Last Update: January 03, 2023, 11:19 AM IST
Over a period of 36 months, the company increased the interest rate by 10 bps from 8.05% to 8.15%.
Shriram Finance raised interest rates on deposits maturing in 18 months to 7.50% from 7.30%.
Largest retail non-banking finance company (NBFC) India and Shriram Finance Limited (SFL), a member of the Shriram Group, announced an increase in fixed deposit rates for various Shriram Unnati deposit tenors by 5 to 30 basis points (0.05% p.a. to 0.30% p.a.). Customers can earn income on FDs up to 9.36% from January 1, 2023, but only under certain circumstances.
Shriram Finance raised interest rates on deposits maturing in 18 months to 7.50% from 7.30%, while the firm raised interest rates on deposits maturing in 12 months by 30 basis points (bps) to 7.30% from 7.00% done. While NBFCs will continue to offer an interest rate of 8% for a tenure of 30 months, Shriram Finance has increased the interest rate by 25 bps from 7.50% to 7.75% for a tenure of 24 months.
Over a period of 36 months, the company increased the interest rate by 10 bps from 8.05% to 8.15%. With a tenure of 42 months, Shriram Finance increased the interest rate by 5 bps from 8.15% to 8.20%. Deposits with maturities of 48 and 60 months will now fetch an interest rate of 8.25% and 8.45% respectively, which are both 5 bps and 15 bps higher than the previous rates of 8.20% and 8.30%, respectively.
Senior citizens will get an additional interest rate of 0.50% over SFL; All renewals get an additional rate of 0.25% per annum, and women depositors get an additional rate of 0.10%. The company offers a maximum annual interest rate of 8.45% on Regular Deposits with a tenure of 60 months; However, senior citizens get an additional 50 bps higher interest rate of 8.99%, and renewal deposits made by women senior citizens get a maximum interest rate of 9.36% (0.10%+0.50% +0.25% extra).
Shriram Finance is offering a maximum interest rate of 8.72% for Regular Deposit Schemes and renewals – a maximum interest rate of 9.26% for Senior Citizen Deposit Schemes and renewals, a maximum interest rate of 8.55% for deposits made by women rate, with a maximum interest rate of 9.09% for women who are senior citizens, and a maximum return of 8.82% for renewals done by women on terms of 60 months. Business wise, the investment will be available for both offline and online for all the above mentioned tenures.
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