Shriram Finance Limited, a part of Shriram Group has announced a hike in fixed deposit rates by 5 to 30 basis points (0.05% p.a. to 0.30% p.a.) across different tenures. The new rates would be effective from January 1, 2023, the company said.
The company said that the customers can earn interest up to 9.36 percent on FDs from tomorrow and an additional 0.25 percent per annum will be paid on all renewals.
"Shriram Finance revised Fixed Deposit Interest Rates, upto 9.36 percent, effective yield upto 11.29 percent on Shriram Unnati Deposits," the company said in an official statement.
It announced that an additional interest of 0.50 percent per annum will be paid for senior citizens, who have completed age 60 years. Women depositors will be paid an additional interest of 0.10 percent per annum, it added.
The company said that the revised interest rates apply to tenure across 12 months to 60 months and all the tenures will be available for both offline and online investments.
It has raised the interest rate by 0.30 percent (30 basis point) to 7.30 percent p.a. for the tenure of 12 months, while the existing rate was 7.00 percent p.a. For 60 months it has raised the interest rate by 0.15 percent (15 basis points) to 8.45 percent p.a. The existing rate is 8.30 percent p.a.
India’s largest retail NBFC, Shriram Finance Limited is a part of Shriram group.
Recently Shriram City Union Finance Ltd. and Shriram Capital Ltd. merged with Shriram Transport Finance Company Ltd. and was subsequently renamed Shriram Finance Ltd.
(Edited by : Priyanka Deshpande)
