Since last few months, FD interest rates are on the rise. Many banks and NBFCs (Non-Banking Finance Companies) have come up with Fixed deposit schemes offering a higher rate of interest. There are several options available to investors in company fixed deposits. You can invest in varying durations of one to five years. You will also have an option to invest in cumulative or non-cumulative fixed deposits. Most companies have special rates for senior citizens. Some of the most popular fixed deposits are discussed below:
Bajaj Finance Fixed Deposit
Bajaj Finance is one of the oldest Non-Banking Finance company having RBI licence from 1998. The company offers fixed deposits for the general public, senior citizens, women and children. For cumulative fixed deposit options, you can earn up to 8.75% interest rate based on the duration you select. If you are a senior citizen, your FD interest rate can go up to 9.10%. The minimum investment amount is as low as Rs.25000. If you want to invest INR 100,000 or more, there is a special tenor deposit offering 8.05% for just 15 months of investment. Here also, senior citizens can earn interest rate up to 8.40%. If you are a repeat customer of Bajaj Finance Fixed Deposit, you can avail additional loyalty interest rate of 0.25%. In case you need regular income, you can also book non-cumulative fixed deposit. The company website shows the FAAA rating from CRISIL and MAAA rating from ICRA, indicating the highest level of credit quality.
Mahindra Finance Fixed Deposit
You can invest in Mahindra Finance Fixed Deposit for the duration of 12 months to 60 months. Based on various duration selected, you can earn an interest in the range of 8.30% to 9% in cumulative fixed deposit. You can also choose non-cumulative fixed deposit, where the rate of interest is 8.5%. The company has received FAAA rating from CRISIL for the better credit quality of the fixed deposit. However, the company website shows no information about ICRA rating. The senior citizens can earn additional interest rate in a range of 0.10% to 0.35% based on the type of deposit selected.
Hawkins Pressure Cooker Fixed Deposit
The fixed deposit directly from the corporate Hawkins Pressure cooker offers the interest rate in the range of 10.25% to 10.75% based on duration selected. You can invest from 12 months to 36 months in Hawkins Pressure Cooker fixed deposit. The company has availed MAA rating from ICRA. Although the rating indicates high credit quality with low risk, the investors should know that this rating is one notch lower than the highest possible rating MAAA. Moreover, no information about rating from CIRSIL, is available on the company website. The investors who can take a little bit more risk can invest in this fixed deposit and earn a higher rate of interest up to 10.75%.
HDFC Fixed Deposit
HDFC is one of the leading housing finance company, offering fixed deposits from the duration of 12 to 84 months. Based on the type and duration of the deposit, you can earn FD interest rate in a range of 7.60% to 8.30%. Here you can also invest in a recurring deposit if you want to save regularly. The company boasts a consistent AAA rating since the last 24 years. There are options to invest in cumulative or non-cumulative fixed deposit. You can earn a higher interest rate by investing in cumulative fixed deposit. You can use online FD calculator to know the exact interest amount offered under each deposit scheme.
Sri Ram Finance Fixed Deposit
Sri Ram Finance offers the fixed deposit for the duration of 12 to 60 months. You can earn an interest rate in the range of 7.95% to 9.25% based on duration selected. The senior citizens can expect an additional 0.25% interest rate over and above the regular fixed deposit rates. The company has earned FAAA rating from CRISIL and MAA+ rating from ICRA for the credit quality of the deposit. You can select a cumulative or non-cumulative fixed deposit based on your requirement.