What is Shriram Finance Ltd. Increases FD Interest Rates on Various Tenors?
Shriram Finance Ltd. Increases FD Interest Rates on Various Tenors is a trending topic covered by Sejal News Network with latest updates and insights.
Returns up to 9.40%* per annum effective from April 9, 2024
Additional interest of 0.50%* p.a. will be paid for Senior citizens
Additional interest of 0.10%* p.a. will be paid to Women depositors
Shriram Finance Ltd. (SFL), India’s largest retail NBFC has increased interest rates on fixed deposits by 0.05 to 0.20 in various maturity tenures. The revised rates have come into effect from 9 April 2024.
Senior citizens aged 60 years or above at the time of deposit/renewal are eligible to earn an additional 0.50% interest per annum, while women investors can avail an extra 0.10% interest per annum. SFL will offer an additional interest of 0.25% per annum on all renewals. 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.
Deposit Normal
Scheme
Non-cumulative
Deposit
Cumulative
Deposit
Period (months)
Monthly % p.a
Quarterly % p.a
Half yearly % p.a
Yearly %p.a
Effective yield % p.a.
maturity value for Rs.5000/-
12
7.59
7.63
7.71
7.85
7.85
5,392
18
7.73
7.77
7.85
8.00
8.16
5,612
24
7.87
7.92
8.00
8.15
8.49
5,849
30
8.05
8.10
8.18
8.35
8.88
6,110
36
8.38
8.43
8.52
8.70
9.49
6,423
42
8.42
8.47
8.56
8.75
9.75
6,706
50
8.47
8.52
8.62
8.80
10.10
7,107
60
8.47
8.52
8.62
8.80
10.50
7,625
All above tenures will be available for both offline and online investments.
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.”
About Shriram Finance Limited
Shriram Finance Limited is a retail asset financing Non-Banking Finance Company (NBFC) with Assets under Management (AUM) of over Rs. 2.14 lakh crore. Shriram Finance offers financing solutions for passenger and commercial vehicles, micro and small and medium enterprises (MSMEs), tractors and farm equipments, gold, personal loans, and business loans. It has a pan India presence with a network of 3,037 branches and an employee strength of 73,485 servicing over 82.21 lakh customers.
