Shriram Finance Introduces Online Fixed Deposits At 8.15% Returns

One of the largest NBFCs in India, Shriram Finance Ltd. (SFL), is launching a digital-only Fixed Deposit (FD) programme that will only be available starting on Monday, April 22, 2024, through the Shriram One App and their website. Typically, SFL's products can be ordered in India through their physical location as well as online.

Customers can get a 15-month-term Shriram Unnati Fixed Deposit (FD) at an interest rate of 8.15%. Senior citizens and women depositors are eligible for additional benefits of 0.50% and 0.10%, respectively, while all depositors, upon digital or online FD renewal, are eligible for an additional benefit of 0.25%.

For women depositors, there will be an additional 0.10% interest rate incentive. A monthly minimum deposit of Rs. 1000 would be required. On April 22, 2024, the Shriram One app and the Shriram Finance website will provide both the digital-only FD and the FIP (Recurring Deposit) programme.

The specific 15-month FDs can only be booked via the Shriram One App and its website, while Unnati FDs with various tenors will be offered both online and offline. The necessary minimum deposit would be Rs 5,000. In addition to the recent launch, SFL has restricted the availability of its Fixed Income Plan (FIP), also known as Recurring Deposit (RD), to the Shriram One App and SFL website. The FIP is now offered both offline and digitally.

Mr Umesh Revankar, Executive Vice Chairman, Shriram Finance said, "Shriram Group has regularly introduced innovative financial products. We firmly believe that India's digital movement is maturing at the right pace. Young Investors are becoming increasingly digital-savvy and are keen to explore non-traditional means of investing in traditional products. With our new digital-only offerings, we wish to accelerate the digital India movement and enable depositors to grow their wealth through convenient means. We aspire to provide our customers with tech-enabled services of the highest order."

Also, SFL has increased the interest rates for the said product from 8.10 % to 8.50 % on 12 months - 23 months tenure, from 8.40% to 8.75% on 24 months - 35 months tenure and from 8.60% to 9% on 36 months - 48 months tenure.

A retail asset financing Non-Banking Finance Company (NBFC), Shriram Finance Limited has more than Rs. 2.14 lakh crore in assets under management (AUM). Shriram Finance provides financing options for gold, tractors and farm equipment, micro, small, and medium-sized companies (MSMEs), commercial and passenger automobiles, personal loans, and business loans. With a network of 3,037 branches and 73,485 employees, it serves over 82.21 lakh customers throughout all of India.