Shriram Finance, the retail NBFC, has increased interest rates on fixed deposits by 0.05 to 0.20% for various maturity tenures, according to a press release issued by the company on April 11, 2024. The revised FD rates are effective from April 9, 2024.
Which customers are eligible for 9.40% FD interest rate
According to the Shriram Finance press release, “Senior citizens aged 60 years or above at the time of deposit/renewal are eligible to earn an additional 0.50% interest per annum, while women investors can avail an extra 0.10% interest per annum. SFL will offer an additional interest of 0.25% per annum on all renewals.”Women senior citizens who invest in 50 months and 60 months fixed deposit, they are eligible for 9.40% interest rate per annum. This includes 0.50% p.a. for Senior Citizens and 0.10% p.a. for women.
Senior citizen FD investors of Shriram Finance will earn 9.30% interest on fixed deposit for 50 months, 60 months tenure, women senior citizen investors will earn 9.40% FD interest rate. Regular citizens will earn 8.80% on the same tenure.
Ratings and safety of Shriram Finance FDs
The Fixed Deposits are rated “[ICRA]AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research. Deposits will be accepted in multiples of Rs. 1,000/-, subject to a minimum amount of Rs. 5,000/- . Cumulative deposits can be renewed for maturity value.
Non-cumulative fixed deposits
SFL offers interest rates on non-cumulative fixed deposits for tenure of 12 to 60 months that range from 7.85% to 8.80% annually. For the same tenure range, the effective return on cumulative fixed deposits ranges from 7.85% to 10.50% annually.
| DEPOSIT NORMAL SCHEME | ||||||
| Non-cumulative Deposit | Cumulative Deposit | |||||
| Period (months) | Monthly % p.a | Quarterly % p.a | Half yearly % p.a | Yearly %p.a | Effective yield % p.a. | maturity value for Rs.5000/- |
| 12 | 7.59 | 7.63 | 7.71 | 7.85 | 7.85 | 5,392 |
| 18 | 7.73 | 7.77 | 7.85 | 8 | 8.16 | 5,612 |
| 24 | 7.87 | 7.92 | 8 | 8.15 | 8.49 | 5,849 |
| 30 | 8.05 | 8.1 | 8.18 | 8.35 | 8.88 | 6,110 |
| 36 | 8.38 | 8.43 | 8.52 | 8.7 | 9.49 | 6,423 |
| 42 | 8.42 | 8.47 | 8.56 | 8.75 | 9.75 | 6,706 |
| 50 | 8.47 | 8.52 | 8.62 | 8.8 | 10.1 | 7,107 |
| 60 | 8.47 | 8.52 | 8.62 | 8.8 | 10.5 | 7,625 |
Points to note
- Additional interest of 0.50%* p.a. will be paid for Senior citizen (Completed age 60 years on the date of deposit/renewal)
- Additional interest of 0.25%* p.a. will be paid on all Renewals, where the deposit is matured.
- Additional interest of 0.10%* p.a. will be paid to Women Depositors.
- The minimum tenure of a fixed deposit is 12 months and the maximum tenure is up to 60 months
- A maturity date is when all funds due are paid into your nominated account.
How to apply Shriram Fixed Deposit
You can book Shriram Fixed Deposit in four easy steps.
Step 01
Register using your mobile number
Step 02
Enter the investment amount, tenure and PAN details
Step 03
Complete your payment and proceed to enter your KYC and bank details
Step 04
Receive fixed deposit acknowledgement and maximise your returns.
