Higher interest than bank FD: This company is giving more interest on FD than banks, check interest rate
This pressure cooker manufacturer offers FD for three periods. You can choose from 2 options for interest payment. One is half yearly plan and the other is cumulative plan. In the half yearly plan, you will be paid interest twice a year.
New Delhi. Usually people invest money in bank FDs only because many people are not aware that many companies also offer fixed deposits. One such company is Hawkins Cooker Ltd. This pressure cooker manufacturer offers FD for three periods. Explain that companies do not offer FDs for a very long time, but promise high returns in a short period of time.
Hawkins pressure cooker gives 7.5 percent return on 13 month FD, 7.75 percent on 24 month FD and 8 percent on 36 month FD. You will have to invest a minimum of 25 thousand rupees in the new FD given by the company. Apart from this, you can choose from 2 options for interest payment. One is half yearly plan and the other is cumulative plan. In the half yearly plan, you will be paid interest twice a year. Whereas in the cumulative plan, you will get a lump sum interest on the term end of the FD. If you make a profit of more than Rs 5,000 in a year from FD interest, then TDS will be deducted on it.
Rating of FD
ICRA (ICRA) has given this FD a stable rating of AA. This rating has remained the same for many years. At the same time, Hawkins Cooker has continuously reduced its FD rates. In the year 2020, the company used to give 10 percent interest on 3-year FD which increased to 9 percent in 2020 and then came down to 8 percent in 2022. The increase in the repo rate by the RBI has also not affected the FD of Hawkins Cooker. On the other hand, many banks have increased the interest rates of FD. However, despite that increase, Hawkins Cooker’s FD rate is much better than bank FD.
Maximum interest rate of big banks
SBI, the largest public sector bank, gives a maximum interest of 5.65 percent to the common people and 6.45 percent to senior citizens on FDs with deposits of less than Rs 2 crore. At the same time, another state-run bank PNB gives a maximum interest of 6.25 percent to the common people and 6.45 percent to the senior citizens. Talking about private banks, HDFC gives a maximum interest of 6.10 percent to the common people and 6.60 percent to the senior citizens. ICICI Bank is currently offering a maximum interest of 6.05 per cent on FDs with deposits of less than Rs 2 crore.