Have money for the short term and looking for investing for less than 1 year? Then, here we will give you some good and safe short term investment ideas. They are mostly safe FDs that have been well rated by the top rating agencies in the country.
PNB Housing Finance-
PNB Housing Finance is offering an interest rate of 8.30 per cent for 1 year. It is probably the best that it gets, when compared to banks and company fixed deposits for a time period of 1 year. The deposits are rated as AAA and are very secure. Company fixed deposits attract a TDS if the amount of interest income crosses the Rs 5,000 mark. Investors can also submit form 15g and form 15h, in case they do not fall even in the basic tax bracket. One can invest in other tenures as well, but, for the more short term.
Shriram City Union-
It is another good option for those looking at a AAA company FD. Shriram City Union offers an interest rate of 8.25 per cent for 1 year, which is a competitive rate of interest in its category. It is a finance company, that offers two and three wheeler loans, personal loans, commercial loans, small business loans and loans against gold. It also has a consumer finance company which caters to chit funds. Hence, a relatively safe deposit to look at.
IDFC First Bank Fixed deposit-
This bank fixed deposit is offering an interest rate of 7.75 per cent for its 1 year and 1 day deposit. Senior citizens are entitled to an extra 0.25 per cent, which takes the interest rate for them to 8.25 per cent on the deposits for them to 8.25 per cent, which is not bad at all.
Jana Small Finance Bank-
Jana Small Finance Bank offers an interest rate of 8.50 per cent for 1-year deposits. This is a small finance bank that was given a license a few years ago. Small finance Banks come under the purview of the RBI and hence can be considered as relatively safe. In fact, if you go for longer term tenures the interest rate is even higher. However, you may need to open an account online, as the bank may not have branches like other commercial banks in the country. The interest rates are not bad though.
Mahindra Finance FDs-
Mahindra Finance offers an interest rate of 8.30 per cent on a 15-month deposit. While we have mentioned that by short term deposit we would mean 12 months to less than 12 months, since this is a good investment we are highlighting it, though it is more than 1 year. The deposits are rated as AAA by leading rating agencies.
Bajaj Finance-
This is another NBFC whom you could look at for investment. The bank offers an interest rate of 8 per cent on 1-year deposit, which is pretty decent. The NBFC's deposits are rated as AAA, which is also not bad at all.
Credit- Goodreturns
