NBFCs That Offer 10% Interest on Fixed Deposits
Last Updated : Feb. 25, 2020, 12:31 p.m.
Make hay while the sun shines. The saying fits aptly to fixed deposit market whose weak sentiments seem to be a thing of the past with returns starting to tread the upward territory. The latest is that the leading pressure cooker manufacturer Hawkins Cookers Ltd has launched a new fixed deposit scheme offering interest to the tune of 10.75% per annum for a 36-month deposit. The effective yield, which adds on to the interest rate offered, goes up to 11.30% p.a. The minimum deposit amount needed to earn such interest is ₹25,000.
At a time when banks are offering returns of 6%-8%, the news of double-digit returns is a sheer welcome for all those wanting the assurance of capital as well as good returns over a period of time. Even though Hawkins may be offering the highest, there are some more non-banking financial companies (NBFCs) that give double-digit returns on fixed deposits. Want to know which are they? Keep reading.
10% Fixed Deposit Interest Rates of NBFCs
A fine list of NBFCs with double-digit returns is shown in the table below.
| NBFCs | Fixed Deposit Scheme | Effective Yield Applicable (In Per Annum) | Minimum Deposit Needed (In ₹) | Minimum Deposit Tenure Needed to Yield Double-digit Return |
|---|---|---|---|---|
| Hawkins Cookers Ltd | Hawkins Cookers Fixed Deposit Scheme | 11.30% | 25000 | 3 Years |
| Mahindra & Mahindra Financial Services Limited | Samruddhi Cumulative Scheme |
10.07% (Normal)
10.32% (Senior Citizens) |
5000 | 5 Years |
| Shriram City Union Finance | Cumulative Deposit |
10.42% (Normal)
10.77% (Senior Citizens |
5000 | 5 Years |
| KTDFC Ltd | KTDFC Fixed Deposit Scheme | 10.17% (Senior Citizen) | 10000 | 5 Years |
To be investing and to be investing for the future are two different things altogether. Well, the latter would grab your attention, isn’t it? Your future is in good hands when there’s an assurance of getting back the capital invested, along with reasonably good returns to withstand the inflation prevailing in the market.
And, if you are ears to economic developments doing the rounds, you must know the consumer price-based inflation is hovering around 3.70%-4.20% mark. So, your fixed deposit investments must at least fetch a return of 7%-10% to counter the inflation better. Let’s check out the banks and NBFCs that deliver such returns to the depositors.
List of Banks/NBFCs Offering 7%-10% Return on Fixed Deposits
Check out the list of the banks, NBFCs and small finance banks offering 7%-10% fixed deposit interest rates , in the table below.
| Banks/NBFCs | Interest Rate/Effective Yield (In Per Annum) | Minimum Deposit Needed (In ₹) | Maximum Deposit Needed(In ₹) | Minimum Deposit Tenure Required |
|---|---|---|---|---|
| State Bank of India (SBI) | 7.20%-7.35% (Senior Citizens) | As Applicable | Above 10 Crores | 1 - 10 Years |
| HDFC Bank |
7.00%-7.40% (Normal)
7.20%-7.90% (Senior Citizens) |
5000 | Greater Than Equal to 5 Crores | 9 Months 1 Day - 10 Years |
| ICICI Bank | 7.00-7.95% | 10000 | Greater Than Equal to 500 Crores | 61 Days - 10 Years |
| Axis Bank |
7.00-7.70% (Normal)
7.25%-8.10% (Senior Citizens) |
5000 | 100 Crores and Above | 6 Months - 10 Years |
| Kotak Mahindra Bank | 7.00%-7.90% | 5000 | 25 Crores and Above | 180 Days - 2 Years |
| IndusInd Bank | 7.00%-8.50% | 1000 | Less Than 5 Crores | 270 Days - Less Than 61 Months |
| YES Bank |
7.00%-7.71% (Normal)
7.50%-8.24% (Senior Citizens) |
10000 | Less Than 1 Crore | 46 Days - 18 Months 18 Days |
| Canara Bank |
7.00%-7.29% (Normal)
7.20%-7.82% (Senior Citizens) |
5,00,000 | Less Than 1 Crore | 1 Year - 555 Days |
| DHFL |
7.85%-8.75% (Normal)
8.25%-9.15% (Senior Citizens, Defence Personnel, Widows, as well as home loan, mortgage loan and SME loan customers of DHFL) |
5000 | Up to 5 Crores | 1 Year |
| Bajaj Finserv |
7.35%-8.40% (Normal)
7.60%-8.65% (Employees or customers of fixed deposits and loans of Bajaj Group) 7.70%-8.75% (Senior Citizens) |
25000 | As Applicable | 1 Year |
| Sundaram Finance |
7.45%-7.75% (Normal)
7.95%-8.25% (Senior Citizens) |
10000 | As Applicable | 1 Year |
| Bandhan Bank |
7.40% (Normal)
8.15% (Senior Citizen) |
1,000 | As Applicable | More Than 18 Months - Less Than 1 Year |
| RBL Bank |
7.00%-7.98% (Normal)
7.50%-8.51% (Senior Citizen) |
As Applicable | Up to 3 Crores | 46 Days - Less Than 36 Months |
| IDFC Bank |
7.00%-8.25% (Normal)
7.50%-8.75% (Senior Citizen) |
As Applicable | Less Than 1 Crore | 181 Days - 5 Years |
| Fincare Small Finance Bank |
7.00%-9.00% (Normal)
7.50%-9.50% (Senior Citizen) |
1,000-5,000 | Less Than 1 Crore | 181 Days - 36 Months |
| Utkarsh Small Finance Bank |
7.00%-9.00% (Normal)
7.50%-9.50% (Senior Citizen) |
1,000 | Less Than 1 Crore | 211 Days - Less Than 2 Years But More Than 455 Days |
| ESAF Small Finance Bank |
7.50%-8.75% (Normal)
8.00%-9.25% (Senior Citizen) |
1,000 | Less Than 1 Crore | 180 Days - 727 Days |
| Jana Small Finance Bank | 7.00%-8.50% (Normal) | 1,000 | Less Than 1 Crore | 61 Days - More Than 2 Years to Up to 3 Years |
| Ujjivan Small Finance Bank |
7.50%-8.50% (Normal)
8.00%-9.00% (Senior Citizen) |
1,000 | Less Than 1 Crore | 180 Days - 799 Days |
| Suryoday Small Finance Bank |
7.50%-9.31% (Normal)
8.00%-9.84% (Senior Citizen) |
1,000 | Less Than 1 Crore | 181 Days - 950 Days |