Tamil Nadu State Government Fixed Deposit Schemes

Individuals who wish to get assured returns can invest in fixed deposit schemes offered by government-owned institutions of Tamil Nadu. Tamilnadu Transport Development Finance Corporation Limited and Tamil Nadu Power Finance & Infrastructure Development Corporation Limited are two government enterprises that offer fixed deposit schemes to the general public and senior citizens at attractive interest rates.

Tamilnadu Transport Development Finance Corporation Limited Fixed Deposit Schemes

Tamilnadu Transport Development Finance Corporation Limited (TDFC) is a finance company owned by the government of Tamil Nadu. It has been registered as a Non-Banking Finance Organisation with the Reserve Bank of India.

The features of TDFC fixed deposit schemes are as follows:

  • Attractive interest rates.
  • Minors can create a fixed deposit account with their natural guardian.
  • Additional interest rates for senior citizens.
  • Loans on deposits can be availed once for up to 75% of the deposit amount after three months from the deposit date.
  • A premature withdrawal facility is available.

TDFC offers two deposit schemes to its customers namely, Period Interest Payment Scheme (PIPS) and Money Multiplier Scheme (MMS).

Period Interest Payment Scheme (PIPS)

In Period Interest Payment Scheme (PIPS), the interest is paid on a monthly, quarterly, or yearly basis. The minimum deposit for this scheme is Rs.50,000.

Interest Rates of Period Interest Payment Scheme

Given below are the interest rates of the Period Interest Payment Scheme for the general public:

General Public Interest Rates p.a.
Tenure Monthly Quarterly Yearly
24 months - 7.25% -
36 months 7.75% 7.75% 7.98%
48 months 7.75% 7.75% 7.98%
60 months 8.00% 8.00% 8.24%

Given below are the interest rates of the Period Interest Payment Scheme for senior citizens:

Senior Citizen Interest Rates p.a.
Tenure Monthly Quarterly Yearly
24 months - 7.50% -
36 months 8.25% 8.25% 8.51%
48 months 8.25% 8.25% 8.51%
60 months 8.50% 8.50% 8.77%

Money Multiplier Scheme (MMS)

In Money Multiplier Scheme (MMS), the interest is compounded on a quarterly basis at the appropriate rate and paid along with the principal at maturity. The minimum deposit amount for this scheme is Rs.50,000.

Interest Rates of Money Multiplier Scheme

Given below are the interest rates of the Money Multiplier Scheme for the general public:

General Public Interest Rates p.a.
Tenure Basic Rate Effective Yield
12 months 7.00% 7.19%
24 months 7.25% 7.73%
36 months 7.75% 8.63%
48 months 7.75% 8.99%
60 months 8.00% 9.72%

Given below are the interest rates of the Money Multiplier Scheme for senior citizens:

Senior Interest Rates p.a.
Tenure Basic Rate Effective Yield
12 months 7.25% 7.45%
24 months 7.50% 8.01%
36 months 8.25% 9.25%
48 months 8.25% 9.66%
60 months 8.50% 10.46%

Documents Required for TDFC Fixed Deposit Schemes

To apply for a TDFC fixed deposit scheme, you have to download the application form in PDF format from the official website and take its printout. The completed form can be sent to TDFC or submitted to your nearest deposit collection centre.

Take a look at the documents required to open a new fixed deposit scheme:

  • A duly filled application form with your signature
  • Duly filled KYC form with signature across the photo
  • PAN card
  • Aadhaar card
  • Bank pass book’s front page or cancelled cheque
  • Two sets of signed 15G/15H forms

The following documents are required to renew your deposit:

  • A duly filled renewal application form with your signature
  • PAN card
  • Original deposit receipt with your signature (back side)

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited Fixed Deposit Schemes

Tamil Nadu Power Finance & Infrastructure Development Corporation Limited (TNPFC) functions as a non-banking finance company owned by the government of Tamil Nadu. It offers two fixed deposit schemes namely, Non-Cumulative Fixed Deposit and Cumulative Fixed Deposit.

Cumulative Fixed Deposit

The features of Cumulative Fixed Deposit are as follows:

  • Attractive interest rates ranging from 7.00% p.a. to 8.50% p.a.
  • The minimum deposit amount is Rs.50,000.
  • Multiple tenures ranging from 12 months to 60 months.
  • Additional interest rates for senior citizens.
  • Loans can be availed against deposits.
  • A premature withdrawal facility is available.
  • The interest is compounded on a quarterly basis and paid at maturity.

Interest Rates of Cumulative Fixed Deposit

Given below are the interest rates of Cumulative Fixed Deposit:

Tenure General Public Interest Rates p.a. Senior Citizen Interest Rates p.a.
12 months 7.00% 7.25%
24 months 7.25% 7.50%
36 months 7.75% 8.25%
48 months 7.75% 8.25%
60 months 8.00% 8.50%

Non Cumulative Fixed Deposit

The features of Cumulative Fixed Deposit are as follows:

  • Attractive interest rates ranging from 7.25% p.a. to 8.50% p.a.
  • The minimum deposit amount is Rs.50,000.
  • The interest is paid on a monthly, quarterly, and yearly basis.
  • Multiple tenures ranging from 24 months to 60 months.
  • Additional interest rates for senior citizens.
  • Loans can be availed against deposits.
  • A premature withdrawal facility is available.

Interest Rates of Non Cumulative Fixed Deposit

Given below are the interest rates of Non Cumulative Fixed Deposit:

Tenure General Public Interest Rates p.a. Senior Citizen Interest Rates p.a.
24 months 7.25% 7.50%
36 months 7.75% 8.25%
48 months 7.75% 8.25%
60 months 8.00% 8.50%

Documents Required for TNPFC Fixed Deposit Schemes

The following documents are required to open a new fixed deposit scheme:

  • Photo
  • Cancelled bank cheque
  • Aadhaar card
  • PAN card

FAQs on Tamil Nadu State Government Fixed Deposit Schemes

  1. What are the fixed deposit schemes offered by TDFC?

    TDFC offers two fixed deposit schemes to its customers namely, Period Interest Payment Scheme (PIPS) and Money Multiplier Scheme (MMS).

  2. Does TDFC offer a nomination facility?

    Yes. A nomination facility is available.

  3. Can I avail of loans on TDFC deposits?

    Yes. You can avail of a loan once up to 75% of the deposit amount after three months from the deposit date.

  4. What is the interest rate for loans on deposits?

    The interest rate on the loan will be 2% higher when compared to the interest rate on deposits.

  5. Is premature withdrawal of deposit available?

    Yes. However, you cannot withdraw your deposit for a period of three months from the deposit date.

  6. What are the fixed deposit schemes offered by TNPFC?

    TNPFC offers two fixed deposit schemes to its customers – Cumulative Fixed Deposit and Non Cumulative Fixed Deposit.

  7. Can I open a TNPFC fixed deposit online?

    Yes, TNPFC fixed deposits can be opened online.

  8. Can I avail of loans against TNPFC fixed deposits?

    Yes, you can avail of loans against TNPFC deposits.

  9. Does TNPFC offer a nomination facility?

    Yes, TNPFC offers a nomination facility.

  10. Is a premature withdrawal facility available on TNPFC fixed deposits?

    Yes, a premature withdrawal facility is available on TNPFC fixed deposits.

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