Mumbai, 11th April 2024: Shriram Finance Ltd (SFL), India’s largest retail NBFC has increased interest rates on fixed deposits by 0.05 to 0.20 in various maturity tenures. The revised rates have come into effect from 9 April 2024.
Senior citizens aged 60 years or above at the time of deposit/renewal are eligible to earn an additional 0.50% interest per annum, while women investors can avail an extra 0.10% interest per annum. SFL will offer an additional interest of 0.25% per annum on all renewals. The Fixed Deposits are rated “[ICRA]AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research. Deposits will be accepted in multiples of Rs. 1,000/-, subject to a minimum amount of Rs. 5,000/- . Cumulative deposits can be renewed for maturity value.
For Non-cumulative fixed deposits, SFL offers interest rates ranging from 7.85% to 8.80% per annum for terms spanning 12 to 60 months. The effective yield on Cumulative fixed deposits is between 7.85% to 10.50% per annum for the same tenure range.
| DEPOSIT NORMAL SCHEME | ||||||
| Non-cumulative Deposit | Cumulative Deposit | |||||
| Period (months) | Monthly % p.a | Quarterly % p.a | Half yearly % p.a | Yearly %p.a | Effective yield % p.a. | maturity value for Rs.5000/- |
| 12 | 7.59 | 7.63 | 7.71 | 7.85 | 7.85 | 5,392 |
| 18 | 7.73 | 7.77 | 7.85 | 8.00 | 8.16 | 5,612 |
| 24 | 7.87 | 7.92 | 8.00 | 8.15 | 8.49 | 5,849 |
| 30 | 8.05 | 8.10 | 8.18 | 8.35 | 8.88 | 6,110 |
| 36 | 8.38 | 8.43 | 8.52 | 8.70 | 9.49 | 6,423 |
| 42 | 8.42 | 8.47 | 8.56 | 8.75 | 9.75 | 6,706 |
| 50 | 8.47 | 8.52 | 8.62 | 8.80 | 10.10 | 7,107 |
| 60 | 8.47 | 8.52 | 8.62 | 8.80 | 10.50 | 7,625 |
All above tenures will be available for both offline and online investments.
Umesh Revankar, Executive Vice Chairman, Shriram Finance Ltd said, “The revised term deposit rates aim to provide our Depositors with a range of attractive deposit rates. These revisions not only benefit depositors for wealth creation but also contribute to the objective of balancing and optimizing the overall cost of deposits.”