Both of these NBFCs offer seniors FDs with interest rates above 8%, check rates here

Tamil Nadu Power Finance and Infrastructure Development Corporation (TNPFC)

TNPFC offers the highest interest rates of 8.50% to seniors (58+) and the highest 8% to ordinary citizens on 5-year FD. TNPFC offers FD under two options, cumulative and non-cumulative. The minimum deposit amount required for investment is Rs 50,000 and thereafter in multiples of 1 for cumulative deposits, and in multiples of Rs 1,000 for non-cumulative deposits. Investment in this FD is safe as it is a Tamil Nadu company. The interest rates offered by TNPFC FDs are as follows:

Accumulated deposits

Period (Monthly) Regular citizens (% pa) Seniors (% pa)
12 seven 7.25
24 7.25 7.5
36 7.75 8.25
48 7.75 8.25
60 8 8.5

Non-cumulative deposits

Interest rates for regular citizens

Period (Monthly) Monthly (%) Quarterly (%) Annually (%)
24 0 7.25 0
36 7.75 7.75 7.98
48 7.75 7.75 7.98
60 8 8 8.24

Interest rates for seniors

Period (Monthly) Monthly (%) Quarterly (%) Annually (%)
24 0 7.5 0
36 8.25 8.25 8.51
48 8.25 8.25 8.51
60 8.5 8.5 8.77

Source- tnpowerfinance.com

Shriram City Union Finance Ltd

Shriram City Union Finance Ltd

Shriram City Union Finance Ltd is a well leading NBFC in India. It is engaged in small and medium business lending and retail financing, including two-wheeler lending. The company recently increased its FD rates, effective May 20, 2022. Now, it offers the highest FD rates up to 7.62% to ordinary citizens and 8.12% to seniors (age 60+). plus) over a deposit period of 5 years or 60 months. Deposits will be accepted in multiples of Rs 1,000 subject to a minimum amount of Rs 5,000. The interest rate on Shriram City Union FDs is as follows:

Cumulative deposits of less than 5 Crore – online mode (wef 20 May 2022)

Duration (months) Regular citizens (pa%) Seniors (pa%)
12 6.31 6.81
15 6.54 7.04
24 6.54 7.04
30 7.48 7.98
36 7.48 7.98
45 7.53 8.03
48 7.53 8.03
60 7.62 8.12

Please note – 1. An additional interest of 0.50% per year will be paid for seniors (60 years old on the date of deposit/renewal)

2. Additional interest of 0.25% per annum on all renewals, where the deposit has expired.

3 Additional interest of 0.15% per annum for employees of Shriram Group companies and their relatives.

Non-cumulative deposits of less than 5 Crore - online mode (wef 20 May 2022)

Non-cumulative deposits of less than 5 Crore – online mode (wef 20 May 2022)

Duration (months) % monthly PA Quarterly % PA Half-yearly % PA Annual % PA
12 6.31 6.35 6.4 6.5
15 6.54 6.58 6.64 6.75
24 6.54 6.58 6.64 6.75
30 7.48 7.53 7.6 7.75
36 7.48 7.53 7.6 7.75
45 7.53 7.58 7.65 7.8
48 7.53 7.58 7.65 7.8
60 7.62 7.67 7.75 7.9

Please note – 1. An additional interest of 0.50% per year will be paid to the elderly (60 years old on the date of deposit/renewal)

2. Additional interest of 0.25% per annum on all renewals, where the deposit has expired.

3. Additional rate of 0.15% per annum for employees of Shriram Group companies and their families.

Source- shriramcity.fr

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