These NBFCs offer up to 7% interest on fixed deposits. See list
FD rates: Non-banking financial corporations typically offer higher interest rates on their fixed deposits than what most banks offer.
When opening a fixed deposit, it is essential for depositors to compare the interest rates offered by different lenders. This is imperative as a small difference of 50 to 100 basis points over a period of time can lead to a significant difference in savings.
For instance, if you invest ₹10 lakh for a five-year period and can earn an extra 100 basis points, there would be an extra ₹50,000 in your bank at the end of this tenor. And if the amount of the fixed deposit is ₹20 lakh, your extra savings could be as much as ₹1 lakh.
Let us compare the interest rates offered by top NBFCs in India.
Top NBFCs' FD interest rates
I. LIC Housing Finance: It offers interest in the range of 6.7% to 6.9% per annum for deposits up to ₹3 crore. Senior citizens are offered an extra 25 basis points on these deposits.
| Tenor | Interest |
|---|---|
| 1 year | 6.7% |
| 15 months | 6.75% |
| 18 months | 6.75% |
| 2 years | 6.8% |
| 3 years | 6.85% |
| 5 years | 6.9% |
II. Bajaj Finance: Bajaj Finance offers interest in the range of 6.6% to 6.95% for a time period that ranges between one and five years. For tenor between 12 and 14 months, the NBFC offers 6.6%. For a tenor between 15 and 23 months, Bajaj Finserv offers 6.75%. And for a time period between 24 and 60 months, it offers 6.95%.
Senior citizens are offered an extra 35 basis points over these interest rates.
| Months | Interest rate (%) |
|---|---|
| 12-14 months | 6.6% |
| 15-23 months | 6.75% |
| 24-60 months | 6.95% |
III. PNB Housing Finance: PNB Housing offers interest in the range of 6.85% to 7.10% for tenor between 12 months and 60 months. Senior citizens are offered 25 basis points extra on this rate.
| Tenor | Interest |
|---|---|
| 12-23 months | 6.85% |
| 24-35 months | 7% |
| 36-47 months | 7.10% |
| 48-59 months | 7.10% |
| 60 months | 7.10% |
IV. Sundaram Home Finance: It offers interest in the range of 6.7% to 7.15% for tenors between 12 and 60 months. On a 12-month deposit, this NBFC offers 6.7% interest. On a 24-month and 36-month deposit, this NBFC offers 7% interest. On a 48-month and 60-month deposit, this NBFC offers a 7.15% interest rate.
Meanwhile, senior citizens are offered an extra 50 basis points on these interest rates.
| Tenor | Rate of interest (%) |
|---|---|
| 12 | 6.7 |
| 24 | 7 |
| 36 | 7 |
| 48 | 7.15 |
| 60 | 7.15 |
V. Shriram Finance: Shriram Finance offers interest in the range of 6.79% to 7.35% for tenors between 12 and 60 months.
For a period of 12 months, the NBFC offers 6.79% per annum. For a 15-month period, the NBFC offers 7.02%. For 18-23 month period, the NBFC offers 6.93%. For 24-35 month period, the NBFC offers 7.02% and for 36-60 months, the NBFC offers 7.35%. Senior citizens are offered an extra 50 basis points on these deposits.
For all personal finance updates, visit here
Catch all the Instant Personal Loan, Business Loan, Business News, Money news, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Wait for it…
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.