Shriram Finance Limited (SFL), one of the largest retail NBFCs is giving a big opportunity to get tremendous interest in fixed deposits. SFL has increased the fixed deposit’s interest rate by 5 to 10 basis points. The new interest rate has come into effect from January 1. Customers can get FD interest at the rate of 9.36%.
The interest rates on fixed-rate deposits with 12-month maturities have been raised by 30 basis points at Shriram Finance. Because of this, interest rates have now gone up from 7% to 7.30%.
The interest rates for FDs with an 18-month maturity have increased by 20 basis points according to Shriram Finance, moving from 7.30% to 7.50%. Similar to this, the interest rates for fixed-rate debt (FDs) for a term of 24 months have increased by 25 basis points, bringing them from 7.50% to 7.75%.
The company raised the interest rate on 36-month fixed-rate deposits by 10 basis points, from 8.05 per cent to 8.15 per cent. The 42-month FD interest rate has increased by 5 basis points, moving from 8.15% to 8.20%.
Deposits maturing in 48 months will now earn interest at a rate of 8.25 per cent instead of the previous 8.2 per cent. The interest rate for deposits that mature in 60 months is currently 8.45%, which is 15 basis points more than the previous rate.
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Elderly people receive 0.50% extra interest from Shriram Finance Limited, and senior ladies receive 0.10% extra interest. The company offers interest on recurring deposits at a rate of 8.45% for a 60-month period.
Senior folks will also receive an additional 0.50 per cent interest, resulting in an 8.95 per cent interest rate for them. In addition, deposits placed by elderly women will get a maximum interest rate of 9.36% on renewal.
Regular Deposits and their renewals will receive a maximum interest rate of 8.72% from Shriram Finance, while Senior Citizen Deposit Scheme renewals would receive a maximum interest rate of 9.26%.
On deposits made by women, a maximum return of 8.55 per cent will be provided. Senior female depositors will receive a maximum interest rate of 9.09%, while female depositors who renew their accounts would receive a maximum return of 8.82% annually for a 60-month term.
