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Top NBFC Is Offering Upto 8.75% FD Interest Rate, Post RBI Repo Rate Hike
Shriram Transport Finance, a popular NBFC in India offers some of the best Fixed Deposit (FD) returns among all other NBFCs, small finance banks, and other large commercial banks. Post-RBI repo rate hike, many banks have raised their FD interest rates. Yet, the FD returns offered by Shriram Transport Finance, are among the best interest rates now. Here, the FD interest rates for different duration have been discussed, as mentioned by Shriram Transport Finance.
Shriram Transport Finance - FD interest rates
For FD investment for 12 months the interest rate is 6.75% for public and 7.25% for senior citizens. For 15 - 24 months the interest rate is 7.25% for public and 7.75% for senior citizens, for 30-36 months the interest rate is 8% for public and 8.50% for senior citizens, for 45-48 months the interest rate is 8.15% for public and 8.65% for senior citizens, and for 60 months the interest rate is 8.25% for public and 8.75% for senior citizens.
The FD deposit can also be renewed on maturity by submitting a duly filled fresh FD Application Form. The fresh FD Application Form must be submitted along with the duly discharged old FD receipt with a revenue stamp of requisite value. The renewal will be subject to the terms and conditions of the FD scheme as applicable on the maturity date of the old deposit, the bank informs. Additional interest of 0.15% p.a to employees of Shriram Group Companies and their relatives.
The interest rates on FD are subject to the RBI repo rate. If the RBI hikes the repo rate, the FD returns might go up, and if the RBI lowers the repo rate, the FD returns can go down, as the bank/NBFC decides. Hence, investors are recommended by many analysts that they can deposit the money for a short term. In the long run, if the repo rate by RBI changes, it will impact the FD returns. Additionally, the high inflation rate should also be kept in mind. It should be compared with the FD interest rate to analyze if it can beat inflation or not, for the particular deposit duration.
