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- 

Revised interest rates for senior citizens from January 1- 

Revised interest rates for women + senior citizens + renewals from January 1- 

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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Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowance in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of Income Tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

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