Senior Citizens FD Rates: THIS NBFC Offers Over 9% Returns; Check Benefits

The ongoing sell-off in the stock market has further increased investors' confidence in secured schemes like fixed deposits. A good portfolio is one that includes both secured and unsecured schemes. Investors tend to prefer unsecured schemes because secured schemes do not offer as good returns.

But the returns this company offers on fixed deposits is different. This financial company is offering a return of 8.95 per cent on corporate fixed deposits, while it is offering a return of 9.2 per cent for senior citizens.

Which Company Is Giving More Than 9 Per Cent Return?

According to data from Paisa Bazaar, non-banking financial company (NBFC) Muthoot Capital Services is offering a 9.2 per cent return on corporate FDs for senior citizens. This return is for a 3-year FD. Others, however, are earning 8.95 per cent. However, one needs to keep in mind that this is a corporate FD, not a bank FD.

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Difference Between Regular FD And Corporate FD

Corporate FDs offer higher returns than regular FDs. These FDs are offered by a financial company or entity. Like FDs, you receive returns on the principal amount plus maturity.

Companies also offer fixed deposits with different maturity periods. The only drawback is that the company can pledge your corporate fixed deposit to obtain a loan. Therefore, if you are investing in a corporate FD, be sure to check the credit rating. For example, according to Paisa Bazaar, Muthoot Capital Services Corporate FDs are rated A+ by CRESIL.

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Fixed Deposit Interest Rate In Top Banks

Axis Bank

Offers interest rates ranging from 3.00 - 6.45 per cent p.a. for the general public and 3.50 - 7.35 per cent p.a. for senior citizens.

Bandhan Bank

Provides rates between 2.95 - 7.25 per cent p.a. for the general public and an attractive 3.70 - 7.75 per cent p.a. for senior citizens.

Bank of Baroda

Rates stand at 3.50 - 6.45 per cent p.a. for the general public and 4.00 - 7.00 per cent p.a. for senior citizens.

Central Bank of India

Offers rates between 3.00  - 6.25 per cent p.a. for the general public and 3.50 - 6.75 per cent p.a. for senior citizens.

HDFC Bank

Provides rates of 2.75 - 6.25 per cent p.a. for the general public and 3.25 - 6.75 per cent p.a. for senior citizens.

ICICI Bank

Rates are between 2.75 - 6.50 per cent p.a. for the general public and 3.25 - 7.10 per cent p.a. for senior citizens.