Effective Yield on 3 years Deposit reduced from 13.5% to 11.83%
Tata Motors has announced reduction in Interest rates on its ongoing and hugely popular Fixed Deposit Scheme with effect from April 16th,2009.
Under the Quarterly Income Plan the Interest Rates on 1 year deposit has been reduced by 0.75%, on 2 Year deposit by 1% and 3 year deposit has been reduced by 1%.
Additional Interest to Senior Citizens, Tata Motors Shareholders and Employees of Tata Motors has also been reduced from 0.5% to 0.25%
Other terms and condition of the Fixed deposit scheme remains same. You can read further details about the scheme in my earlier post here.
If you are a senior Citizen or Tata Motors and its subsidiaries employee or a shareholder of Tata Motors, the Effective Yield on 1 Year Deposit will be 9.84%.
Effective Yield in case of 2 Year deposit will be 10.62%
Effective Yield on 3 year deposit will be 11.83%
The effective yield on 3 year deposit will get reduced by 1.67%. Hence, if you have made up your mind to invest in Tata Motors FD scheme, it would be better if you invest before 16th April,2009.
Following are the Main Brokers / Distributors for the FD’s
•Kotak Securities •Stock Holding Corporation of India
•JM Financial •HDFC Securities
Related Post : Tata Motors FD
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Registrars to the Fixed Deposit Scheme
LINK INTIME INDIA PVT LTD
BHANDUP : C 13, Panna lal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai 400 078. Tel: 022-2594 6960-4.
FORT : 203, Davar House, Next to Central Camera Building, 197/199 D N Road, Fort, Mumbai 400 001. Tel : 22694127.