Check the list of the banks and NBFCs offering maximal rates on fixed deposits
A financial instrument offered to people by banks or NBFC provides a higher rate of interest as compared to the regular savings account and is matured at a given date. At the end of every investment period, the interest is paid.
An Indian multinational public sector and financial services institution, State Bank of India (SBI) passes the same rate of interest for individual and senior citizens i.e 7.20 to 7.35 percent with minimum deposit regime of 10 years and maximum deposit required is 10 crores.
HDFC Bank, India’s largest bank in terms of market capitalization, offers individuals the rate at 7.00-7.40 percent and to senior citizens, the institution offers 7.20-7.90 percent with a minimum tenure of 10 years. The maximum limit for the deposit is Rs 5 crore and the minimum is Rs 5,000.
The second-largest bank in terms of assets and market capitalization, ICICI Bank provides 7.00-7.95 interest to both categories, Individuals and senior citizens with the eligibility of minimum deposit tenure of 10 years. The minimum required deposit is Rs 10,000 and the maximum can be up to 5 crores.
Axis Bank, India’s third-largest bank offering the rate of 7.00-7.70 percent to non-senior citizens and to senior citizens, 7.25-8.10 percent with the same regime of 10 years. While the maximum deposit can take up to 100crores and minimum deposit stands at Rs 5,000.
Bank headquartered in Kolkata, Bandhan bank have an offer for Individuals at 7.40 percent and 8.15 percent to senior citizens with a minimum deposit tenure of more than 18 months and less than one year. The maximum deposit is whatever is applicable and the minimum deposit should be Rs 1,000.
The company with a turnover of 450 crores per annum, has a scheme with the name of Hawkins Cookers Fixed Deposit Scheme. They offer the amusing rate of 11.30 percent interest on fixed deposit with a minimum deposit tenure needed to yield double-digit return is three years. The requirement for a minimum deposit is Rs 25,000.
A rural NBFC and top tractor financer in India, Mahindra Finance provides a 10.32 percent rate to senior citizens and a 10.07 percent rate the Individual party or non-senior citizen with minimum deposit is Rs 5,000. As per their guidelines, the minimum deposit tenure needed to yield double-digit return is five years. The scheme is available on the name of the Samruddhi Cumulative Scheme.
Founded in 1986, Shriram City Union Finance pitches 10.42 percent interest rates to non-senior citizens and 10.77 percent to an elderly person with a minimum deposit tenure needed to yield double-digit returns is five years. The scheme operates under the name of the Cumulative Scheme and has the minimum deposit requirement of Rs 5,000.
Kerala Transport Development Finance Corporation Ltd (KTDFC) has been offering the interest rate to both senior/non senior citizens same as 10.17 percent with a minimum deposit tenure needed to yield double digit return is five years. Minimum requirement of deposit is Rs 10,000 and fixed deposit scheme is named as KTDFC Fixed Deposit Scheme.