Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (TNPFIDCL), also popularly known as Tamil Nadu Power Finance (TNPFC) or TN Power Finance, is a wholly-owned public sector undertaking by Tamil Nadu government and registered as an NBFC (deposit taking) with Reserve Bank of India (RBI). TNPFIDCL offers fixed deposit interest rates between 8.20% to 8.40% p.a. to senior citizen depositors and 8.10% to 8.30% p.a. to other depositors. Depositors can open TNPFIDCL Fixed Deposits for tenures of 1 year to 5 years.
TNPFIDCL Fixed Deposit Highlights
| Highest slab | 8.30% p.a. (for 3 years) |
| For 1 year | 8.10% p.a. |
| For 2 years | 8.25% p.a. |
| For 3 years | 8.30% p.a. |
| For 4 years | 8.10% p.a. |
| For 5 years | 8.10% p.a. |
Note: Interest rates as of 7th November 2024
Fixed Deposit Interest Rates of TNPFIDCL
Cumulative Deposit Interest Rates for Residents and Non-residents
| Tenure | Interest rates (p.a.) | |
| Regular rates | Senior citizen rates | |
| 12 months | 8.10% | 8.25% |
| 24 months | 8.25% | 8.40% |
| 36 months | 8.30% | 8.50% |
| 48 months | 8.10% | 8.25% |
| 60 months | 8.10% | 8.25% |
Non-cumulative Deposit Interest Rates for Residents and Non-residents
| Tenure | Interest rates (p.a.) | |
| Regular rates | Senior citizen rates | |
| 24 months | – | – |
| 36 months | 8.30% | 8.50% |
| 48 months | 8.10% | 8.25% |
| 60 months | 8.10% | 8.25% |
Comparison of Top 20 Scheduled Banks based on FD Rates
Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| Unity Small Finance Bank | 9.00 | 7.85 | 8.15 | 8.15 | 0.50 |
| North East Small Finance Bank | 9.00 | 7.00 | 9.00 | 6.25 | 0.50 |
| Suryoday Small Finance Bank | 8.60 | 8.05 | 8.60 | 8.25 | 0.50 |
| Utkarsh Small Finance Bank | 8.50 | 8.00 | 8.50 | 7.75 | 0.60 |
| Shivalik Small Finance Bank | 8.30 | 6.00 | 7.50 | 6.50 | 0.50 |
| Jana Small Finance Bank | 8.25 | 8.25 | 8.25 | 8.20 | 0.50 |
| Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 | 0.50 |
| ESAF Small Finance Bank | 8.25 | 6.00 | 6.75 | 6.25 | 0.50 |
| Equitas Small Finance Bank | 8.25 | 8.10 | 8.00 | 7.25 | 0.50-0.75 |
| DCB Bank | 8.05 | 7.10 | 7.55 | 7.40 | 0.50 |
| Bandhan Bank | 8.05 | 8.05 | 7.25 | 5.85 | 0.50-0.75 |
| RBL Bank | 8.00 | 7.50 | 7.50 | 7.10 | 0.50 |
| AU Small Finance Bank | 8.00 | 7.25 | 7.50 | 7.25 | 0.50 |
| Induslnd Bank | 7.99 | 7.75 | 7.25 | 7.25 | 0.50 |
| IDFC First Bank | 7.90 | 6.50 | 6.80 | 6.75 | 0.50 |
| SBM Bank | 7.75 | 7.05 | 7.30 | 7.75 | 0.50 |
| YES Bank | 7.75 | 7.25 | 7.25 | 7.25 | 0.50-0.75 |
| Central Bank of India | 7.45 | 6.85 | 6.75 | 6.50 | 0.50 |
| Punjab & Sind Bank | 7.45 | 6.30 | 6.00 | 6.00 | 6.00 |
| HDFC Bank | 7.40 | 6.60 | 7.00 | 7.00 | 0.50 |
Types of TNPFIDCL Fixed Deposit
Cumulative Fixed Deposit
- Minimum amount: Rs 2 lakh and thereafter in multiples of Re 1
- Maximum amount: Rs 5 crore
- Minimum tenure: 1 year (for residents and non-residents)
- Maximum tenure:
- Up to 5 years for residents
- Up to 3 years for non-residents
- Minimum age: 18 years
- Interest payout: At maturity
- Deposit proceeds would be transferred to the bank details provided by the depositor through RTGS/ECS/NEFT or a cheque, if requested by the depositor.
- Eligibility: Individuals and institutions
Non-cumulative Fixed Deposit
- Minimum amount: Rs 2 lakh and thereafter in multiples of Rs 1,000
- Maximum amount: Rs 5 crore
- Minimum tenure: 2 years (for residents and non-residents)
- Maximum tenure:
- Up to 5 years for residents
- Up to 3 years for non-residents
- Minimum age: 18 years
- Interest payout:
- For FD tenure of 2 years: Quarterly
- For FD tenure of 3 to 5 years: Monthly/ Quarterly/ Annually
- Interest on fixed deposit will be paid through ECS and NEFT
- Deposit proceeds would be transferred to the bank details provided by the depositor through RTGS/ECS/NEFT or a cheque, if requested by the depositor.
Documents Required for TNPFIDCL Fixed Deposit
For individuals
- Photo
- PAN Card
- Aadhaar Card
- Cancelled bank cheque
For institutions
- Registration certificate
- Address proof
- Authorised signatory proof
- Authorization letter
- Cancelled bank cheque
If depositor chooses to have an address different from the address mentioned on the adhaar card, the following documents will be required for address proof:
- Passport
- Voter ID
- Driving licence
- Ration card
- Telephone bill (not older than three months)
- Bank Account Statement of a Scheduled bank
- Electricity bill (not older than three months)
- Water bill (not older than three months)
- Certificate of address having Photo issued by MP/MLA/Group-A Gazetted Officer in letter head
- Certificate of address with photo from Govt. recognized educational institutions (for students only)
Premature Withdrawal on TNPFIDCL Deposit
Premature withdrawal of deposits is not allowed within 3 months from the date of deposits. However, in case of a depositor’s death, premature withdrawal is allowed within 3 months without interest.
Interest for premature withdrawal of deposit after 3 months but before date of maturity including in the event of death of depositor will be regulated as follows:
- No interest will be paid on deposits closed after 3 months but before the expiry of 6 months.
- Interest of 3% p.a. less than the rate applicable for 12 months will be paid for deposits closed after 6 months from the date of deposit but before 12 months.
- Interest of 2% p.a. less than the applicable interest rate for 12 months will be paid for deposits closed after 12 months from the deposit date but before 24 months.
- Interest of 2% p.a. less than the applicable interest rate for 24 months will be paid for deposits closed after 24 months from the deposit date but before 36 months.
- Interest of 2% p.a. less than the applicable interest rate for 36 months will be paid for deposits closed after 36 months from the date of deposit but before the date of maturity.
- One month notice to the NBFC is required for premature withdrawal of deposits exceeding Rs 1 crore.
- Notice of 15 days is required for premature withdrawal of deposits of less than Rs 1 crore.
- For premature withdrawal of deposits held in joint names, the surviving depositors are required to submit a requisition letter.
Loan against TNPFIDCL Fixed Deposit
Depositors can avail loan against FD facility for up to to 70% of the deposit amount, after 3 months from the deposit date at an interest rate of 2% above the interest payable on deposits.