Corporate FD Rate 8.5% per year
Many individuals pick fixed deposits as one of the safest
investment options during times of uncertainty, such as rising
inflation, stock market volatility or any other financial problem. With
interest rates rising, other than banks investors are also considering
corporate fixed deposits to receive larger returns than bank savings.
However, while investing you should also consider capital security.
In August 2022, the Reserve Bank of India (RBI) hiked the repo rate hike
to 5.40 per cent, the 3rd consecutive repo rate hike in 2022. Following
this several banks including Non-Banking Financial Companies (NBFCs)
have increased fixed deposit rates along with other financial products
such as home loans and education loans. If you are looking for a
low-risk investment option, FD can be a good destination to park your
money through banks, NBFCs, or the post offices.
The recent development in repo rate has made interest rate on FDs a
major part of investment options available for debt investors. Tamil
Nadu Power Finance and Infrastructure Development Corporation Limited is
one such safe and secure NBFC to invest in fixed deposits.
Tamil Nadu Power Finance & Infrastructure Development Corporation
It is a NBFC by the government of Tamil Nadu which makes it
a secure destination to park your money. This government-owned
organisation has distinguished itself by providing its investors with a
highly favorable interest rate on FDs. The NBFC offers interest up to 8.50 percent to its customers,
particularly Senior citizens. Investing in these FDs is risk-free because it is a
Tamil Nadu Government-owned NBFC. This government-backed NBFC provides
both cumulative and non-cumulative fixed deposit alternatives.
Cumulative fixed deposit
Under the cumulative fixed deposit option on maturity the fixed deposits
are available in terms of 12, 24, 36, 48, and 60 months, respectively.
Depending on the deposit tenure chosen, an investor will get interest
rates on their FDs ranging from 7 per cent to 8 percent, while deposits
made by Senior Citizens are entitled to an additional 0.50% interest
rate. Citizens aged 58 and up are eligible for 7.25 per cent to 8.50 per
cent interest on fixed deposits with terms ranging from 12 months to 60
months.
Following are the FD Interest Rates:
Period Regular Deposits Senior Citizens Deposits
12 Months 7.00% 7.25%
24 Months 7.25% 7.50%
36 Months 7.75% 8.25%
48 Months 7.75% 8.25%
60 Months 8.00% 8.50%
Non-cumulative fixed deposit
This FD option allows investors to earn a substantial interest on their
fixed deposits on a monthly, quarterly, or annual basis. Investors would
be entitled to their investment back once the FDs matured.
These FDs are available with maturities of 24, 36, 48, or 60 months,
respectively. On Regular deposits, the interest rates vary from 7.25 per
cent to 8% depending on the duration chosen by investors. Similar to
the Cumulative deposit scheme, under this scheme senior citizens are
also entitled to receive an additional 0.50 per cent interest rate on
deposits. For senior citizens, the interest rate ranges from 7.50% to
8.50% for various tenures. Seniors citizens aged 58 and up are eligible
for this additional interest rate.
Following are the FD Interest Rates:
Period Regular Deposits Senior Citizens Deposits
24 Months 7.25% 7.50%
36 Months 7.75% 8.25%
48 Months 7.75% 8.25%
60 Months 8.00% 8.50%