here

The majority of investments are tailored to our specific needs, desires, and objectives, but there are a few financial instruments that are required in any portfolio. Nowadays, investors have a lot of options for investment in FD. It is worth noting that the interest rates on fixed deposits are becoming very attractive after the recent hike in the repo rate of the Reserve Bank of India (RBI). After the repo rate hike, several leading banks and NBFCs followed the trend and revised their interest rates on FD, some also revised the tenure and the Internet rates offered to them.

Some government NBFCs offer lucrative interest rates on senior citizens' FDs as well as on regular FDs. One such is Tamil Nadu Power Finance and Infrastructure Development Corporation (TNPFC), a Tamil Nadu Government Enterprise. The second one is Shriram City Union Finance Ltd, a private NBFC part of the Shriram group.

Tamil Nadu Power Finance and Infrastructure Development Corporation (TNPFC)

TNPFC offers the highest 8.50% interest rates to senior citizens (58 years and above), and the highest 8% to regular citizens on 5 year FD. TNPFC offers FD under two options, cumulative and non-cumulative. The minimum deposit amount required for investment is Rs 50,000 and thereafter in multiples of 1 for cumulative deposits, and multiple of Rs 1,000 for non-cumulative deposits. Investment in this FD is safe as it is an Tamil Nadu Enterprise. The interest rates offered by the TNPFC FDs are as follows:

Cumulative Deposits

Period (Monthly)	Regular Citizens (% pa)	Senior Citizens (% pa)
12	7	7.25
24	7.25	7.5
36	7.75	8.25
48	7.75	8.25
60	8	8.5

 

Non-Cumulative Deposits

Interest rates to Regular Citizens

Period (Monthly)	Monthly (%)	Quarterly (%)	Annually (%)
24	0	7.25	0
36	7.75	7.75	7.98
48	7.75	7.75	7.98
60	8	8	8.24

Interest rates to Senior Citizens

Period (Monthly)	Monthly (%)	Quarterly (%)	Annually (%)
24	0	7.5	0
36	8.25	8.25	8.51
48	8.25	8.25	8.51
60	8.5	8.5	8.77

Source- tnpowerfinance.com

Shriram City Union Finance Ltd

Shriram City Union Finance Ltd is a well leading NBFC in India. It is engaged in small and medium enterprise lending and retail financing including two-wheeler loans. The company recently hiked their FD rates, effective from 20th May 2022. Now, it offers the highest FD rates up to 7.62% to regular citizens and 8.12% to senior citizens (60 years and above) on 5 year or 60 months deposit tenure. Deposits will be accepted in multiples of Rs 1,000 subject to a minimum amount of Rs 5,000 The interest rate on Shriram City Union FDs are as follows:

Cumulative Deposits Under 5 Crore- online mode (w.e.f. 20th May 2022)

Tenure (Month)	Regular Citizens (pa %)	Senior Citizens (pa%)
12	6.31	6.81
15	6.54	7.04
24	6.54	7.04
30	7.48	7.98
36	7.48	7.98
45	7.53	8.03
48	7.53	8.03
60	7.62	8.12

Please Note - 1. Additional interest of 0.50% p.a. will be paid for senior (Completed age 60 years on the date of deposit/renewal)

2. Additional interest of 0.25% p.a on all Renewals, where the deposit is matured.

3  Additional interest of 0.15% p.a to employees of Shriram Group Companies and their relatives.

 

 

Non-Cumulative Deposits Under 5 Crore -online mode (w.e.f. 20th May 2022)

Tenure (Month)	Monthly % P.A	Quarterly % P.A	Half-yearly % P.A	Yearly % P.A
12	6.31	6.35	6.4	6.5
15	6.54	6.58	6.64	6.75
24	6.54	6.58	6.64	6.75
30	7.48	7.53	7.6	7.75
36	7.48	7.53	7.6	7.75
45	7.53	7.58	7.65	7.8
48	7.53	7.58	7.65	7.8
60	7.62	7.67	7.75	7.9

Please Note - 1. Additional interest of 0.50% p.a. will be paid to senior citizens (Completed age 60 years on the date of deposit/renewal)

2. Added interest of 0.25% p.a. on all renewals, where the deposit is matured.

3. Additional rate of 0.15% p.a. to employees of Shriram Group Companies and their families.

Source- shriramcity.in