Shriram Transport Finance Hikes Interest Rates On FDs, Check New Rates Here

Fixed deposits (FD) have been a popular investment option in India for a long time and in 2022, their popularity is on the rise as FD rates are rising. Since May 2022, the RBI has hiked the repo rate 4 times, around 190 bps, which encouraged the banks, post offices, including Non-Banking Financial Companies (NBFCs) to raise the interest rates on FDs in accordance with the repo rate hike.

Shriram Transport Finance Company Limited (STFC) FD rates

Amid rising interest rates, Shriram Transport Finance Company Limited (STFC) has hiked the interest rate on the FD with effect from 14 October 2022. STFC has increased the interest rates by 25 basis points for FDs of 12 months and now it has become 7 percent per annum. On an 18-months maturity period, the company is offering 7,30 percent per annum. For a 24-month maturity period, after the hike, the company is now offering 7.50 percent per annum. On a maturity period of 30 months, the company is now offering 8 percent per annum. On maturity period of 36 months, the company is to offer 8.05 percent per annum. The company now offer 8.15 percent on a maturity period of 42 months and 8.20 percent on a maturity period of 48 months. For the maturity period of 60 months, the company is now offering the highest 8.30 percent per annum to investors.

According to the company's official website, Senior citizens (60 years & above) will continue to get an additional 0.50 percent interest above the general public, and an additional 0.25 percent on all renewals, where the deposit is matured. The company also offer 0.25 percent additional interest to the employees of the Shriram Group companies and their relatives. Also, the women depositors will get an additional 10 percent per annum on their deposits.

Non Cumulative Deposits

Interest Rates on FD/Renewals w.e.f. 14 October 2022

Period (months)	Monthly % P.a.	Quarterly % p.a.	Half Yearly % p.a.	Yearly % p.a.
12	6.78	6.82	6.88	7
18	7.06	7.11	7.17	7.3
24	7.25	7.3	7.37	7.5
30	7.72	7.77	7.85	8
36	7.76	7.82	7.89	8.05
42	7.86	7.92	8	8.15
48	7.9	7.96	8.04	8.2
60	8	8.06	8.14	8.3

Cumulative Deposits

Interest Rates on FD/Renewals w.e.f. 14 October 2022

Period (months)	Rate (p.a. at monthly rates)
12	6.78
18	7.06
24	7.25
30	7.72
36	7.76
42	7.86
48	7.9
60	8

Source - stfc.in