In the world of investments, fixed deposits are a popular choice for individuals looking for a secure and predictable return on their savings. To help investors make informed decisions, it is important to know which non-banking financial companies (NBFCs) offer the highest interest rates on fixed deposits. By comparing the rates offered by different NBFCs, investors can find the best options to maximize their returns.
NBFCs Offering the Highest Interest Rates
Below-mentioned NBFCs some of the highest interest rates on FDs -
1. Bajaj Finance FD
Bajaj Finance, a prominent non-banking financial company (NBFC) in India, operates as the primary division of Bajaj Finserv Limited. Bajaj Finance is known for its extensive range of offerings in the NBFC sector. The company's Fixed Deposits (FDs) are considered secure due to their high domestic credit rating, with CRISIL AAA and ICRA AAA ratings. Bajaj Finance provides FDs with both Cumulative and Non-cumulative options, allowing investors to choose a maturity period ranging from 12 months to 60 months. Additionally, the company offers special FDs for specific tenure ranges between 15 months and 44 months. At present, Bajaj Finance offers an interest rate of up to 8.60% p.a. for senior citizens.
2. Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (TNPFC) FD
Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (TNPFC) is a government-owned non-banking financial company (NBFC) based in Tamil Nadu. TNPFC currently offers attractive interest rates on its Fixed Deposits (FDs). Their FD scheme provides two options: cumulative and non-cumulative deposits. Their FD interest rates vary from 6.75% to 8.00%. TNPFC offers the highest interest rate of 8% for general public deposits and 8.5% for senior citizens. The maturity period for these FDs varies from 12 months to 60 months, providing flexibility for investors. TNPFC's FDs present a reliable investment option for individuals seeking stable returns.
3. Shriram Transport Finance FD
Shriram Transport Finance Company Ltd, a part of the SHRIRAM Group conglomerate, is a prominent player in the financing business. Specializing in commercial vehicle financing, with a focus on trucks ranging from preowned to new ones, STFC offers a Fixed Deposit (FD) scheme that provides a high degree of safety. The FD has been rated "[ICRA]AA+ (Stable)" by ICRA and "'IND AA+/Stable" by India Ratings & Research, ensuring the reliability of the investment. The FD scheme is available for both Cumulative and Non-cumulative deposits up to an amount of ₹5 Crore, effective from May 20, 2022. The interest rates of up to 9.10% p.a are offered. The tenure for deposits spans from 12 months to 60 months. Additionally, STFC offers three forms of additional interest on deposits. First, there is an extra 0.50% p.a. interest for senior citizens aged 60 and above. Second, an additional interest of 0.25% p.a. is provided on all renewals when the deposit matures. Finally, there is a further 0.15% additional interest offered to employees of Shriram Group Companies and their relatives. With its robust network and attractive interest rates, Shriram Transport Finance FD provides a secure investment option for individuals seeking stable returns.
4. PNB Housing Finance FD
PNB Housing Finance Limited (PNB Housing) is a housing finance business that operates under the registration of the National Housing Bank (NHB). It is promoted by Punjab National Bank (PNB), one of India's leading public sector banks. With over 30 years of expertise in housing finance, PNB Housing has established a vast network of branches across the country, ensuring easy access to financial services such as loans and deposits for its customers. The FD scheme offered by PNB Housing Finance is considered secure, as it holds a rating of AA/Negative by CRISIL and CARE AA/Stable. Investors can choose a maturity period ranging from 12 months to 120 months for their deposits. The PNB Housing Finance interest rates for general public deposits range from 6.79% to 10.45% for deposits up to ₹5 crore. Senior citizens enjoy an extra 0.25% interest rate on their deposits, applicable for deposits up to ₹1 crore. These interest rates came into effect from June 16, 2022. With its strong backing and competitive interest rates, PNB Housing Finance FD offers a reliable investment option for individuals in the housing finance sector.
5. Mahindra Finance FD
Mahindra & Mahindra Financial Services Limited (MMFSL), a subsidiary of the Mahindra Group, is a prominent non-banking financial company (NBFC) that specializes in financing various types of vehicles, including auto and utility vehicles, tractors, cars, commercial vehicles, and construction equipment. They also provide SME financing solutions. When it comes to Fixed Deposits (FDs), Mahindra Finance ensures the highest level of safety for investors, as indicated by its IND AAA / Stable rating from India Ratings. The company offers FDs under both cumulative and non-cumulative options, with different schemes such as Dhanvruddhi, Samruddhi, and Bulk Deposit available for deposit amounts ranging from over 50 lakhs up to 5 crores and above. The interest rates on Mahindra Finance FD rates range up to 7.75% for a tenure of 30 to 60 months. Additionally, senior citizens can benefit from an additional interest rate of 0.25% on their deposits. Senior citizens who opt for the Samruddhi scheme can enjoy an additional interest rate of 0.25% p.a., and those who choose the Dhanvruddhi scheme can receive an extra 0.25% p.a. interest rate for deposits up to ₹50 lakhs. Furthermore, all employees of Mahindra Group companies are eligible for the additional interest rate of 0.25% p.a. on their Dhanvruddhi deposits. With its strong reputation and competitive interest rates, Mahindra Finance FDs provide a secure and rewarding investment option for individuals looking to grow their savings.
Conclusion
It is crucial for investors to consider the interest rates offered by NBFCs on fixed deposits to maximize their returns and ensure the safety of their investments. Conducting thorough research and comparing rates can help individuals make informed decisions tailored to their financial goals.