These Two NBFCs Offers High Interest Rate On FDs To Senior Citizens, Check Rates Here

As the Reserve Bank of India hiked the repo rate 2 times in just 40 days ahead in the face of increasing inflation, leading finance corporations have begun boosting interest rates on their deposits. The best feature of corporate fixed depositors is that they offer a higher interest rate than conventional bank depositors, making them a solid pick for debt investors.

Finance company fixed deposits are popular with small depositors, primarily seniors, who desire uncomplicated products and consistent income from their investments. Retail investors, whose equities returns have been under pressure recently, may want to examine these options as interest rates rise.

Two major NBFCs, Mahindra Finance & PNB Housing Finance also hiked their deposit rates. They are now offering FDs at a high rate of interest. Check out the rates below.

Mahindra Finance

Fixed Deposits (FDs) are offered by Mahindra Finance at attractive interest rates with a term of up to five years. Employees of Mahindra group companies and older people are eligible for a higher interest rate on any deposits made to the scheme. On tenures ranging from 12 months to 60 months, Mahindra Finance offers FD interest rates of 5.20-6.45% p.a. to the general public and 6-7.25% p.a. to senior citizens.

Here are the Fixed Deposit Interest Rates for deposits up to Rs 50 Lakh Under various options w.e.f 27th May 2022

 

Dhanvruddhi Scheme - FD Rates for deposits up to 50 lakhs

Cumulative Options

FD Rates only for online investors through Mahindra Finance website and online mode.

Tenure (Months)	Interest (%)
30	6.55%
42	6.80%

Non-Cumulative Option

FD Rates only for online investors through Mahindra Finance website and online mode.

Period (Months)	Interest p.a.*(Monthly)	Interest p.a.*(Quarterly)	Interest p.a.*(Half-yearly)	Interest p.a.* (Yearly)
30	6.00%	6.35%	6.45%	6.55%
42	6.25%	6.60%	6.70%	6.80%

Please Note - Additional 0.20% FD Interest Rates is applicable for Senior Citizen

Samruddhi Scheme - FD Rates for deposits up to 50 lakhs

 Cumulative Option - Deposits is applicable through physical & Online mode

Period (Months)	Interest p.a.*(%)
12	5.75%
24	6.35%
36	6.75%
48	6.85%
60	7.00%

Non-Cumulative Option - Deposits is applicable only through Physical applications

Period (Months)	Interest p.a.* (Monthly)	Interest p.a.* (Quarterly)	Interest p.a.* Half yearly)	Interest p.a.* (Yearly)
12	5.20%	5.55%	5.65%	5.75%
24	5.80%	6.15%	6.25%	6.35%
36	6.20%	6.55%	6.65%	6.75%
48	6.30%	6.65%	6.75%	6.85%
60	6.45%	6.80%	6.90%	7.00%

Please Note - Additional 0.25% FD Interest Rates is applicable for Senior Citizen

Source- www.mahindrafinance.com

PNB Housing Finance

PNB Housing Finance Ltd. offers attractive Fixed Deposit (FD) Interest Rates, up to 7.25% on the tenure of 120 months under the cumulative option, and the same under the non-cumulative option under the annual option. Non-cumulative FDs are also available on a monthly, quarterly, half-yearly, and annual basis. The non-cumulative option has a range of interest rates. In comparison to several commercial and public sector banks in India, the company offers higher FD rates.

Here are the FD Rates for deposits up to Rs5 crore Under Cumulative & Non-Cumulative options w.e.f. 15th June 2022

PNB Housing Finance

Cumulative Option

Tenure (Months)	Interest Rate
12 - 23	6.00%
24 - 35	6.40%
36 - 47	6.85%
48 - 59	7.10%
60 -71	7.25%
72 - 84	7.25%
120	7.25%

Non-Cumulative Option

Tenure (Months)	Monthly	Quarterly	Half Yearly	Annual
12 - 23	5.84%	5.87%	5.91%	6.00%
24 - 35	6.22%	6.25%	6.30%	6.40%
36 - 47	6.64%	6.68%	6.74%	6.85%
48 - 59	6.88%	6.92%	6.98%	7.10%
60 -71	7.02%	7.05%	7.12%	7.25%
72 - 84	7.02%	7.05%	7.12%	7.25%
120	7.02%	7.05%	7.12%	7.25%

Please Note -1) Senior citizens (above 60 years) will be eligible for 0.25% additional Rate of Interest

2) Senior citizen special rates applicable for deposits upto Rs 1 crore.

Source- www.pnbhousing.com