7 High Rated Companies Offering more than Bank Fixed Deposits

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Most banks are offering interests in the range of 6% to 7% on their fixed deposits. However some best rated companies and institutions are offering interest rates higher than banks. Below are the details of 7 companies which have high credit rating and offering interest rate more than banks on their fixed deposit schemes.



SBI is offering 6.1% for 1 to 10 years fixed deposits while ICICI Bank is offering 6.00% to 6.40%

Also Read: How to get tax on interest received on schemes like PPF, FD, know

Bajaj Finance Ltd Fixed Deposit

Bajaj Finance Ltd is a NBFC (non-banking finance company) dealing in all kinds of loans like Personal, Two/Three wheeler loans, car loans etc.

Credit Rating: “FAAA” By CRISIL and “MAAA” By ICRA

Salient Features:

  • Additional 0.35% interest for Senior citizens
  • Additional 0.25% interest for Bajaj group employees and existing customers for deposits up to Rs.1 Crore
  • Renewal: 0.10% over and above the rate of interest at which the deposit is booked
  • Can access FDs online through their customer portal

KTDFC Ltd. Fixed Deposit

KTDFC (Kerala Transport Development Finance Corporation Ltd) is NBFC wholly owned by Government of Kerala and deals in Personal and Vehicle Loans among other things.

Credit Rating: KTDFC Fixed Deposits are fully guaranteed by Government of Kerala

Interest Rates:

Mahindra and Mahindra Financial Services Ltd FD

Mahindra and Mahindra Financial Services is leading NBFC with focus on rural areas and is top tractor financier in India.

Credit Rating: ‘FAAA’ by CRISIL

Salient Features:

  • 0.35% additional interest for all Mahindra group company employees and Employees Relatives
  • 0.25% additional rate for senior citizens.
  • Dhanvruddhi Cumulative Scheme is new scheme which offers higher interest rate (additional 0.25%) and can only be invested through Mahindra and Mahindra Financial Services website

PNB Housing Finance Ltd

PNB Housing Finance Limited (PNBHFL) is a public sector housing finance company (HFC) and is promoted by Punjab National Bank. The company provides housing loans & loan against property as a part of its product portfolio.

Credit Rating: “FAAA” by CRISIL and “AAA” by CARE

Salient Features:

  • 0.25% additional rate for senior citizens.
  • Loan up to 75% of the FD Principal and accrued interest is available

Shriram Transport Finance UNNATI FD Scheme

Shriram Transport Finance is NBFC mainly dealing in Commercial Vehicle Finance.

Credit Rating: ‘FAAA’ by CRISIL and “MAA+” by ICRA

Salient Feature:

  • 0.25% additional rate for senior citizens.
  • Additional interest of 0.15% p.a to employees of Shriram Group Companies and their relatives.
  • Additional interest of 0.25% p.a on all Renewals, where the deposit is matured on or after 1st November 2018.
  • Fixed deposits are accepted in multiples of Rs.1000/- subject to a minimum amount of ₹5000/- per deposit for cumulative deposits and ₹10000/- per deposit for non- cumulative deposits.

Shriram City Union Finance Ltd FD Scheme

Shriram City Union Finance is NBFC mainly dealing in retail consumer finance and offers various secured and unsecured loans like home loans, personal loan, business loan.

Credit Rating: ‘FAA+’ by CRISIL and “MAA+” by ICRA

Salient Feature:

  • 0.25% additional rate for senior citizens.
  • Additional interest of 0.15% p.a to employees of Shriram Group Companies and their relatives.
  • Additional interest of 0.25% p.a on all Renewals, where the deposit is matured on or after 1st November 2018.
  • Fixed deposits are accepted in multiples of Rs.1000/- subject to a minimum amount of ₹5000/- per deposit for cumulative deposits and ₹10000/- per deposit for non- cumulative deposits.

Post Office Time Deposit

Post office Time Deposit (Fixed Deposit) Account can be opened in any post office. The interest rates are reset at the start of every financial year. As of today they are offering higher interest rates than most of the banks. Once you have deposited the money, the interest rate is locked.

Credit Rating: backed by Government of India

Salient Feature:

  • Fixed deposits are accepted in multiples of Rs.200/- and in multiples thereof
  • No maximum deposit limit




TDS on Company FDs:

Companies would deduct TDS at the rate of 10% of interest, if the interest earned is more than Rs 5,000 in a financial year.

Tax on Company FDs

The interest received on Company Fixed Deposit is fully taxable. The interest would be added to your annual income and taxed at marginal tax rates.

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