When opening a fixed deposit, it is essential for depositors to compare the interest rates offered by different lenders. This is imperative as a small difference of 50 to 100 basis points over a period of time can lead to a significant difference in savings.
For instance, if you invest ₹10 lakh for a five-year period and can earn an extra 100 basis points, there would be an extra ₹50,000 in your bank at the end of this tenor. And if the amount of the fixed deposit is ₹20 lakh, your extra savings could be as much as ₹1 lakh.
Let us compare the interest rates offered by top NBFCs in India.
Top NBFCs’ FD interest rates
I. LIC Housing Finance: It offers interest in the range of 6.7% to 6.9% per annum for deposits up to ₹3 crore. Senior citizens are offered an extra 25 basis points on these deposits.
II. Bajaj Finance: Bajaj Finance offers interest in the range of 6.6% to 6.95% for a time period that ranges between one and five years. For tenor between 12 and 14 months, the NBFC offers 6.6%. For a tenor between 15 and 23 months, Bajaj Finserv offers 6.75%. And for a time period between 24 and 60 months, it offers 6.95%.
Senior citizens are offered an extra 35 basis points over these interest rates.
III. PNB Housing Finance: PNB Housing offers interest in the range of 6.85% to 7.10% for tenor between 12 months and 60 months. Senior citizens are offered 25 basis points extra on this rate.
IV. Sundaram Home Finance: It offers interest in the range of 6.7% to 7.15% for tenors between 12 and 60 months. On a 12-month deposit, this NBFC offers 6.7% interest. On a 24-month and 36-month deposit, this NBFC offers 7% interest. On a 48-month and 60-month deposit, this NBFC offers a 7.15% interest rate.
Meanwhile, senior citizens are offered an extra 50 basis points on these interest rates.
V. Shriram Finance: Shriram Finance offers interest in the range of 6.79% to 7.35% for tenors between 12 and 60 months.
For a period of 12 months, the NBFC offers 6.79% per annum. For a 15-month period, the NBFC offers 7.02%. For 18-23 month period, the NBFC offers 6.93%. For 24-35 month period, the NBFC offers 7.02% and for 36-60 months, the NBFC offers 7.35%. Senior citizens are offered an extra 50 basis points on these deposits.
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