In the midst of the reduced annual interest rate of about 6 per cent provided by the largest banks on their fixed deposits (FDs), now it's time to welcome Shriram City Union Finance - a Non-Banking Finance Company which has launched Shriram City FD scheme which is offering over 8% interest per annum for an investment tenure of 5 years.
Investors below the age of 60 years can now cherish an annual interest rate of 8.4 per cent under non-cumulative option and on the other hand, senior citizens will fetch 0.4 per cent higher interest or 8.8 per cent. But the cumulative option of the FD provides an annual interest rate of 8.09 per cent to the individuals who are below 60 years of age and senior citizens get a higher interest rate of 0.4 per cent or 8.49 per cent under the cumulative option.
As per the interest rate, the 5-year cumulative option will altogether offer an attractive return of 9.94 per cent annually for the investors below the age of 60 years. The effective benefit of the cumulative option would be as high as 10.53 per cent annually for senior citizens. The scheme's cumulative option provides higher efficient interest as compared to other FDs as the interest is cumulated on a monthly basis.
This scheme has scored MAA+ rating by ICRA and Consumer Price Index (CPI) over 7 per cent ensures that at the current level it is one of the best investment option to meet your financial goals.
Shriram City Union Finance - a deposit that acknowledges NBFC - was established in the year 1986 as a part of Shriram Group, which is also actively involved in the issuance of multiple loan options.