Finance Desk – Many people choose corporate fixed deposits issued by non-banking financial companies (NBFCs) and housing finance companies because they often provide higher interest rates.
Here we have listed down best corporate FD options available in April 2024
Shriram Finance
Shriram Finance has recently boosted its fixed deposit interest rates by up to 20 basis points for various tenures. As of April 9, 2024, women senior citizens can enjoy an interest rate of 9.4% per annum on FDs for 50 and 60 months. This rate includes extra benefits of 0.50% for senior citizens and an additional 0.10% for women.
Other senior citizens will get a 9.30% rate, while the standard rate for regular customers is 8.80% for the same periods.
Shriram Finance is highly rated for safety, with an “[ICRA]AA+ (Stable)” and “IND AA+/Stable” ratings, indicating strong reliability.
Muthoot Capital
Muthoot Capital offers senior citizens rates ranging from 7.71% to 8.88% per annum, depending on the deposit term. Rates for the general public vary from 7.21% to 8.38% per annum.
Its deposits are rated A+/Stable by CRISIL, reflecting a good level of safety.
Bajaj Finance
Bajaj Finance is offering attractive rates for both senior citizens and general customers with rates for seniors varying from 7.65% to 8.85% and for others from 7.40% to 8.60%. They also have a special Digital FD product, offering 8.85% for seniors and 8.60% for others on a 42-month tenure, applicable to deposits ranging from Rs 15,000 to Rs 5 crore.
Bajaj’s deposits come with a ‘AAA/Stable’ rating from both CRISIL and ICRA, ensuring top-notch safety.
Mahindra Finance
Mahindra Finance offers rates up to 8.3% for senior citizens and up to 8.05% for the general public, with terms from one to five years.
It holds an ‘IND AAA/Stable’ and ‘AAA/Stable’ ratings by India Ratings and CRISIL.
Sundaram Home Finance
Sundaram Home Finance provides senior citizens with rates ranging from 7.95% to 8.25% per annum and 7.45% to 7.90% for the general public, across various periods from one to five years.
It’s credit rating ‘AAA/Stable’ by both ICRA and CRISIL, a safe option for your investment.
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