These two NBFCs offer a high interest rate on FDs to senior citizens, check the rates here

Finance Mahindra

Fixed Deposits (FD) are offered by Mahindra Finance at attractive interest rates with a term of up to five years. Employees of Mahindra Group companies and senior citizens are entitled to a higher rate of interest on all deposits made into the scheme. On terms ranging from 12 months to 60 months, Mahindra Finance offers FD interest rates of 5.20-6.45% per annum to the general public and 6-7.25% per annum to the elderly.

Here are the fixed deposit interest rates for deposits up to Rs 50 Lakh under various options on May 27, 2022

Dhanvruddhi scheme – FD rates for deposits up to 50 lakhs

Cumulative options

FD rates only for online investors through Mahindra Finance website and online mode.

Duration (months) Interest (%)
30 6.55%
42 6.80%

Non-cumulative option

FD rates only for online investors through Mahindra Finance website and online mode.

Period (months) Interest pa*(Monthly) Interest pa*(Quarterly) Interest pa*(Semi-annually) Interest pa* (Annual)
30 6.00% 6.35% 6.45% 6.55%
42 6.25% 6.60% 6.70% 6.80%

Please note – Additional interest rates of 0.20% FD are applicable to senior citizens

Samruddhi scheme - FD rates for deposits up to 50 lakhs

Samruddhi scheme – FD rates for deposits up to 50 lakhs

Cumulative option – Deposits are applicable via physical and online mode

Period (months) Interest pa*(%)
12 5.75%
24 6.35%
36 6.75%
48 6.85%
60 7.00%

Non-cumulative option – Deposits are only applicable through physical applications

Period (months) Interest pa* (Monthly) Interest pa* (Quarterly) Interest pa* Semiannual) Interest pa* (Annual)
12 5.20% 5.55% 5.65% 5.75%
24 5.80% 6.15% 6.25% 6.35%
36 6.20% 6.55% 6.65% 6.75%
48 6.30% 6.65% 6.75% 6.85%
60 6.45% 6.80% 6.90% 7.00%

Please note – Additional interest rates of 0.25% FD are applicable to seniors

Source- www.mahindrafinance.com

GNP housing finance

GNP housing finance

PNB Housing Finance Ltd. offers attractive fixed deposit (FD) interest rates, up to 7.25% over the 120 month term under the cumulative option, and similarly under the non-cumulative option in under the annual option. Non-cumulative DFs are also available on a monthly, quarterly, semi-annual and annual basis. The non-cumulative option has an interest rate range. Compared to several commercial and public banks in India, the company offers higher FD rates.

Here are the FD rates for deposits up to Rs5 crore under cumulative and non-cumulative options on June 15, 2022

GNP housing finance

GNP housing finance

Cumulative option

Duration (months) Interest rate
12 – 23 6.00%
24 – 35 6.40%
36 – 47 6.85%
48 – 59 7.10%
60 -71 7.25%
72 – 84 7.25%
120 7.25%

Non-cumulative option

Duration (months) Monthly Quarterly Semester Annual
12 – 23 5.84% 5.87% 5.91% 6.00%
24 – 35 6.22% 6.25% 6.30% 6.40%
36 – 47 6.64% 6.68% 6.74% 6.85%
48 – 59 6.88% 6.92% 6.98% 7.10%
60 -71 7.02% 7.05% 7.12% 7.25%
72 – 84 7.02% 7.05% 7.12% 7.25%
120 7.02% 7.05% 7.12% 7.25%

Please note -1) Seniors (over 60) will be eligible for an additional interest rate of 0.25%

2) Special rates for the elderly applicable to deposits up to Rs 1 crore.

Source- www.pnbhousing.com

Stephen V. Lee