If you book a Nano, and unfortunately not selected in the draw, do not despair as your booking amount will fetch you better returns than even a fixed deposit.With RBI’s recent reverse repo and repo rate cuts, banks have started slashing deposit rates, with fixed deposits now fetching lesser interest rates as against what Tatas will pay on your booking amount.
Booking for the Nano which opened on April 9, will close on April 25. Tata Motors will only be able to allot only one lakh cars in the first phase, within two months of closure of bookings. But for those who are not successful in getting the car in the first phase, have the option to retain their deposit on which Tata will pay an interest of 8.5% for people who have to wait between one to two years to get their Nano, and 8.75% for over two years.
As against this, a fixed deposit with a PSU like United Bank of India will fetch you an interest of 8% for 36 months. SBI at present offers 7.75% on deposits (below one crore) for a period of one to less than two years, while a deposit for two years to less than 1000 days, fetches interest of 8%.
“This is a great offer. Even if a customer is not successful in getting selected in the draw the first time, he can retain his booking amount over six to eight months on which Tata will pay more than what he would have earned if he had invested in a FD,” a bank official said. The booking amount is Rs 95,000 for the base variant , Rs 1.2 lakh for middle and Rs 1.4 lakh for the top-end airconditioned model.
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