For Indian investors seeking stable returns, comparing fixed deposit (FD) interest rates across different lenders is a crucial first step. This practice ensures you lock in your savings with an institution offering the highest possible return for your chosen investment duration. A detailed analysis of rates from major Non-Banking Financial Companies (NBFCs) reveals significant variations, with Muthoot Capital currently offering the most competitive headline rate.
Detailed Comparison of Leading NBFC FD Rates
Here is a breakdown of the current fixed deposit interest rates offered by five prominent NBFCs, essential for making an informed investment decision.
Muthoot Capital Offers Top Rate of 9.10%
Muthoot Capital provides the highest interest rate in this comparison, with returns ranging from 7.9% to 9.10% per annum. For a 12-month deposit, the rate is 7.90%. This increases to 8.70% for a 24-month tenor. Investors opting for a 36-month fixed deposit can avail the peak rate of 9.10% per annum. For longer tenors, the rates are slightly lower but remain attractive.
- 12 Months: 7.90%
- 24 Months: 8.70%
- 36 Months: 9.10%
- 48 Months: 8.90%
- 60 Months: 8.90%
Shriram Finance and Bajaj Finance Rates
Shriram Finance offers FD rates between 7% and 7.6% per annum. A 12-month FD earns 7% interest, while a 15-month deposit gets 7.25%. The highest return from Shriram, 7.6% per annum, is available for tenors spanning 36 to 60 months.
On the other hand, Bajaj Finance offers rates in the bracket of 6.6% to 6.95%. Deposits for 12-14 months earn 6.6%, which rises to 6.75% for 15-23 months. The best rate from Bajaj Finance, 6.95% per annum, is applicable for tenors of 24 to 60 months.
Other Notable NBFC Offerings
Mahindra Finance presents rates from 6.75% to 7.00%, with a minimum deposit amount of ₹5,000. For instance, a 15-month deposit fetches 6.75%, while 30 and 42-month tenors offer 7.00%.
PNB Housing Finance has rates ranging from 6.85% to 7.10%. Under the cumulative option, 12-23 month deposits get 6.85%, 24-35 months get 7.00%, and tenors from 36 to 60 months offer 7.10% per annum.
Key Consideration for Senior Citizens
A vital point for older investors is that senior citizens are typically eligible for an additional interest rate of 0.25% on fixed deposits with these NBFCs. This extra benefit can further enhance the overall yield on their savings, making FDs an even more attractive option for secure retirement planning.
In conclusion, while Muthoot Capital leads with the highest rate of 9.10% for a specific tenor, the best choice ultimately depends on the investor's preferred lock-in period and trust in the institution. A meticulous comparison based on your financial goals is the definitive strategy to maximize fixed deposit returns.
