Rate Of Interest On Deposits By Nidhi Company:
There are three types of Deposits accepted by Nidhi Companies and rate of interest on all deposits are mentioned below:
1. Fixed Deposit Interest Rate:
Rate of interest being offered by Nidhi company shall not exceed maximum rate of interest prescribed by the Reserve Bank of India which the NBFCs can pay on their public fixed deposits. As on date, the maximum rate of interest an NBFC can offer is 12.5% that has been prescribed by RBI and similarly, the interest rate that can be offered by Nidhi Companies on fixed Deposits cannot exceed 12.5% as well.
2. Recurring Deposit Interest Rate:
Recurring deposit rate of interest offered shall not exceed maximum rate of interest prescribed by the Reserve Bank of India which the NBFCs can pay on their public deposits which again is 12.5%.
3. Savings Deposit Account:
In case of savings deposits, the rate of interest being offered shall not exceed 2% above the rate payable by nationalized banks on savings account. Currently, the rate of interest offered by all nationalized banks ranges somewhere between 3-4% and accordingly, the Nidhi Company can offer interest rate up to 6%.
Check Here How Kovai Tech Nidhi Company is Giving High Rates Of Interest On Deposits as prescribed by the Reserve Bank of India, which the NBFCs can pay on their public deposits.