Shriram City Union Finance Ltd. (Shriram City), a two-wheeler financer and part of the Shriram Group announced a hike in the fixed deposit rates by 5 to 25 basis points (0.05 percent p.a. to 0.25 percent p.a.) across different tenures.
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Customers can earn interest up to 8.80 percent on FDs, effective from October 14, 2022. The lender is offering an additional 10 bps p.a on FD deposits to women.
Here are the interest rates on fixed deposits:
| Tenure | Existing Interest Rate (p.a.) | Revised Interest Rate (p.a.) WEF Oct 14 2022 | Increase in Interest rate (p.a.) | |
| 12 months | 6.75% | 7.00% | 0.25% (25 basis points) | |
| 18 months | N.A. | 7.30% | new rates | |
| 24 months | 7.25% | 7.50% | 0.25% (25 basis points) | |
| 30 months | 8.00% (Only online) | 8.00% (Offline enabled now) | - | |
| 36 months | 8.00% | 8.05% | 0.05% (5 basis points) | |
| 42 months | N.A. | 8.15% | new rates | |
| 48 months | 8.15% | 8.20% | 0.05% (5 basis points) | |
| 60 months | 8.25% | 8.30% | 0.05% (5 basis points) |
Additional interest of 0.50 percent p.a will be paid to senior citizen depositors. An additional interest of 0.25 percent p.a. will be paid on all renewals, the lender said.
The Reserve Bank of India has recently increased the repo rate by 50 basis points, taking it to 5.9 percent.
Earlier, the central bank hiked the repo rate by 140 bps in the past three policies. The first hike was to the tune of 40 bps in May and then of 50 basis points in June. It again raised repo rate by 50 bps in August. Considering the recent hike of 50 bps, the total rise comes to 190 bps.
(Edited by : Anshul)
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