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HomeNewsBusinessFixed deposit rates increased by up to 30 basis points by Shriram...

Fixed deposit rates increased by up to 30 basis points by Shriram Finance

Shriram Finance Limited (SFL), the largest retail non-banking finance company (NBFC) in India and a subsidiary of the Shriram Group, recently announced a 5 to 30 basis point (0.05% p.a. to 0.30% p.a.) rise in fixed deposit rates for various Shriram Unnati Deposit tenures. Beginning January 1, 2023, customers can receive interest on FDs up to 9.36%, but only in certain circumstances.

The company increased the interest rate in a tenor of 36 months by 10 basis points, from 8.05% to 8.15%. Shriram Finance increased the interest rate with a tenor of 42 months by 5 basis points, from 8.15% to 8.20%. Interest rates on deposits maturing in 48 and 60 months will now be 8.25% and 8.45%, respectively. These rates are both 5 bps and 15 bps higher than the prior rates of 8.20% and 8.30%, respectively.

Shriram Finance increased interest rates on deposits maturing in 18 months by 30 basis points (bps), from 7.30% to 7.50%, and by the same amount on deposits maturing in 12 months, from 7.00% to 7.30%. While Shriram Finance has increased the interest rate on a 24-month tenor by 25 basis points, from 7.50% to 7.75%, the NBFC will continue to offer an interest rate of 8% on a tenor of 30 months.

SFL will offer an extra interest rate of 0.50% for senior citizens, an extra rate of 0.25% for all renewals, and an extra rate of 0.10% for female depositors. On normal deposits with a term of 60 months, the company offers a maximum annual interest rate of 8.45%; however, senior citizens receive an additional 50 basis points of higher interest at 8.99%, and renewals of deposits made by senior women citizens receive a maximum interest rate of 9.36%.

Shriram Finance is offering a maximum return of 8.55% for deposits made by women, a maximum interest rate of 9.09% for women who are senior citizens, and a maximum return of 8.82% for renewals made by women on 60-month terms. Senior citizen deposit schemes are also offered at a maximum interest rate of 9.26%. The company claims that investments would be accessible both offline and online during all of the aforementioned tenures.

News Summary:

  • Fixed deposit rates increased by up to 30 basis points by Shriram Finance
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