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This Newly Merged NBFC Revised FD Rates, Now Offering As High As 9.05%
Shriram Finance Limited, one of India's largest retail NBFC, has increased the interest rates on fixed deposits with effect from 1 January 2022. Interest rates on Fixed Deposits are increasing since the Reserve Bank of India (RBI) increased the repo rate. Since May 2022, the RBI has increased the Repo Rates 5 times. If you want to get a strong interest in FDs in the new year, then you can check its rate, then investing in Shriram Finance would be a good opportunity for you.
Shriram Finance is a new entity that came into existence after the merger of Shriram City Union Finance and Shriram Transport Finance. The new NBFC is giving a big opportunity to grow your investments with their FDs at attractive Interest rates. Shriram Finance has increased the interest rates on fixed deposits by 5 to 10 basis points. Customers can get interest at the rate of 9.05 per cent on fixed deposits. The NBFC offers additional interest on senior citizen deposits, to women depositors and on renewal. However, the additional benefit for employees is withdrawn by NBFC.
Cumulative Deposit Rates
| Period (Months) | Rates % p.a. at Monthly rests | Effective Yield % p.a. |
|---|---|---|
| 12 | 7.06 | 7.3 |
| 18 | 7.25 | 7.64 |
| 24 | 7.48 | 8.05 |
| 30 | 7.72 | 8.49 |
| 36 | 7.86 | 8.84 |
| 42 | 7.9 | 9.07 |
| 48 | 7.95 | 9.33 |
| 60 | 8.13 | 10 |
Non-Cumulative Deposit Rates
| Period (Months) | Monthly % p.a. | Quarterly % p.a. | Half Yearly % p.a. | Yearly % p.a. |
|---|---|---|---|---|
| 12 | 7.06 | 7.11 | 7.17 | 7.3 |
| 18 | 7.25 | 7.3 | 7.37 | 7.5 |
| 24 | 7.48 | 7.53 | 7.6 | 7.75 |
| 30 | 7.72 | 7.77 | 7.85 | 8 |
| 36 | 7.86 | 7.92 | 8 | 8.15 |
| 42 | 7.9 | 7.96 | 8.04 | 8.2 |
| 48 | 7.95 | 8.01 | 8.09 | 8.25 |
| 60 | 8.13 | 8.19 | 8.27 | 8.45 |
Additional interest
1. Shriram Finance provides 0.50% additional interest to senior citizens who complete the age of 60 years on the date of deposit or renewal.
2. Additional interest of 0.25% p.a. will be paid on all Renewals, where the deposit is matured.
3. Additional interest of 0.10% to women depositors.
How to get 9.05% Interest on Fixed Deposit at Shriram Finance?
On regular deposits, the NBFC offers interest at the rate of 8.45% for a tenure of 60 months. At the same time, senior citizens will get an additional 0.50% interest, due to which the interest rate will increase to 8.95% for them. At the same time, if you are a woman, you will get an additional 0.10% which effectively becomes 9.05% interest on FD for the tenure of 60 months.
