The booking amount on Tata Nano is likely to give higher returns than the same amount in a bank. This is surprising but true. As per the lending rates proposed by RBI (Reverse Bank of India), fixed deposit rates are likely to come down. But still Tata will pay higher interests on the booking amounts. Customers who will fail to get the car in the first phase either can take back the amount or can wait till the announcement of the second phase. And if they retain the deposit with the company, they will be able to enjoy an interest of 8.75 percent on the amount.
Interestingly, Tata Motors will pay more than what an individual will get from an FD (Fixed Deposit). The booking amount is Rs 95,000 for the base variant, Rs 1.2 Lakh for mid-variant and Rs 1.4 Lakh for the top-end model. So if a person keeps the booking amount for 6-8 months, it will fetch higher returns than any FD.
It’s wise to wait for second phase of allotment and leave the booking amounts with Tata Motors. So, a buyer will get money with higher returns along with the car. This is first-of-its kind scheme introduced in India. Earlier, when Tata had launched the Indica, the company paid interest for the period delivery was delayed.
It is surprising that Tata Motors is taking big risks when it comes it Nano. It has taken a huge loan from Gujarat government, banks, financial institutions and has pledged some of its vital assets. Now it promises to pay high interest rates for a deposit of booking amount. If Nano goes bust in a couple of years, Tata Motors is in deep trouble. Hope that Nano does not turn to be Tata's nemesis.
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