One of the largest retail NBFCs, Shriram Finance Limited (SFL), is offering a significant opportunity to earn substantial interest on fixed deposits. The interest rate on the fixed deposit has gone up by 5 to 10 basis points thanks to SFL. Since January 1, the new interest rate has been in effect. FD interest is offered to customers at a rate of 9.36 percent.
At Shriram Finance, the interest rates on fixed-rate deposits with maturities of twelve months have been increased by thirty basis points. As a result, interest rates have increased from 7% to 7.30% at the moment.
According to Shriram Finance, the interest rates for FDs with a maturity of 18 months have increased by 20 basis points, moving from 7.30% to 7.50%. Similar to this, the interest rates on 24-month fixed-rate debt (FDs) have increased by 25 basis points, going from 7.50 percent to 7.75 percent.
From 8.05 percent to 8.15 percent, the business increased the interest rate on 36-month fixed-rate deposits by ten basis points. The 42-month FD interest rate has gone up 5 basis points, from 8.15 percent to 8.20 percent.
Instead of earning interest at the previous rate of 8.2%, deposits that mature in 48 months will now earn interest at a rate of 8.25 percent. The current interest rate for 60-month deposits is 8.45 percent, which is 15 basis points higher than the previous rate.
Shriram Finance Limited offers senior citizens 0.50% additional interest and senior women 0.10% additional interest. For 60 months, the company offers interest on recurring deposits at a rate of 8.45 percent.
Senior citizens will also receive an additional 0.50 percent in interest, bringing their overall interest rate to 8.95 percent. Additionally, the maximum renewal interest rate for deposits made by elderly women is 9.36 percent.
Shriram Finance will offer a maximum interest rate of 8.72 percent for new Regular Deposits and renewals of existing Regular Deposits, and a maximum interest rate of 9.26 percent for new Senior Citizen Deposit Scheme renewals.
A maximum return of 8.55 percent will be offered on deposits made by women. Senior female depositors will be eligible for a maximum interest rate of 9.09 percent, and female depositors who renew their accounts will be eligible for a maximum annual return of 8.82 percent for a term of sixty months.
