Under the ownership of the Government of Tamil Nadu, Tamil Nadu Power Finance Corporation (TNPFC) was incorporated in the year, 1991. Registered under the (RBI) Reserve Bank of India as an NBFC (Non-Banking Finance Company), the center works majorly by opening various deposit plans for its customers.Read more
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Rates with effect from 5th July 2022:
|Interest Rates (Per Annum)|
|General Citizens||Senior Citizens|
|More than 1 year but less than 2 years||7.25%||7.50%|
|More than 2 years but less than 4 years||7.75%||8.25%|
|More than 4 years but less than 5 years||8%||8.50%|
*FD Rates are subject to change. Please refer Bank’s website for accurate rates.
Following are the main highlights of the Tamil Nadu Power Finance FD Scheme:
The tenure ranges from 1 year to 5 years under this FD Scheme.
Both cumulative and non-cumulative options are available under the scheme.
Under the cumulative option, the entire amount is paid at the time of maturity.
Under the non-cumulative option, the FD interest amount is paid quarterly, monthly, or annually.
The minimum deposit amount under the scheme is Rs.50,000.
The sum can be deposited in multiples of Rs.1,000.
Interest rates range from 7% to 8% and from 1 year to 5 years for general citizens.
Two types of deposit options are available under the Tamil Nadu Power Finance FD scheme: cumulative and non-cumulative.
Cumulative means "complete." Under the Cumulative fixed deposit option, the total interest amount is calculated during the tenure's completion. The depositor must pay the amount during the maturity of the fixed deposit.
Under the non-cumulative FD option, the calculated interest amount is payable at regular intervals depending on the FD scheme. The interest payment mode can be either annually, half-yearly, monthly, or quarterly.
|Particulars||Cumulative Deposit Option||Non-Cumulative Deposit Option|
|Payouts||Interest is paid at the end of the tenure of the Fixed Deposit.||Interest is paid annually, half-yearly, monthly, or quarterly.|
|Reinvestment||Either reinvested or compounded at the end.||The interest is paid regularly.|
|Returns||Returns are better compared to the non-cumulative option.||Returns are lower in comparison to the cumulative deposit option.|
|Payment||One-time at the end||Regularly|
|Suitability||Suitable for employees (salaried) or stable income individuals.||Suitable for retirees or unstable income individuals.|
Aadhaar Card is the mandatory document required to open a Tamil Nadu Power Finance FD account. If the depositor's residential address is not the same as on the Aadhaar, the following documents need to be provided instead:
Voter ID card
Or any other document required by the Tamil Nadu Power Finance authorities.
Here is a list of individuals and groups who are eligible to open Tam Nadu Power Finance FD:
Hindu Undivided Families (HUFs)
Sole Proprietorship Firms
Non-Resident Indians (NRIs)
An investor can opt for the online or offline investment method under the Tamil Nadu Power Finance FD Scheme.
The following steps need to be followed to invest online:
Visit the official website of Tamil Nadu Power Finance Fixed Deposit online.
Fill in all the mandatory details to open the FD account.
Select whether the FD is for an individual or an institution.
If an individual, opt if a general citizen or a senior citizen.
Choose the residential status of the entity, whether Indian resident or NRI.
Mention the deposit amount; the minimum amount should be Rs. 50,000.
Choose one of the options of investment, cumulative or non-cumulative.
Select the investment period and the investment period mode.
Click on the create Fixed Deposit option and your Tamil Nadu Power Finance Fixed Deposit account.
In the offline method, one can visit the nearest Tamil Nadu Power Finance center and fill out relevant forms related to opening a Fixed Deposit Account. All the relevant documents and the deposit amount must be submitted to the manager. After successfully verifying all the provided documents, the branch manager provides a receipt that is the account opening proof for the investor.
Rate of Interest (Yearly)
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