Home >Money >Personal Finance >Hawkins Cookers offers up to 8% on fixed deposit
Listen to this article

On 15th September, Hawkins Cookers Ltd opened pre-registration for its Fixed Deposit (FD). The FD scheme is offered in 3 tenors - 12 months, 24 months, and 36 months. The company is offering interest rates of 7.5%, 7.75%, and 8% respectively on the three tenors. For payment of interest, the company is offering two options - half-yearly and cumulative. In half-yearly payment, you receive interest twice a year whereas, in the cumulative option, you receive interest at the end of the tenor. The cumulative option allows the interest portion to also compound monthly and hence your yield increases to 8.3%. Existing FD holders can also renew their FDs. For this, they must register their interest in renewal online at least 10 days before the maturity of the FD.

Hawkins Cooker FD is rated AA Stable by ICRA and is a long-standing product in the market. It was offering interest rates up to 10.5% in 2019. This dropped to 9% in 2020 and has now hit 8%, mirroring the overall decline of interest rates in India. However, the rate offered is at a substantial premium to bank interest rates of 5-6%. In September 2019, the company had FDs worth 22 crores on its books and was allowed to raise 6.76 crore from its shareholders and 16.90 crore from the general public. As of July 29th, the figure for existing FDs had gone up to 34 crores leaving the company room to raise 28.17 crores from its shareholders and the general public. The company’s profit after tax has also gone up sharply over the past few years, from 54.22 crores in FY 19 to 80.64 crores in FY 21, despite the Covid-19 pandemic. It has a market cap of 3,316 crores as of 15th September, according to data from Value Research.

The process for pre-registration is fully online. Interested persons will need to authenticate their mobile number through a one-time password (OTP). Following this, a screen will appear on which they will have to enter details such as name, PAN number, address and amount of FD being applied for. The company will then allot a pre-registration number if there is a sufficient amount available that has not already been allotted. In case of insufficient limits available, the company will allot the applicant a waiting list number. The link for the FD application is here.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout