Hawkins Cookers FD Scheme 2021 – Details, Interest Rates and Review
Hawkins Cookers has come up with fixed deposit scheme now in 2021. Hawkins Cookers FD scheme offers up to 8% interest rates. These are company fixed deposits which are unsecured and are high risk. One can invest in Hawkins Cookers FD scheme only with pre-registration which is opened now. Should you invest in Hawkins Cookers FD Scheme 2021? What are the risk factors in Hawkins fixed deposit schemes? Is Hawkins Cookers FD safe to invest? Let me do Hawkins Cooker FD Review in this article.
Recently HDFC has launched Green and Sustainable Fixed Deposits, offering 6.55% interest rates which are still low. Investors are always looking for high interest rate FD schemes, hence Hawkins Cookers FD might attract investors.
About Hawkins Cookers Limited
Hawkins Cookers Limited is the leading manufactures of pressure cookers and cookware. The company is based in Mumbai and has three manufacturing plants at Thane, Hoshiarpur and Jaunpur. It manufactures under brand names of Hawkins, Futura, Contura, Hevibase, Big Boy, Miss Mary and Ventura.
Hawkins Cookers FD Scheme 2021 – Features and issue details
Hawkins Cookers FD scheme has opened on 15th September 2021.
Investors need to do pre-registration to invest in such FD schemes. Means you need to fill the form to show interest to invest in such FD scheme.
Fixed Deposit Schemes are offered for 12 months, 24 months and 36 months tenure.
Minimum amount of investment is Rs 25,000. Additional deposits are accepted in multiples of Rs 1,000.
Interest on such FD schemes are up to 8%. Yield works out to be up to 8.3%.
It offers both cumulative FD schemes and non-cumulative FD Schemes. Under cumulative FD scheme option, the interest along with capital would be paid only on maturity. Under non-cumulative scheme, interest is paid half-yearly.
Maximum FD amount is Rs 20 Lakhs.
NRIs cannot invest in this FD scheme.
Hawkins Cookers FD interest rates 2021 – Cumulative Option
Interest under this FD scheme is compounded monthly, however paid on maturity along with capital. Below Hawkins Cookers FD calculator help you to know the maturity amount.
Hawkins Cookers FD interest rates 2021 – Non-Cumulative Option
Under this non-cumulative scheme, interest is paid every 6 months.
How to invest in Hawkins Cookers FD Scheme 2021?
Investors can invest in Hawkins Cookers FD scheme only with pre-registration.
Step-1 – Visit this Hawkins Cookers FD Online link.
Enter mobile number to get OTP. Enter the OTP received on mobile
Step-2 – Select the type of FD scheme (Fresh or Renewal)
Step-3 – In case of fresh deposits, select Public / Shareholders as applicable. Enter your basic details like name, address, contact details etc. and amount you would like to invest and click submit. If there are sufficient limits, you would get pre-acceptance number, else you would be in waiting list.
Step-4 – For investors who have received pre-acceptance number, download the Hawkins Cookers Ltd fixed deposit form, fill them and submit it along with cheque within 10 days after receiving pre-acceptance number. The cheque should be drawn in the name of “Hawkins Cookers Limited”.
In case you are in waiting list, until you hear from company about allotment of pre-acceptance number, please do not send Hawkins Fixed Deposit Application Form or cheque to the company.
When is Hawkins Cookers FD Interest paid?
In case of cumulative scheme, FD interest would be paid along with capital on the maturity date.
In case of non-cumulative scheme, interest is paid every 6 months i.e., on 30th September and 31st March. In case deposits are received in the last 1 month of any half year e.g., during 1-Sep to 30-Sep or 1-Mar to 31-Mar, invest would be paid along with next half year interest.
What is the Hawkins Cookers FD Rating?
These FDs are rated as MAA (Stable) by ICRA which indicates high credit quality and low credit risk.
Would Hawkins Cookers deduct TDS on FD interest?
For any interest received more than Rs 5,000 during financial year, company would deduct TDS at 10% in case PAN is provided. In case PAN is not provided 20% TDS would be deducted on the FD interest.
Can we do premature withdrawal of Hawkins Cookers FD Scheme?
After 6 months from the date of FD, investors can put request to company in case they wish to do premature withdrawals or break the FD. Company at the discretion may allow for premature withdrawals along with any specific T&C about interest rates.
Positive Factors of investing in Hawkins Cookers FD Scheme
Here are the pros of investing in this FD scheme
1) Hawkins FD rates are offered up to 8% and high yield up to 8.3%. When banks are offering low interest rates up to 6%, such high interest rates would attract investors who are looking for high interest.
2) Investors can get interest every 6 months. E.g., if you have invested Rs 10 Lakhs for 3 years, you might get Rs 40,000 every 6 months (approx.). This can help you to get regular fixed income.
3) Hawkins Cooker FD rating is MAA (Stable) from ICRA. Such credit ratings indicate high credit quality and low credit risk. Investors should always understand about credit ratings and how to pick-up top rated FD schemes.
Risk Factors of investing in Hawkins Cookers Fixed Deposits
Here are some of the risk or negative factors of investing in such FD schemes.
1) Company FD schemes are unsecured and high risk. In case company gets into financial crisis and shuts down, investors may not get their capital and interest.
2) There could be delay in payment of interest or repayment of capital in company FD schemes.
3) Credit ratings indicated today are just on paper. These can get downgraded within short time (e.g., DHFL)
4) One need to do pre-registration if they want to invest in such FD scheme. If you do not get the pre-acceptance number, you cannot invest in such FD scheme.
5) This is illiquid investment. You cannot break your FD. If you want to do pre-mature withdrawal, you need to approach company and at their discretion they may accept it or reject it. Premature withdrawal rules are complex.
6) The entire FD process is offline. You cannot do Hawkins FD Online. You need to fill application form and send the cheque.
Is Hawkins Cookers FD Safe?
Hawkins cooker FD schemes are like any other corporate fixed deposits which are unsecured. These are not backed up with any assets nor guaranteed. If company gets into financial crisis and shuts down for some reason, investors would get normal preference in payment of interest and repayment of principal. However, this risk is reduced to some extent if investors can choose AAA rated FD Schemes. Hawkins Cooker FD rating is MAA by ICRA which can be considered as high credit quality with low credit risk (while the risk is not 100% eliminated).
Hawkins Cookers FD Review – Should you invest?
Hawkins Cookers fixed deposits offer high interest rates up to 8% where yield works out to be up to 8.3%. It has good credit rating of MAA (Stable) from ICRA which indicates high credit quality and low credit risk. Investors should understand the risks in corporate deposits as these are unsecured. High risk investors can invest in such FD schemes. Low to moderate risk takers and senior citizens should stay away from such high-risk investment options.
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