This Govt FD Offers 8.77% Interest Rate For Senior Citizens, 8.24% For Others

Tamilnadu Transport Development Finance Corporation Ltd also known as TNTDFC is offering attractive interest rates on Fixed Deposits for both senior citizens and others. TNTDFC is a wholly owned by Tamil Nadu Government. It has been registered with Reserve Bank of India as a Non-Banking Finance Company. It mobilizes investors' funds through several attractive deposit schemes.

It offers two deposits schemes namely Periodic Interest Payment Schemes or PIPS and Money Multiplier Scheme or MMS. Find more details below:

1. What is mode of deposit?

Depositors will be allowed to make their deposit either through cheque/RTGS/NEFT/ Online. You will not be allowed to make deposit via cash or payment. Any individual can make deposit. Minors can also make deposit with the natural guardian. As it is wholly owned by Tamil Nadu Government, your deposits are safe.

2. Periodic Interest Payment Schemes

Under this scheme, interest shall be paid either monthly, quarterly, or annually. The minimum amount of deposit accepted will be Rs 50,000, according to the website. Senior citizens will need to submit their age proof.

Others				Senior Citizen
Period (Months)	Monthly (%)	Quarterly (%)	Annually (%)	Monthly (%)	Quarterly (%)	Annually (%)
24	-	7.25%	-	-	7.50%	-
36,48 &	7.75%	7.75%	7.98%	8.25%	8.25%	8.51%
60	8.00%	8.00%	8.24%	8.50%	8.50%	8.77%

3. Money Multiplier Scheme

If you opt for this scheme, the interest will be compounded quarterly at the appropriate rate of interest and will be paid on maturity along with principal amount. The minimum amount of deposit acceptable is Rs 50,000, according to the website.

Others			Senior Citizen
Period	Basic	Effective	Basic	Effective
(Months)	Rate	Yield p.a	Rate	Yield p.a
	p.a	(%)	p.a	(%)
	(%)		(%)
12	7	7.19	7.25	7.45
24	7.25	7.73	7.5	8.01
36	7.75	8.63	8.25	9.25
48	7.75	8.99	8.25	9.66
60	8	9.72	8.5	10.46

4. How to apply?

In order to apply, submit application form filled up and signed by depositor. Submit copy of PAN Card, Aadhaar Card, Copy of address proof if address is different from Aadhaar, KYC form filled up with photo signed across, 15G or 15H form forms (2 sets signed), and cancelled cheque.