These top 5 fixed deposits by non-banking finance companies and housing finance companies are offering the highest interest rates of up to 8.97% in June 2024.
For a very long time, fixed deposits (FDs) have been one of the most popular investment options in India, especially for conservative investors and senior citizens. Conservative investors prefer guaranteed returns, capital safety, and easy liquidity over high returns. Various entities, such as banks, non-banking finance companies (NBFCs), post offices, and corporates, offer different types of term deposits or fixed deposits. These FDs come with unique set of features, interest rates, and benefits. Investors can choose an option that best suits their financial goals and risk appetite.
Corporate FDs are offered by Housing Finance Companies (HFCs) and Non-Banking Financial Companies (NBFCs). Such FDs usually offer interest rates higher than bank FD interest rates.
In this write-up, we will explore the top five corporate fixed deposits and the interest rates they offer to both regular customers and senior citizens. The data, updated until June 18, is sourced from paisabazaar.com.
Also Read– Bank Holidays July 2024: Banks To Remain Closed For 12 Days, Check Full List Here
Shriram Finance Fixed Deposit Rates
Shriram Finance offers fixed deposit rates across tenors like 1 year, 3 years and 5 years. For a tenure of 5 years, the interest rate is 8.47% for general customers. For senior citizens, the NBFC offers 8.97% interest rate on 5-year FD.
Its 3-year fixed deposit earns 8.38% to general FD subscribers and 8.88% for senior citizens. Short-term investors can opt for a 1-year deposit, which offers a rate of 7.09% to normal FD buyers and 7.59% to seniors. Shriram Finance offers senior citizens an appealing option for securing financial stability.
Shriram Finance, a housing finance company, is accredited with a credit rating of AA+/Stable by ICRA and IND AA+/Stable by India Ratings and Research. According to ICRA, an AA rating signifies high credit quality with low credit risk for depositors. Similarly, India Ratings & Research states that an AA rating reflects a high degree of safety concerning the timely servicing of financial obligations by the NBFC.
Also Read– 5 Benefits Of Linking Aadhaar Card With Bank Account You Need To Know
Muthoot Capital FD Interest Rates
Muthoot Capital, a non-bank lender, offers fixed deposit interest rates ranging from 7.21% to 8.38% per annum for the general public and 7.71% to 8.88% for senior citizens, with tenures ranging from 1 to 5 years. The company is accredited with an A+/Stable credit rating by CRISIL. This rating indicates adequate safety and satisfactory assurance regarding the timely payment of interest and principal.
Bajaj Finance FD Interest Rates
Bajaj Finance offers FD interest rates ranging from 7.40% to 8.60% per annum to the general public and 7.65% to 8.85% per annum to senior citizens. These rates are applicable on tenures from 1 to 5 years. NRI depositors can book Bajaj Finance FDs, also known as Bajaj Finserv FDs, at interest rates from 7.35% to 8.05% for tenures ranging from 1 to 3 years.
This NBFC has been accredited with a credit rating of AAA/Stable by both CRISIL and ICRA.
Read More: How to Link Aadhaar with Ration Card: Here’s detailed online and offline process
Mahindra Finance FD Interest Rates
Mahindra Finance offers fixed deposit interest rates between 7.4% and 8.1% per annum for the general public and between 7.65% and 8.35% per annum for senior citizens, with tenures ranging from 1 to 5 years.
This non-bank financial company (NBFC) has been accredited with a credit rating of ‘IND AAA/Stable’ by India Ratings and AAA/Stable by CRISIL. According to India Ratings, an AAA rating signifies the highest degree of safety with the lowest credit risk for depositors. Similarly, CRISIL’s AAA rating indicates very strong chances of timely repayment of interest and principal by the housing finance company.
Also Read– GST On Petrol, Diesel; States Will Have To Decide On Rate, Says Finance Minister Nirmala Sitharaman
Sundaram Home Finance FD Interest Rates
Sundaram Home Finance offers fixed deposit rates in the range of 7.45% to 7.90% for the general public and 7.95% to 8.25% for senior citizens (tenures 1-5 years). With a AAA/Stable credit rating from both ICRA and CRISIL, Sundaram Home Finance enjoys the highest credit quality and lowest credit risk, ensuring timely repayment of interest and principal.
Disclaimer: Officenewz.com does not endorse any specific investment instruments. Readers are encouraged to make their own informed decisions, as any losses incurred will be their sole responsibility.
