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Business News/ Money / Personal Finance/  Top 5 NBFCs offering over 7% interest rate on their fixed deposits; check list here
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Top 5 NBFCs offering over 7% interest rate on their fixed deposits; check list here

Bajaj Finserv offers higher interest rates on special periods i.e., 18, 22, 33 and 44 months. The interest rates range between 7.40 percent to 8.25 percent per annum across durations.

Non-banking financial corporations (NBFCs) offer higher interest rates in comparison to banks Premium
Non-banking financial corporations (NBFCs) offer higher interest rates in comparison to banks

When you are aggressive in your risk appetite, you may want to earn a higher income at a slightly higher risk. Besides opening a fixed deposit (FD) with a bank, you may consider opening an account with a non-banking financial corporation (NBFC) as well which typically offer a higher interest rate on their fixed deposits but are slightly riskier vis-a-vis banks. Here we list out NBFCs offering higher interest rates

Bajaj Finserv: This NBFC offers higher interest rates on special periods i.e., 18, 22, 33 and 44 months. The interest rates range between 7.40 percent to 8.25 percent per annum across durations.

ALSO READ: Bank of Baroda raises lending rate by 5 bps starting today. Details here

On an 18-month FD, the interest rate is 7.8 percent. On 22-month FD, the interest rate is 7.9 percent. The interest rate rises to 8.10 percent on 33-month FD and the maximum interest of 8.25 percent is offered on 44-month FD.

Months         Interest (%) 
18                7.80
22                  7.90
33                   8.10
44                   8.25

(The above table refers to special period FDs)

Months       Interest (%) 
12-14           7.40
15-23            7.50
24-35               7.80
36-60           8.10

(Source: bajajfinserv.in; Regular period)

Muthoot Capital: It offers interest in the range of 7.45 to 8.5 percent per annum. For one year, the NBFC offers 7.45 percent interest rate, for 15 months, the interest rate rises to 8.5 percent, for two years the rate is 8 percent and for three years it is 8.5 percent and for five years, it is7.5 percent.

Tenure                       Interest (%)
1                    7.45
2                      8
3                     8.5
5                     7.5

(Source: muthootcap.com)

Shriram Finance: It offers interest in the range of 7.85 to 8.8 percent per annum. On one-year FD, the NBFC offers 7.85 percent. On two-year FD, the rate of interest is 8.15 percent and on 3-year FD, it is 8.70 percent. The maximum interest of 8.80 percent is offered on a five-year fixed deposit.

Tenure           Interest (%)
1                   7.85
2                       8.15
3                      8.70
5                       8.80

(Source: shriramfinance.in)

Mahindra Finance: It offers interest in the range of 7.75 to 8.05 percent. For 15 month tenure, the interest rate is 7.75 percent, for 30 months, the rate of interest is 7.9 percent and for 42 months, the rate of interest is 8.05 percent.

Tenure           Interest (%)
15               7.75
30                    7.9
42                    8.05

(mahindrafinance.com)

ICICI Home Finance: This NBFC offers interest rate in the range of 7.25 to 7.65 percent. On a fixed deposit of tenure between 12 to 24 months, the interest rate is 7.25 percent. It rises to 7.55 percent on a tenure between 24 to 36 months.

ALSO READ: These NBFCs offer FD interest rates upto 8.8 per cent. Check latest rates here

Months           Interest (%)
12-24              7.25
24-36            7.55
36-60             7.65
60-72          7.60
72-120            7.50

(icicihfc.com; non-cumulative deposits)

When the tenure is between 36 to 60 months, the interest rate is 7.65 percent. The interest then falls when the tenure rises beyond 60 months. On a FD with a tenure between 72-120 months, the interest rate is 7.50 percent.

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Published: 06 May 2024, 09:06 AM IST
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