Shriram Finance Limited, one of the largest NBFCs in the country, belongs to the Shriram Group. Shriram Finance Limited is offering an interest of 9.05% per annum. Women senior citizens are getting this special FD rate. Shriram Finance Limited is offering 0.50% extra interest to senior citizens and 0.10% extra interest to women. Let us know about the FD schemes of Shriram Finance Limited.

Shriram Finance Limited had recently increased the interest

Shriram Finance Limited recently increased interest rates on FDs by 5 to 30 basis points. That is, the interest on FDs was increased from 0.05% to 0.30%. According to the company, customers can earn interest ranging from 9.05 percent to a maximum of 9.36 percent on customer FDs and an additional interest of 0.25 percent will also be given on all renewals. Shriram Finance Limited is giving additional interest of 0.50% to senior citizens and 0.10% to women.

These are the interest rates

The company said in an official statement that Shriram Finance has increased the interest on fixed deposits to 9.36 per cent. After the yield on this, you will get interest around 11.29 percent. The company said that the interest of FDs ranging from 12 months to 60 months has been renewed. You can apply offline or online with Shriram Finance Limited.

FD interest can be calculated on the website

Shriram Finance Limited had increased interest by 0.30 per cent on 12-month FDs. The interest received on this was earlier 7 per cent, which was increased to 7.30 per cent. Interest on 60-month FDs was increased by 0.15 per cent from 8.30 per cent to 8.45 per cent. Now a maximum interest of 9.05 per cent and 9.36 per cent is being offered. You can see the calculation of interest received by visiting the website of Shriram Finance Limited.

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The NBFC will offer an additional interest of 0.50 per cent per annum to senior citizens and an additional interest of 0.10 per cent per annum to women depositors. Also, an additional 0.25 percent per annum will be charged on all renewals.

With this, women depositors who are senior citizens renewing their deposits can earn up to 9.36 per cent interest rate on FDs with effect from January 1, 2023. In this regard, the company issued a press release on 31 December.

Only profit on 60 months deposit

The rate of 9.36 per cent will be applicable on deposits of 60 months. Shriram Finance will offer a rate of 8.45 per cent on deposits with a maturity of 60 months. Senior citizens can get an additional 0.5 per cent. With additional rates for women depositors, the effective rate would be around 9.36 per cent.

Revised interest rates for senior citizens from January 1

The company said that all the above tenors will be available for both offline and online investments. Banks and NBFCs have been raising deposit rates in recent months to raise funds in the tight situation.

Is it safe to invest in Shriram Finance FD?

Shriram Finance is an NBFC and a part of the Shriram Group. It is one of the largest NFBC in India. FDs offered by NBFCs are subject to instructions issued by RBI. However, these deposits do not get the benefit of deposit insurance guarantee of Rs 5 lakh offered by regular banks as per RBI regulations. Therefore, depositors should exercise caution before investing in FD schemes offered by NBFCs.

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