Shriram City Union Finance Ltd. (Shriram City), one of the leading Non-Banking Financial Company (NBFC), and part of the Shriram Group, declared a 5 to 25 basis point (0.05%p.a. to 0.25%p.a.) rise in fixed deposit rates across different tenures. Following the modification, the general public will now be eligible for a maximum interest rate of 8.30% on FDs, while senior citizens will be eligible for a maximum interest rate of 8.80% commencing October 14, 2022. The company also introduces a special benefit for women, with an additional 10bps p.a to be paid on all FD rates to women depositors.
Shriram City Union Finance FD Rates
The interest rate on deposits maturing in 12 months has been raised by 25 basis points from 6.75% to 7%, while deposits maturing in 18 months will now be offered at 7.30%. Deposits maturing in 24 months will now pay an interest rate of 7.50%, up from 7.25% before, representing a 25 basis point increase, while deposits maturing in 30 months will pay an interest rate of 8.00%. Shriram City Union Finance will now provide an interest rate of 8.05% on deposits maturing in 36 months, up from 8.00% before, a 5 basis point increase, while Shriram City will now offer an interest rate of 8.15% on deposits maturing in 42 months. Shriram City Union Finance raised interest rates on deposits maturing in 48 months by 5 basis points, from 8.15% to 8.20%, and on deposits maturing in 60 months by 5 basis points, from 8.25% to 8.30%.
| Tenure | Existing Interest Rate (p.a.) | Revised Interest Rate (p.a.) WEF Oct 14 2022 | Increase in Interest rate (p.a.) |
| 12 months | 6.75% | 7.00% | 0.25% (25 basis points) |
| 18 months | N.A. | 7.30% | new rates |
| 24 months | 7.25% | 7.50% | 0.25% (25 basis points) |
| 30 months | 8.00% (Only online) | 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 Finance |
Senior Citizen depositors who have reached the age of 60 on the date of deposit/renewal will get an additional 0.50% p.a. Whereas, the firm offers an additional 0.25% p.a. on renewals of deposits after maturity and has launched an additional 0.10% p.a. for Women Depositors as a new feature. Shriram City Union Finance, a 35-year-old subsidiary of the Shriram Group, is a prominent non-banking finance company in India. The company is a leading lender to SMEs, the largest two-wheeler financier, offers gold loans, and has a housing finance subsidiary, Shriram Housing Finance Ltd. CRISIL, ICRA, and India Ratings have assigned the firm an AA long-term credit grade. Shriram Group has about 22.5 million customers and employs over 79,100 employees across 4,000 outlets. As of March-2022, the company has a net profit of INR 53.6 billion and assets under management (AUM) of more than INR 2.16 trillion.
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