Shriram Finance hikes FD rates by up to 30 bps, now earn as high as 9.36%

Shriram Finance FD Rates

The firm increased interest rates on deposits maturing in 12 months by 30 basis points (bps), from 7.00% to 7.30%, while Shriram Finance increased interest rates on deposits maturing in 18 months by 20 bps, from 7.30% to 7.50%. On a tenor of 24 months, Shriram Finance has increased the interest rate by 25 basis points, from 7.50% to 7.75%, while the NBFC will continue to provide an interest rate of 8% on a tenor of 30 months. 

The firm increased the interest rate by 10 basis points from 8.05% to 8.15% on a tenor of 36 months, while Shriram Finance increased the interest rate by 5 basis points from 8.15% to 8.20% on a tenor of 42 months. Deposits maturing in 48 months will now fetch an interest rate of 8.25% which is 5 bps higher than the earlier rate of 8.20% whereas deposits maturing in 60 months will now fetch an interest rate of 8.45% which is 15 bps higher than the old rate of 8.30%.

Shriram Finance Limited (SFL) offers an additional interest of 0.50% to senior citizens, an additional rate of 0.25% p.a. on all renewals, and an additional rate of 0.10% for women depositors. On regular deposits, the company offers a maximum yearly interest rate of 8.45% on a tenor of 60 months, however, senior citizens will get an additional 50 bps higher interest rate of 8.99%, whereas renewals of deposits made by women who are senior citizens, will fetch a maximum interest rate of 9.36% (0.10%+0.50% +0.25% additional).

On regular deposit scheme plus renewals, Shriram Finance is offering a maximum interest rate of 8.72%, whereas on senior citizen deposit scheme plus renewal will fetch a maximum interest rate of 9.26%, deposits made by women will earn a maximum return of 8.55%, women depositors who are senior citizens will get a maximum interest rate of 9.09%, women depositors on renewals will get a maximum return of 8.82% per annum on 60 months of tenor. All of the aforementioned tenures will be accessible for investments both offline and online, according to the company.

One of the largest NBFCs in India is Shriram Finance Limited, a 43-year-old organisation that is a subsidiary of the Shriram Group. With a network of 2,875 branches across India, the firm has a solid client base of almost 6.7 million individuals.