corporate fixed deposit
RBI allows certain corporations and NBFCs to accept deposits with a fixed interest rate and tenor. These are known as company or corporate fixed deposits. Corporate and housing finance companies (HFCs) offer FDs that have a fixed rate of interest. As a result, businesses are able to raise money and use it for their operations, and depositors receive a guaranteed interest return on their money.
Interest is paid on half-yearly basis in ‘Non-Cumulative Scheme’. This system will be useful for retirees who require monthly interest payments. In ‘Cumulative Deposit Scheme’, interest is paid along with the principal on maturity. This program, which can be viewed as a money multiplier system, is suitable for those who do not require periodic interest payments.
Deposits for 36 to 60 months will now yield cumulative returns of up to 7.20 per cent. Seniors can benefit from 0.25 per cent higher FD rates, resulting in an assured return of 7.45 per cent for 36 to 60 months. Senior citizens can now earn up to 6.85 per cent per annum for tenures of 24 to 35 months and up to 7.45 per cent per annum for periods of 36 to 60 months.
Mahindra Finance
MMFSL Fixed Deposit has India Rating – ‘Ind AAA/Stable’, which according to the website indicates the highest level of safety. Samridhi Fixed Deposits have an additional 0.25% interest rate for older residents. The minimum deposit amount is Rs 5,000 for cumulative deposit scheme and Rs 25,000 half-yearly and Rs 50,000 quarterly under non-cumulative scheme.
The company offers an interest rate between 6.55 – 6.88 percent.
FD interest rate
FDs with tenures ranging from 91 days to 6 months will earn from 3.50 per cent to 3.75 per cent, and FDs from 1 year to 2 years will earn from 5.10 per cent to 5.35 per cent.
Now the interest rate given for 2 years 1 day to 3 years is 5.50 percent from 5.40 percent earlier. The interest rate has been increased from 5.60 percent to 5.70 percent for the deposit period 3 years 1 day – 5 years.
According to the SBI website, the bank has increased the interest rate by 20 basis points to 4.60 per cent on FDs with tenures ranging from 211 days to less than one year. The interest rate given for 1 year to less than 2 years has been increased from 5.10 percent to 5.30 percent. And the interest rate on FDs of less than 3 years on 2 years has been increased by 15 basis points from 5.20 percent to 5.35 percent.