Shriram Finance Ltd revises FD interest rates on various tenors
Mumbai, eleventh April 2024: Shriram Finance Ltd (SFL), India’s largest retail NBFC has elevated interest rates on mounted deposits by 0.05 to 0.20 in various maturity tenures. The revised rates have come into impact from 9 April 2024.
Senior residents aged 60 years or above on the time of deposit/renewal are eligible to earn an extra 0.50% interest each year, whereas girls buyers can avail an additional 0.10% interest each year. SFL will supply an extra interest of 0.25% each year on all renewals. The Fixed Deposits are rated “[ICRA]AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research. Deposits will probably be accepted in multiples of Rs. 1,000/-, topic to a minimal quantity of Rs. 5,000/- . Cumulative deposits will be renewed for maturity worth.
For Non-cumulative mounted deposits, SFL gives interest rates starting from 7.85% to eight.80% each year for phrases spanning 12 to 60 months. The efficient yield on Cumulative mounted deposits is between 7.85% to 10.50% each year for a similar tenure vary.
| 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 worth 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 probably be obtainable for each offline and on-line investments.
Umesh Revankar, Executive Vice Chairman, Shriram Finance Ltd stated, “The revised time period deposit rates goal to supply our Depositors with a variety of engaging deposit rates. These revisions not solely profit depositors for wealth creation but additionally contribute to the target of balancing and optimizing the general price of deposits.”
Mansi Praharaj
