Non-Banking Financial Companies (NBFCs) have revised their special term FD schemes for 44 months from January 20, 2023, with an interest rate of 8.1% for senior citizens. For other categories of consumers, the FD rate is 7.85%.
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FD is rated AAA by CRISIL and ICRA. The company offers FD rates for special terms of 15, 18, 22, 30, 39 and 44 months.
Seniors will earn 7.4% interest on accumulated FD for 12-14 months, while 15-month special FD will earn 7.55%, and 22-month special FD will earn 7.7%. The company allows you to initiate FDs ranging from 12 months to 60 months.
Savers can deposit up to Rs 15,000-50 crore for the revised interest rate. However, it will help if you also consider several factors before looking to earn higher returns on your deposit.
However, risk-averse savers should look for further rate hikes in the current circumstances before investing in FDs. You can choose a shorter FD deposit term.
