Tamil Nadu Power Finance and Infrastructure Development Corporation Limited- Fixed Deposits

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This query is : Resolved

Hins (Querist)

03 September 2022 Greetings Experts,
Hope you all are in the best of health ............. Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is offering Fixed Deposits for everyone (General and senior citizens)..This is their link for online investments ....... https://www.tnpowerfinance.com/tnpfc-web.
Their interest rates are as high as 8% for senior citizens. My query is:
1)This is a NBFC((Non-Banking Finance Company) under the purview of RBI.How to check if they really are under the purview of RBI? How to also check if it's listed or unlisted ?
2)Are they reliable & really give assured (guaranteed)returns? If its 8% today will it be guaranteed 8% tomorrow if not more?
3) We all know about the major fiasco of the Punjab & Maharashtra Cooperative (PMC) Bank ,Yes Bank etc where failing banks, due to their NPAs (Non Performing Assets) & financial misappropriations have driven people to suicides .But The insurance cover by Deposit Insurance and Credit Guarantee Corporation (DICGC) to Bank depositors is Rs 5 lakh .......So similarly my query is :Are our Fixed Deposits with NBFCs also covered for risks ? If yes upto how much amount? Thanx a lot Experts.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 September 2022 1 Tamil Nadu Power Finance is 100% owned by the Tamilnadu Government. Its FDs are safe as the entity is owned by TN Government.
2 yes it's guaranteed return.
3 Government guaranteed deposit no problem.

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