The largest retail non-banking finance company (NBFC) in India and a member of the Shriram Group, Shriram Finance Limited (SFL) announced an increase in fixed deposit rates for different Shriram Unnati Deposit tenures of 5 to 30 basis points (0.05% p.a. to 0.30% p.a.). Customers can earn income on FDs up to 9.36% starting January 1, 2023, but only under specified circumstances.
Shriram Finance raised interest rates on deposits maturing in 18 months from 7.30% to 7.50%, while the firm raised interest rates on deposits maturing in 12 months by 30 basis points (bps), from 7.00% to 7.30%. While the NBFC will continue to offer an interest rate of 8% on a tenor of 30 months, Shriram Finance has raised the interest rate on a 24-month tenor by 25 bps, from 7.50% to 7.75%.
In a tenor of 36 months, the company raised the interest rate by 10 bps, from 8.05% to 8.15%. In a tenor of 42 months, Shriram Finance raised the interest rate by 5 bps, from 8.15% to 8.20%. Deposits with maturities of 48 and 60 months will now get interest rates 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 receive an additional interest rate of 0.50% from SFL; all renewals receive an additional rate of 0.25% per year, and female depositors receive an additional rate of 0.10%. The company offers a maximum annual interest rate of 8.45% on regular deposits with a tenor of 60 months; however, senior citizens receive an additional 50 bps higher interest rate of 8.99%, and renewals of deposits made by senior women citizen receive a maximum interest rate of 9.36% (0.10%+0.50% +0.25% additional).
Shriram Finance is offering a maximum interest rate of 8.72% for regular deposit schemes plus renewals — a maximum interest rate of 9.26% for senior citizen deposit schemes plus renewals, 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. According to the business, investments would be available for all of the aforementioned tenures, both offline and online.
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