You will be surprised to know that The Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (TNPF and IDCL), both are owned by the government of Tamil Nadu and it is beneficial for users.
Recently the news has come that Tamil Nadu Power Finance is planning to launch a few best online services for its customers. These online services will provide more easiness to customers and will save their money as well as time.
They offer a Fixed deposit scheme from 1 year to 5 years tenure. Now a question will be coming in your mind, What will be the interest rate of their FD scheme? Don’t worry, today we will discuss everything about Tamil Nadu Power Finance (TNPF).
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This company is registered with RBI as a Deposit-taking and Non-Banking Financial Company. It mobilizes funds through various fixed deposit schemes and provides financial assistance to infrastructure projects. Anyone can take the benefits of their scheme.
Great features of TN Power Finance Fixed Deposit Scheme
- Deposit available for a minimum 1-year tenure and a maximum of 5 years.
- Need not to pay TDS if the interest income is less than Rs 5000 per annum.
- You can submit Form 15H/15G if you do not want TDS to be deducted.
- In this scheme, the ECS facility is also available for payment of interest on regular payment interest deposits.
- Your minimum FD amount should be Rs 10000 or more but it should be multiple of Rs 1000.
- In the case of the cumulative scheme, interest is only payable at maturity.
- People who choose regular interest payment scheme, they will get compounded interest and paid, monthly, quarterly and Annually.
Tamil Nadu Power Finance (TNPF) Fixed Deposit Interest Rates
Here we are sharing a few schemes which are provided by Tamil Nadu Power Finance (TNPF) and you should about them so that you can invest according to your convenience.
1.Regular interest payment scheme (RIPS)
2. Cumulative interest payment scheme (CIPS-I)
3. Cumulative interest payment scheme (CIPS-II)
How a person can apply for TN Power Finance FD Scheme?
If you really want to apply for the Tamil Nadu Power Finance (TNPF) FD scheme then it will be good for you in the future. The process to invest in this FD scheme is very easy and you have to follow few steps which are given below.
- Download TN power finance FD scheme application form
- Fill the form correctly after reading all terms and conditions
- Enclose necessary cheque or documents for the deposit amount. If you are outside Chennai, you need to take a demand draft in the name of this company and will be payable at Chennai.
- If you are senior citizen (above 58 years) then you have to submit age proof document for high-interest rates.
- Completely filled form along with Cheque/DD has to be sent to a correct company registered office address.
Frequently Asked Questions (FAQ)
Here we are sharing a few FAQs which will definitely clear all your doubts regarding the fixed deposit. After that, you can easily find out the best FD scheme for you.
Is there any type of risk involved in this FD scheme?
Yes, the risk is always there in every FD company and it all depends on the company’s performance in the future. As we all know that Tamil Nadu Power Finance (TNPF) is a government company so there is very little risk in their schemes.
Sometime due to the bad performance of the company, you will see some delay in your payment but will not face any high risk as compared to other private companies.
Can I invest in this company’s FD scheme if I am an NRI?
Yes, NRI’s can also invest their money in this company FD’s scheme easily. But for NRI, there is maximum eligible tenure would be for 36 months FD Scheme. Before investing your money, first read all, the terms, and conditions for NRI customers.
Why Should I invest in this FD scheme?
There are few positive points of this FD scheme which are given below.
- The interest rate is quite high as compare to other companies.
- You will make a good amount of profit as the interest rate is high.
- Risk is low as it is a government company.
As we have earlier discussed that Tamil Nadu Power Finance is a government company and it offers good interest rates to its customers. So will be good for you if you invest some amount of your income. Those people who are medium to the low-risk taker, they can go for such a high-interest rate scheme.