- STRATEGY FOR HIGH FIXED INCOME RETURNS
INDIVIDUALS WHO WANT fixed returns that are higher than bank fixed deposits should invest in AAA-rated company deposits and lock into longer tenures. This will reduce the risk of reinvestment risks as interest rates are near their peak and are expected to fall this year.
For example, Shriram Finance is offering 8.27% a year for a five-year deposit (at monthly resets) and an additional 50 basis points more to senior citizens. Mahindra Finance and Bajaj Finance are offering 8.05% and an additional 25 basis points to senior citizens for the same tenure.
Bajaj Finance is offering a special digital fixed deposit (available only on Bajaj Finserv App) offering interest rate of 8.6% a year.
In comparison, State Bank of India is offering 6.5% interest rate for five-year deposits and an additional 100 basis points to senior citizens. Bank of Baroda and Punjab National Bank are offering 6.50% for five-year deposits.Among private sector banks, Axis Bank and HDFC Bank are offering 7% for five-year deposits to those below 60 years.
This story is from the January 29, 2024 edition of Financial Express Mumbai.
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This story is from the January 29, 2024 edition of Financial Express Mumbai.
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