Recently,National Housing Bank – NHB – Regulators of Housing Loan companies – allowed companies to accept public deposits of tenure up to 10 yrs.Earlier Capping was up to 07 yrs only.This new directive have allowed Housing Finance Companies to add few more products alongwith ongoing Fixed Deposit schemes.
Recently,HDFC launched new FD products like Double Money plan or Money Multiplier plan and now second largest Housing Finance Company – DHFL – Dewan Housing Finance has come up with Double My Money plan.
Under DHFL – Double My money Plan – interest rates as shown in table below shall be applicable.
Deposit rates as on Nov 10, 2015:
Tenure To Double Money for DHFL Double My Money Plan for Deposit Amount up to 50 Lakh:
| Investor Type | Interest rate – compounded semi- Annually | Tenure – to Double money | Maturity amount of Rs.10,000 |
| General | – | 95 Months | Rs.20,125 |
| Privilege Depositor | – | – | – |
| Privilege Depositors – Senior Citizen,widows,Armed Force Personnel,Existing DHFL Home loan borrowers,DHFL Share Holders | |||
Deposit Amount >=50 Lakh:
| Investor Type | Interest rate – compounded Semi – Annually | Tenure – to Double money | Maturity Amount of Rs.50 Lakh |
| General | 10.25% | 92 Months | 1 Crore
(provision of TDS appicable) |
| Privilege Depositor | – | – | – |
| Privilege Depositors – Senior Citizen,widows,Armed Force Personnel,Existing DHFL Home loan borrowers,DHFL Share Holders | |||
DHFL FD Credit Rating : BWR AAA and CARE AA+.
Profits Reported by DHFL- Last 05 Years:
Other Imp Details :
- DHFL – Listed company at NSE and BSE.
- Minimum Deposit Amount : Rs.10,000 and in addition of Rs.1000.
- Consistently profit making company.
- Loan Book of over Rs.33000 crores – as on 31-03-2013.
- Loan against Fixed deposit available – Up to 75% of deposit amount and with 2% higher interest rate than that of deposit rate.
- Zero percent Net NPA in 2012-2013.
- Maturity amount subject to TDS. TDS applicable if interest exceeds Rs.5000 in financial year.Depositor need to provide 15G or 15H form in every year if they wish TDS not to be deducted.
Overall good fixed deposit scheme..especially if you are looking for some diversification in fixed income category.
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