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Business News/ Money / These NBFCs offer FD interest rates upto 8.8 per cent. Check latest rates here
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These NBFCs offer FD interest rates upto 8.8 per cent. Check latest rates here

NBFCs tend to offer slightly higher interest rates than those of commercial banks. For instance, Bajaj Finance offers as high as 8.6 percent per annum whereas Shriram Finance offers upto 8.8 per cent per annum. They raised their FD rates recently. We explain in detail here

Bajaj Finance rolled out a new tenure FD for 42 months for which the rate of interest is 8.60 percent.Premium
Bajaj Finance rolled out a new tenure FD for 42 months for which the rate of interest is 8.60 percent.

Bajaj Finance raised its fixed deposit (FD) interest rates recently. The NBFC offers interest rate in the range of 7.4 percent to 8.10 percent. When tenure is between 12-14 months, the annual interest is 7.40 percent. Bajaj Finance FDs are rated AAA/Stable financial instruments by Crisil.

And when FD tenure is between 15-23 months, the annual interest is 7.5 percent. For tenure between 24-35 months, the annual interest is 7.8 percent and for tenure between 36 to 60 months, the annual interest is 8.10 percent.

The NBFC offers higher interest rates on special period fixed deposits. For instance, for 18-month tenure, the interest rate is 7.8 percent. For 22-month FDs, the interest rate is 7.90 percent. For 33-month FD, the interest rate is 8.10 percent. And for 44-month FDs, the rate of interest offered is 8.25 percent.

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

The NBFC has also rolled out a new tenure FD for 42 months for which the rate of interest is 8.60 percent. These rates came into force on April 3, 2024.

Tenure (months)       Interest (%)
12-14                   7.4
15-23                          7.5
24-35                          7.8
36-60                    8.10
42                          8.6

(Source: bajajfinserv.in)

Shriram Finance: Shriram Finance, another NBFC, also raised its fixed deposit interest rates recently. Now the private institution offers interest rates in the range of 7.85 to 8.80 per cent per annum for tenures that range between 12 to 60 months. The new interest rates came into force from April 9, 2024.

These FDs are AA+ (stable) rates by ICRA. fixeThe highest interest rate of 8.80 percent is given for 50 month or 60-month deposits.

When the FD tenure is 42 months, the rate of interest offered on fixed deposits is 8.75 percent. Likewise, for 36-month tenure, the rate of interest is 8.7 percent.

Tenure (months)                                       Interest Rate (%)
12                                                                  7.85
18                                                         8
24                                                               8.15
30                                                                  8.35
36                                                                  8.70
42                                                                 8.75
50                                                                 8.8
60                                                                    8.8

(Source: shriramfinance.in)

For 30-month tenure, the rate of interest is 8.35 percent. And for two years, the NBFC offers 8.15 per cent per annum. 

At the same time, for 18-month tenure, the FD interest rate offered by Shriram Finance is 8 percent; and for 12 months, the interest rate is 7.85 percent.

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Published: 13 Apr 2024, 02:47 PM IST
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