NBFC FDs With Interest Rates Up To 8%: DHFL Vs Mahindra Finance Vs Bajaj Finserv
As the fixed deposit (FD) interest rates offered by large public sector banks (PSBs) such as the State Bank of India (SBI) stay stunted at 6.65 per cent on its one-year FD, the depositors can explore a viable alternative of opening fixed deposits (FDs) with the NBFCs (non-banking financial companies) that pay significantly higher interest rates, which are atleast 100 basis points higher than the SBI's FD rates. For instance, Diwan Housing Finance Ltd (DHFL) offers a rate of interest, which jumps to as high as 8.5 per cent when the deposit is made for 60 months. A one-year deposit fetches an interest rate of 7.7 per cent, which rises to 7.9 per cent and further to 8 per cent in case of 24 month deposits.
Diwan Housing Finance Fixed Deposit (FD) Rates
| Tenure | Minimum deposit | Cumulative Interest rate |
|---|---|---|
| 12 | 2000 | 7.70% |
| 14 | 10000 | 7.90% |
| 24 | 2000 | 8% |
| 36 | 2000 | 8.45% |
| 40 | 2000 | 8.50% |
| 48 | 2000 | 8.50% |
| 60 | 2000 | 8.50% |
| Minimum Amount (Rs) | Tenure | Amount | Interest |
|---|---|---|---|
| Rs.5,000† | 15 | 5505 | 7.95% |
| 20 | 5688 | 8% | |
| 27 | 6011 | 8.50% | |
| 33 | 6301 | 8.75% | |
| 40 | 6619 | 8.75% | |
| Additional rate for senior citizens is 0.10% | |||
| Additional amount will be accepted in multiples of Rs. 1,000/- | |||
| Period | Rate(p/a) |
|---|---|
| 1 year | 8.25% |
| 2 years | 8.25% |
| 3 years | 8.25% |
| 4 years | 8% |
| 5 years | 8% |
| Tenor | Minimum deposit | Rate of interest |
|---|---|---|
| 12-23 months | 25,000 | 7.60% |
| 24-35 months | 25,000 | 8.15% |
| 36-60 months | 25,000 | 8.40% |
| 0.35% extra for senior citizen | ||