Shriram City Union Finance Ltd. (Shriram City), a major Non-Banking Financial Company (NBFC) and a subsidiary of the Shriram Group have announced a 5 to 25 basis point (0.05 per cent p.a. to 0.25 per cent p.a.) increase in fixed deposit rates across various tenures. Beginning October 14, 2022, the general public will be eligible for a maximum interest rate of 8.30 per cent on FDs, while senior people will be eligible for a maximum interest rate of 8.80 per cent. The firm also offers a particular bonus to female depositors, with an extra 10bps p.a. paid on all FD rates.
The interest rate on 12-month deposits has been hiked by 25 basis points, from 6.75 per cent to 7 per cent, while 18-month deposits will now be available at 7.30 per cent. Deposits due in 24 months will now pay 7.50 per cent, up from 7.25 per cent before, representing a 25 basis point increase, while deposits maturing in 30 months will pay 8.00 per cent.
Shriram City Union Finance will now offer an interest rate of 8.05 per cent on deposits maturing in 36 months, up from 8.00 per cent previously, representing a 5 basis point increase, while Shriram City will now offer an interest rate of 8.15 per cent on deposits maturing in 42 months, representing a 5 basis point increase.
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Shriram City Union Finance hiked interest rates on 48-month deposits by 5 basis points, from 8.15 per cent to 8.20 per cent, and on 60-month deposits by 5 basis points, from 8.25 per cent to 8.30 per cent.
Senior Citizen depositors who are 60 or older on the day of deposit/renewal will receive an extra 0.50 per cent p.a. In contrast, the company offers an additional 0.25 per cent p.a. on deposit renewals after maturity and, as a new feature, an additional 0.10 per cent p.a. for Women Depositors.
