Shriram Finance Ltd revises FD interest rates on various tenors
2 min readMumbai, eleventh April 2024: ShriramFinanceLtd(SFL), India’s largest retail NBFC has elevatedinterestrateson mounted deposits by 0.05 to 0.20 invariousmaturity tenures. The revisedrateshave 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%interesteach year, whereas girls buyers can avail an additional 0.10%interesteach year. SFL will supply an extrainterestof 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 givesinterestratesstarting 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,ShriramFinanceLtdstated,“The revised time period depositratesgoal to supply our Depositors with a variety of engaging depositrates. 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