FD Rates: This year has seen a steady reduction in interest rates. This is the reason that interest rates have also come down on savings schemes ranging from savings bank account to others. In such a situation, there is an option that can give you a big return even in this phase of low rate.
new Delhi. The corona virus epidemic is already undergoing a decline in interest rates. This is the reason that apart from the interest on savings bank account, now your savings schemes are also getting less interest. In this series, the interest on fixed deposits has also reduced. Even in this environment of low interest rate, if you are thinking of earning more interest on FD then do not worry. Today we are going to tell you that where you are getting more interest on FD. Shriram City Union Finance is a non-banking financial company (NBFC) that has launched the ‘Shriram City Fixed Deposit Scheme’. Here you are getting more than 8 percent interest.
Such is getting interest at 8.4 percent rate
Here, people below 60 years are getting 8.4 percent interest on non-cumulative options. While senior citizens are getting interest at 0.4% higher rate. Thus, this NBFC is giving interest to senior citizens at a maximum FD rate of 8.8 per cent.
On the other hand, the cumulative option of FD for investors below 60 years is getting an interest of 8.09 percent. At the same time, senior citizens are getting 0.4 percent more, ie 8.49 percent interest. It will be available only to those who opt for cumulative FD.
At this rate, if a 60-year-old investor chooses the 5-year cumulative option, they will get a total interest of 9.94% per annum. For senior citizens, the effective interest rate under this option is 10.53 per cent.
Since, the interest rate accumulates on a monthly basis. In such a situation, cumulative | Pasion is an FD option in itself, where returns are higher than ordinary FDs. Sriram City Fixed Deposit Scheme ICRA has given MAA + rating. It comes under high credit rating. This means that the company does not default in the principal amount or the interest thereon.
Shri Ram Group’s deposit accepting NBFC, which was opened in 1986. This NBFC offers business loans, two-wheeler loans, home loans, personal loans and gold loans. The current retail inflation is 7 percent. In such a situation, if you choose to get FD in this NBFC, then you can be able to beat inflation too.
