This NBFC Offers 8.25% Interest On Fixed Deposits On Less Than 5 Cr; Details Inside

After the RBI raised repo rates for the third consecutive time, many banks and NBFCs raised the interest rates on their fixed deposit (FD), which made FDs an attractive destination to park money. Furthermore, fixed deposits draw the interest of cautious investors during periods of increasing inflation and rising interest rates.

In order to combat rising inflation and the turbulent stock market, fixed deposits have become a fantastic investing tool. FDs have evolved into a superior investment option due to the continued volatility of the equities markets.

Shriram City Union Finance, a Shriram Group NBFC, is offering inflation-beating FD rates up to 8.25 per cent on their savings. Senior Citizens can enjoy higher returns including 0.50% and above the normal interest rates. An additional interest of 0.25 per cent p.a will be paid on all renewals, where the deposit is matured. Also, it offers an additional interest of 0.15 per cent p.a to employees of Shriram Group Companies & their relatives. The minimum amount of deposit is Rs 5,000.

Here are the FD rates of Shriram City Union Finance w.e.f 10 August 2022

Interest Rates on Non-Cumulative Fresh Deposits/Renewals

Period (months)	Monthly % P.A	Quarterly % P.A	Half-yearly % P.A	Yearly % P.A
12	6.79	6.83	6.89	7.01
15	7.26	7.31	7.38	7.51
24	7.26	7.31	7.38	7.51
30	7.97	8.03	8.11	8.27
36	7.97	8.03	8.11	8.27
45	8.11	8.17	8.25	8.42
48	8.11	8.17	8.25	8.42
60	8.2	8.26	8.35	8.52

Interest Rates on Cumulative Fresh Deposits/Renewals

Period (months)	Effective Yield % P.A	Rate (P.A at Monthly rests)
12	7.01	6.79
15	7.58	7.26
24	7.79	7.26
30	8.79	7.97
36	8.98	7.97
45	9.45	8.11
48	9.55	8.11
60	10.1	8.2

Source-shriramcity.in

The fixed deposit from Shriram City Union Finance is a corporate FD. A corporate FD is a type of fixed deposit offered by non-banking financial institutions, such as housing financing businesses or other non-banking financial institutions (NBFCs). These are the tools used by businesses to obtain financial support from the general population. The credibility of these deposits is also appraised by rating companies.