Excelsior Correspondent
JAMMU, Apr 17: Shriram Finance, the retail NBFC, has increased interest rates on fixed deposits by 0.05 to 0.20% for various maturity tenures. The revised FD rates are effective from April 9, 2024.
Speaking on the occasion, Umesh Revankar, Executive Vice Chairman, Shriram Finance Ltd. said, “The revised term deposit rates aim to provide our Depositors with a range of attractive deposit rates. These revisions not only benefit depositors for wealth creation but also contribute to the objective of balancing and optimizing the overall cost of deposits.”
Senior citizen FD investors of Shriram Finance will earn 9.30% interest on fixed deposit for 50 months, 60 months tenure, women senior citizen investors will earn 9.40% FD interest rate.
Regular citizens will earn 8.80% on the same tenure.
Women senior citizens who invest in 50 months and 60 months fixed deposit, they are eligible for 9.40% interest rate per annum. This includes 0.50% p.a. for Senior Citizens and 0.10% p.a. for women.
The Fixed Deposits are rated “(ICRA) AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research. Deposits will be accepted in multiples of Rs. 1,000/-, subject to a minimum amount of Rs. 5,000/- . Cumulative deposits can be renewed for maturity value.
For Non-cumulative fixed deposits, SFL offers interest rates ranging from 7.85% to 8.80% per annum for terms spanning 12 to 60 months.
The effective yield on Cumulative fixed deposits is between 7.85% to 10.50% per annum for the same tenure range.
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