Achi news desk-
Shriram Finance allows depositors to open an FD with a minimum of Rs 5,000, while in the case of Bajaj Finance, the minimum requirement is Rs 15,000.
Top-rated NBFCs Shriram Finance and Bajaj Finance have recently raised fixed deposit (FD) rates. With the former, depositors can get up to 8.80 percent interest on FDs of 50 months or 4 years and 2 months. While, with the latter, general citizens can get up to 8.60 percent interest on a 42-month or 3-year-6-month tenure. With Shriram Finance, senior citizens can get up to 9.30 percent on term deposits mentioned above. While, with Bajaj Finance, senior citizens will get up to 8.85 percent interest on 42-month tenure FD.
Shriram Finance gives an additional 0.50 percent to senior citizens. While, female depositors receive 0.10% more rates. In other words, senior women receive 0.60% additional rates over and above the applicable rates. Moreover, all depositors will receive 0.25 percent higher rates on all renewals made at maturity. Bajaj Finance on the other hand gives 0.25 percent additional interest to senior citizens.
Investors can open a long term deposit with both the NBFCs for a minimum period of 12 months. Shriram Finance is giving an interest rate of 7.85 percent while senior citizens will get 8.35 percent on this tenure FD with Shadow Bank. With Bajaj Finance, depositors will get 7.40% interest on tenures of 12 months to 14 months. While senior citizens get 7.65 interest on this FD.
Shriram Finance allows depositors to open an FD with a minimum of Rs 5,000, while in the case of the other NBFC, the minimum requirement is Rs 15,000.
Bajaj Finance has emerged as the country’s largest deposit-taking NBFC with a deposit book of over Rs 60,000 crore as on March 31, 2024. “Our improved rates across several investment buckets present an attractive proposition to investors seeking stability,” said Sachin Sikka. Head – Fixed Deposits and Investments at Bajaj Finance. The Bajaj Finserv NBFC segment enjoys a triple A rating from India’s leading credit rating agencies, Icra and Crisil. This signifies that it is one of the safest investment options for investors.
While, the Shriram Group NBFC has a double A rating from both the agencies. Deposits of Rs 5 lakh with any of the NBFCs are not insured by the RBI, Deposit Insurance Credit Guarantee Corporation (DICGC).
Published: April 9, 2024, 6:52 PM IST
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