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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Explain that after increasing the repo rate by the RBI, banks and NBFCs are increasing the rates of FDs. The new FD rates of Shriram Finance have come into effect from January 1, 2023. There is a good chance to earn 9.36% interest on fixed deposits in this NBFC. Shriram Finance increased interest rates on deposits maturing in 12 months by 30 bps from 7 per cent to 7.30 per cent, while on deposits maturing in 18 months it increased interest rates by 20 bps from 7.30 per cent to 7.50 per cent.

Extra interest to senior citizens and women depositors

The company has increased the interest rate by 25 bps for a period of 24 months, while offering 8 percent interest on FDs of 30 months. Senior citizens will be given 0.50 percent extra interest as compared to common citizens. At the same time, women depositors will get 0.10 percent extra interest.

RBI has increased the repo rate 5 times this year

Reserve Bank had increased the repo 5 times last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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