When opening a fixed deposit (FD) account, you should always compare the interest rates offered by different lenders. This is the best way to choose an option that provides the highest return.
We compare the top rates from major Non-Banking Financial Companies (NBFCs), including Bajaj Finance and Shriram Finance.
These NBFCs offer the highest interest rates on FDs:
I. Muthoot Capital: This financial institution offers interest in the range of 7.9% to 9.10% per annum. When the tenor (duration) of the fixed deposit is 12 months, the interest rate is 7.90%. On a tenor of 24 months, this financial institution offers 8.70%. At 36 months, it offers an interest rate of 9.10%.
Refer to the table below for other tenors.
II. Shriram Finance: This NBFC offers interest rates in the range of 7% to 7.6% per annum. On an FD of a 12-month tenor, this NBFC offers 7% per annum. When the tenor is 15 months, the interest rate rises to 7.25% per annum. The highest interest (7.6%) is offered when the tenor is between 36 and 60 months. Check the table below for details.
(Source: shriramfinance.in)
III. Bajaj Finance: This financial institution offers interest rates in the range of 6.6% to 6.95% per annum. When the tenor is between 12 and 14 months, the annual interest rate is 6.6%. It increases to 6.75% and 6.95% when the tenor is 15-23 months and 24-60 months, respectively
(Source: bajajfinserv.in)
IV. Mahindra Finance: It offers interest in the range of 6.75% to 7% based on the tenor of the deposit. The minimum deposit amount is ₹5,000.
V. PNB Housing Finance: This NBFC offers interest rates in the range of 6.85% to 7.10% per annum. When the tenor is between 12 and 23 months, interest is 6.85% (under the cumulative option). With a term of 24-35 months, it offers an interest rate of 7% per annum.
It further increases to 7.10% when the tenor is longer, as shown in the table below.
It is worth noting that senior citizens are entitled to an additional interest rate of 0.25% on fixed deposits.
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