With rising inflation and market fluctuations, fixed deposits have become a lot more popular for retail investors. A reason for the growing preference for fixed deposits is that it is a low-risk instrument offering security and safety.
Apart from that, you also enjoy some of the highest FD rates if you invest right now. RBI’s consistent hikes in the repo rate over the past few months have led issuers to increase their FD rates too. So, if the goal is to invest in a fixed deposit scheme, now’s the best time to start.
With digitisation, investing in a fixed deposit has also become simpler and quicker. Owing to this, competition in the market has led issuers to up their offers, and you can now find a lucrative fixed deposit scheme with ease. You also get a lot more features and personalised offers, and this gives you options.
Given that most NBFCs offer competitive FD rates, choosing these issuers is a smart way to grow your wealth. Read on to learn about top NBFCs offering competitive FD rates.
Bajaj Finance
With FD rates going up to 7.95%, the Bajaj Finance Fixed Deposit is one of the best fixed deposits for you to consider. It has a plethora of features, ranging from a flexible tenor going up to 60 months to high FD rates and a low minimum investment amount of ₹15,000.
This allows you to invest as much as you want for as long as you want without any hassles. That’s not all, the Bajaj Finance Fixed Deposit is awarded credit ratings of AAA/Stable by CRISIL and AAA(Stable) by ICRA. This makes it one of the safest investment instruments available in the market.
PNB Housing Finance
The PNB Housing Finance Fixed Deposit scheme offers interest rates up to 7.65% and a flexible tenor ranging from 12 months to 120 months. You can also make a substantial investment with a maximum investment amount going up to ₹5 Crores.
With this fixed deposit, you also get the facility of auto-renewal and auto-maturity, facilitating easy reinvesting. That’s not all, you get access to doorstep services, which further simplifies the process. The FD is also awarded FAA+/Negative and AA/Stable by CRISIL and CARE, making it a secure investment option.
Mahindra Finance
With the Mahindra Finance Fixed Deposit, you can enjoy rates going up to 7.50% per annum. Here, you can choose from 4 fixed deposit schemes based on your investment requirements. Access to convenient investment schemes allows you to make a well-rounded investment decision. The Mahindra Finance Fixed Deposit also has lenient requirements, allowing you to get started without delays.
Muthoot Capital Services Limited
With FD rates going up to 7.25% per annum, this fixed deposit scheme also offers short-term and long-term investment schemes for your varying needs. The investment tenor for this fixed deposit goes up to 5 years with a starting investment amount of just ₹1,000.
You also get to choose different pay-out options to facilitate a steady income. Flexibility in interest pay-outs allows you to meet varying needs while ensuring that your corpus doesn’t get eroded by inflation. Additionally, you enjoy a hassle-free investment process along with other seamless processes.
ICICI Home Finance
ICICI Home Finance Fixed Deposit scheme offers interest rates up to 7.35% per annum and a flexible tenor ranging from 1 to 10 years. This tenor range allows you to maximise your returns, so long as you get in when the FD rates are high.
Moreover, you can book an FD at just ₹10,000, making the ICICI Home Finance Fixed Deposit an accessible option. That’s not all. With a credit rating of AAA Stable by CARE, CRISIL, and ICRA, it is among the safer investments.
Why Should You Invest In An NBFC Fixed Deposit Scheme?
High FD rates
Generally, company or NBFC FD rates are higher than those offered by banks. As such, your earnings are higher and you get more value. In addition, given that an FD is a low-risk investment option, high rates make it easier to attain your financial goals without strain and stress.
Availability of loan
Majority of the NBFCs offering a fixed deposit offer a loan against your fixed deposit. This facility saves you from prematurely withdrawing your investments, which does lead to losses and a penalty.
Specialised features
To make the FD more convenient and accessible, many NBFCs offer specialised features through which you can make the most of your investment. This can include offering a monthly investment scheme or even special FD rates for certain tenors.
Withdrawal facility
When you choose an FD offered by a bank, you will be required to keep your funds locked in for a lengthy period. However, with an NBFC, this lock-in period is minimal, sometimes lasting just a few months. As such, your investment is a lot more liquid, and you can prematurely withdraw your funds, if required.
Given the above information, investing in an NBFC fixed deposit scheme has a lot of advantages. With a simple investment process, you can start growing your wealth anytime. That’s not all. You can invest in a fixed deposit scheme online, even via aggregator portals. This way, you can find personalised deals and grow your funds efficiently.
