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Top rated NBFCs, Shriram Finance and Bajaj Finance, recently hiked fixed deposit (FD) rates. With the former, depositors can get as high as 8.80 per cent interest on FDs of tenure of 50 months or 4 years and 2 months.   While, with the latter, general citizens can get as high as 8.60 per cent rate of interest on a tenure of 42 months or 3 years and 6 months. With Shriram Finance, senior citizens can get as high as 9.30 per cent on term deposits on tenure mentioned above.  While, with Bajaj Finance, the elderly will get as high as 8.85 per cent interest on FDs of tenure of 42 months.

Shriram Finance gives additional of 0.50 per cent rate to senior citizens. While, women depositors get 0.10 per cent more rates. In other words,  elderly women depositors get 0.60 per cent additional rates over and above applicable rates.  Moreover, all the depositors will get 0.25 per cent higher rates on all renewals made upon maturity. Bajaj Finance on the other hand gives 0.25 per cent additional interest to senior citizens.

Investors can open a term deposit with both the NBFCs for a minimum period of 12 months. Shriram Finance gives 7.85 per cent rate of interest while, elderly will get 8.35 per cent on FD of this tenure with the shadow bank. With Bajaj Finance, depositors will get 7.40 per cent interest on tenures of 12 months to 14 months. While, senior citizens get 7.65 rate of interest on this FD.

Shriram Finance allows depositors to open FD with a minimum of Rs 5,000, while, in 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 of March 31, 2024. “Our enhanced rates across several investment buckets present an attractive proposition for investors seeking stability,” said Sachin Sikka, Head – Fixed Deposits and Investments at Bajaj Finance. The Bajaj Finserv part NBFC enjoys triple A rating from top credit rating agencies of India, Icra and Crisil. This signifies it is one of the safest investment options for investors.

While, Shriram Group’s NBFC has double A rating from the two agencies. Deposits of Rs 5 lakh with any of the NBFCs are not insured with the RBI-owned, Deposit Insurance Credit Guarantee Corporation (DICGC).