Interest rates

Shriram City Union Finance raises fixed deposit interest rates by up to 25 basis points

Shriram City Union Finance Ltd. (Shriram City), a leading non-banking financial company (NBFC) and part of the Shriram Group, declared a 5 to 25 basis point (0.05% pa to 0.25% pa) rise in interest rates. deposit on different mandates. Following the amendment, the general public will now be eligible for a maximum interest rate of 8.30% on FDs, while the elderly will be eligible for a maximum interest rate of 8.80% from 14 October 2022. The company is also introducing a special benefit for women, with an additional 10 basis points per year to be paid on all FD rates to female depositors.

Shriram City Union Finance Rates FD

The interest rate on deposits with a 12-month maturity has been raised by 25 basis points, from 6.75% to 7%, while deposits with an 18-month maturity will now be offered at 7.30%. Deposits maturing in 24 months will now pay an interest rate of 7.50%, down from 7.25% previously, representing an increase of 25 basis points, while deposits maturing in 30 months will pay an interest rate of 8.00%. Shriram City Union Finance will now offer an interest rate of 8.05% on deposits maturing in 36 months, up from 8.00% previously, an increase of 5 basis points, while Shriram City will now offer an interest rate 8.15% interest on deposits maturing in 42 months. . Shriram City Union Finance raised interest rates on 48-month deposits by 5 basis points, from 8.15% to 8.20%, and on 60-month deposits by 5 basis points , from 8.25% to 8.30%.

Mandate Existing interest rate (pa) Revised interest rate (pa) WEF 14 October 2022 Increase in interest rate (pa)
12 months 6.75% 7.00% 0.25% (25 basis points)
18 months N / A 7.30% new rates
24months 7.25% 7.50% 0.25% (25 basis points)
30 months 8.00% (Online only) 8.00% (Offline Enabled Now)
36 months 8.00% 8.05% 0.05% (5 basis points)
42 months N / A 8.15% new rates
48 months 8.15% 8.20% 0.05% (5 basis points)
60 months 8.25% 8.30% 0.05% (5 basis points)
Source Shriram City Union Finances

Senior depositors who have reached the age of 60 on the deposit/renewal date will receive an additional 0.50% per annum. While the company offers an additional 0.25% per year on deposit renewals after maturity and has launched an additional 0.10% per year for women. Depositors as a new feature. Shriram City Union Finance, a subsidiary of the Shriram Group for 35 years, is a leading non-banking finance company in India. The company is a leading SME lender, the largest two-wheeled financier, offers gold loans and has a housing finance subsidiary, Shriram Housing Finance Ltd. CRISIL, ICRA and India Ratings have given the company an AA long-term credit rating. . Shriram Group has approximately 22.5 million customers and employs more than 79,100 employees in 4,000 outlets. As of March 2022, the company had a net profit of INR 53.6 billion and assets under management (AUM) of over INR 2.16 trillion.

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