TN Govt FD Scheme

Individuals seeking guaranteed returns can participate in fixed deposit programs offered by Tamilnadu government-owned institutions.

Tamil Nadu Power Finance & Infrastructure Development Corporation Limited and Tamil Nadu Transport Development Finance Corporation Limited are two government organizations that offer fixed deposit programs to the general public and elderly citizens at competitive interest rates.

TN Government Fixed Deposits

1. a) Period Interest Payment Scheme

Interest is paid on a monthly, quarterly, or yearly basis under the Period Interest Payment Scheme (PIPS). This scheme requires a minimum deposit of Rs.50,000.

1. b) Money Multiplier Scheme

The interest in a Money Multiplier Scheme (MMS) is compounded every quarter at the relevant rate and paid along with the Principal upon maturity. This scheme requires a minimum deposit of Rs.50,000.

1. c) Tamil Nadu transport development finance corporation fixed deposit

Tamilnadu Transport Development Financial Corporation Limited (TDFC) is a government-owned finance corporation. It has been designated by the Reserve Bank of India as a Non-Banking Finance Organization.

1. d) Tamilnadu Power Finance interest rates and scheme

The Tamil Nadu Power Financial & Infrastructure Development Corporation Limited (TNPFC) is a non-banking finance firm owned by the Tamil Nadu government. It provides two types of fixed deposits: non-cumulative fixed deposits and cumulative fixed deposits.

Characteristics of the Tamilnadu Power finance FD

1) The tenure of Tamil Nadu Power Finance FDs ranges from one to five years.

2) The FD plan provides both cumulative and non-cumulative choices. The interest would be paid on maturity in the cumulative option. Interest would be paid monthly, quarterly, or annually under the non-cumulative option, depending on the choice selected.

3) You can invest in this FD program with a minimum of Rs. 50,000 and in multiples of Rs 1,000.

4) Tennessee Power Finance For the general category, interest rates range from 7% to 8.5%.

5) Seniors would receive 0.25% higher interest rates.

Types of Power Finance FD Schemes

Cumulative: 

The following are the benefits of a Cumulative-fixed-deposit:

  • Interest rates ranging from 7.00% p.a. to 8.50% p.a. are appealing.
  • The initial deposit is Rs.50,000.
  • There are several tenure options ranging from 12 to 60 months.
  • Senior citizens receive higher interest rates.
  • Loans are available against deposits.
  • There is a provision for early withdrawal.
  • The interest is calculated quarterly and paid at maturity.

Non-Cumulative: 

The following are the benefits of a Non-Cumulative Fixed Deposit:

  • Interest rates range from 7.25% to 8.50% per annum.
  • The initial deposit is Rs.50,000.
  • The interest is paid monthly, quarterly, and annually.
  • There are several tenure options ranging from 24 to 60 months.
  • Senior citizens receive higher interest rates.
  • Loans are available against deposits.
  • There is a provision for early withdrawal.
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Tamil Nadu government fixed deposit scheme Interest Rate of Power Finance Cumulative.

 

Term

Tamilnadu Power finance interest rates 2023

12 months

6.75% - 7.00%

24 months

7.00% - 7.25%

36 months

7.50% - 8.00%

48 months

7.50% - 8.00%

60 months

7.75% - 8.25%

Non-Cumulative Power Finance Interest Rate

 

Term

Interest Rate

24 months

7.00% - 7.25%

36 months

7.50% - 8.00%

48 months

7.50% - 8.00%

60 months

7.75% - 8.25%

Required Documents

If the depositor wishes to have a different address than the one specified in the other, any of the following documents must be given as Proof of Address:

  • Passport.
  • Voter identification is required.
  • Driver's license
  • The ration card.
  • The telephone bill (not older than three months).
  • A Scheduled bank's bank account statement.
  • The electric bill (not older than three months).
  • The water bill (not older than three months).
  • Telephone bill or bank account statement from any recognized public authority/electricity card/employer letter. The company will be unable to process the deposit/renewal application without the above documents.

Benefits of the Fixed Deposit from TN Government Schemes

  • Tamil Nadu Power Finance and Infrastructure Corporation (TNPFC) is a Tamil Nadu Government-owned organization; hence investing in their fixed deposits is risk-free. It needs to be understood that there is no information on the TN Govt's website or in the application form concerning the TN Govt guaranteeing these FDs.
  • With a minimum investment of Rs 50,000, you can obtain higher interest rates of up to 8% for normal investors and up to 8.77% for Senior Citizens, as well as a high yield of up to 10.46%.
  • You can choose among cumulative FDs, monthly interest FDs, quarterly interest FDs, or yearly interest FDs.

FAQs

Q1. Will it be possible to get a loan based on my TDFC deposits?

Yes. After three months from the deposit date, you can borrow up to 75% of the deposit amount.

Q2. What are the fixed deposit schemes available from TDFC?

Customers can choose between two fixed deposit options from TDFC: the Period Interest Payment Scheme (PIPS) and the Money Multiplier Scheme (MMS).

Q3. What is the interest rate on deposit loans?

When compared to the interest rate on deposits, the loan will have a 2% higher interest rate.

Q4. What are the TNPFC's fixed deposit schemes?

TNPFC provides its customers with two fixed deposit options: cumulative fixed deposit and non-cumulative fixed deposit.

Q5. Is there a provision for early withdrawal on TNPFC fixed deposits?

Yes, TNPFC fixed deposits have a premature withdrawal option.

Q6. Does TNPFC provide a nomination service?

Yes, TNPFC provides a nomination service.

Q7. Is it possible to open a TNPFC fixed deposit online?

Yes, TNPFC fixed deposits are available online.

Comparison of FD rates

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