Divya Kapoor 07 February 2019
If you are looking only for banks then IDFC bank’s highest offered rate is 8.25% and for senior citizens at 8.75%. In addition to this, you must know that for higher interest rate you need to take up a fixed deposit for the longest duration which in this case would be around 10 years. However, if you want better interest than 8.25% on fixed deposits that too within a shorter tenure than 10 years, in that case opting for fixed deposits with an NBFC is not a bad option.
Just like bank fixed deposits, NBFC’s FD is also RBI regulated and offer assured returns at maturity. In addition to this, the tenure with NBFC is shorter than banks, which means they give you the option to earn better returns in lesser time.
If you are still having some doubts then it’s very normal. That’s why it is better to be extra cautious with these things and look for extra safety assurance like ratings provided by CRISIL and similar organizations to any NBFC for their fixed deposits.
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Amrita sharma (Financial Advisor) 11 October 2019
The interest rate offered on the FD will depend on the period for which you are investing in the FD and also vary from bank to bank for FDs for the same tenure. You can also check the best <a href=" https://www.pnbhousing.com/fixed-deposit/interests-rates/">fixed deposit interest rate</a> here.