Now Reading: Hawkins Cookers FD offers 8% for 3 years from September 16
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Hawkins Cookers FD offers 8% for 3 years from September 16
Pressure cooker maker Hawkins Cookers will launch a fixed deposit scheme from 16 September, offering up to 8 per cent interest for a three-year tenure. The company, rated ICRA AA- (stable), says…
Pressure cooker maker Hawkins Cookers will launch a fixed deposit scheme from 16 September, offering up to 8 per cent interest for a three-year tenure. The company, rated ICRA AA- (stable), says it has never defaulted on debt repayment. Depositors can choose 13-month, 24-month or 36-month tenures, with interest rates of 7.5 per cent, 7.75 per cent and 8 per cent respectively.
The minimum investment is Rs 25,000, and additional amounts can be deposited in multiples of Rs 1,000, up to a maximum of Rs 50 lakh. A Rs 25,000 deposit for three years at 8 per cent will yield Rs 31,756 on maturity. The current rates are lower than the 10.5 per cent the company offered in 2019 on a three-year deposit. Applications can be made through the company's website.
Indian Opinion Analysis
Non-banking companies such as Hawkins have issued public fixed deposits for decades, relying on their credit rating rather than a banking licence to attract depositors. These deposits fall outside the Deposit Insurance and Credit Guarantee Corporation cover that protects bank deposits up to Rs 5 lakh, meaning the full principal is at risk if the issuer defaults. Hawkins compares its default record with the higher yield as its pitch. The subscription period opens on 16 September, and the company has set a Rs 50-crore aggregate limit for this issuance, above which it may close the scheme early.
Source: bazaar.businesstoday.in
This brief was synthesised by AI from the source linked above.
