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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