Tamil Nadu Power Finance
Tamil Nadu Power Finance is a Non Banking Finance Company owned by the Government of Tamil Nadu and registered with Reserve Bank of India (RBI). It aims for an absolutely safe investment for all individuals, Public Institutions / Trusts, Charitable Trusts, Temples, Universities, Government Departments and Corporates.
Investment Schemes
Tamil Nadu Power Finance offers two types of investment schemes:
- Regular Interest Payment Scheme (RIPS) – For monthly interest, the minimum investment amount is Rs. 20,000 and the minimum period is 36 months. For quarterly interest, the minimum investment amount is Rs. 10,000 and minimum period is 24 months. For annual interest, the minimum investment amount is Rs. 10,000 and the minimum period is 36 months. Further investments are in multiples of Rs.1000.
- Cumulative Interest Payment Scheme (CIPS-I and CIPS-II) – For CIPS-I, the minimum investment amount is Rs. 10,000 and the minimum period is 12 months. For CIPS-II, the minimum investment amount is Rs. 578 and the minimum period is 60 months. Further investments are in multiples of Rs.578.
Interest Rates
The interest rate for Tamil Nadu Power Finance investment schemes differs for senior citizens, individuals and others.
- RIPS - For monthly interest option, the interest rate is 7.75 – 9.25%. For quarterly interest option of minimum period 24 months, the interest rate is 7.55 – 8.56%; and for the quarterly interest option of minimum period 36 months, the interest rate is 7.80 – 9.32%. For annual interest option, the interest rate is 8.03 – 9.65%
- CIPS – The interest rate is 7.50 – 9.25%
Benefits of Tamil Nadu Power Finance Investment
- The investment is highly safe
- Offers excellent TAX benefits
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Sir
I would like clarification and further details on Income Tax exemption Benefits for investments and interest earned by a depositor from TN Power Finance deposits, as applicable in Income Year 2010-11 and 2011-12.
Thanks