Shriram Finance has recently revised its fixed deposit rates. After the update, up to 9.36 percent interest has been offered to women and senior citizen account holders. Shriram Finance is one of the largest retail NBFC i.e. Non Banking Financial Company in India.
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Let us inform that from January 1, 2023, Shriram Finance has increased the interest rates by 5-30 basis points i.e. basis points. The revised rates will be applicable for tenures ranging from 12 months to 60 months. This NBFC is also paying an additional 0.25 percent interest on all renewals. Let us know what are the new rates-
Revised interest rates in Shriram Finance from January 1-
| sequence | period | Rate of interest |
| 1. | 12 months | 7.3 percent |
| 2. | 18 months | 7.5 percent |
| 3. | 24 months | 7.75 percent |
| 4. | 30 months | 8 percent |
| 5. | 36 months | 8.15 percent |
| 6. | 42 months | 8.20 percent |
| 7. | 48 months | 8.25 percent |
| 8. | 60 months | 8.45 percent |
Revised interest rates for senior citizens from January 1-
| 1 | 12 months | 7.83 percent |
| 2. | 18 months | 8.04 percent |
| 3. | 24 months | 8.28 percent |
| 4. | 30 months | 8.54 percent |
| 5. | 36 months | 8.69 percent |
| 6. | 42 months | 8.74 percent |
| 7. | 48 months | 8.79 percent |
| 8. | 60 months | 8.99 percent |
Revised interest rates for women + senior citizens + renewals from January 1-
| 1. | 12 months | 8.21 percent |
| 2. | 18 months | 8.41 percent |
| 3. | 24 months | 8.66 percent |
| 4. | 30 months | 8.92 percent |
| 5. | 36 months | 9.07 percent |
| 6. | 42 months | 9.12 percent |
| 7. | 48 months | 9.17 percent |
| 8. | 60 months | 9.36 percent |
For senior citizens of above age Shriram Finance gives additional interest of 0.5% per annum. NFBC company Shriram Finance also gives an additional 0.10 percent interest to women depositors, while giving an additional 0.25 percent interest on all renewals.
Is it safe to invest in Shriram Finance FD?
Shriram Finance is an NBFC ie Non Banking Finance Company and a part of the Shriram Group. It is one of the largest NFBC in India. However, FDs offered by NBFCs are subject to instructions issued by RBI. These deposits do not get the benefit of deposit insurance guarantee of Rs 5 lakh offered by regular banks as per RBI regulations, so depositors should exercise caution before investing in FD schemes offered by NBFCs.
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