New Delhi: Shriram City Union Finance Limited (Shriram City) on Thursday announced a hike in its fixed deposit (FD) rates by 5 to 25 basis points (1 basis point or bps equivalent to one hundredth of a percentage point). different tenures.
Effective October 14, customers can earn interest up to 8.80% on FDs. Women depositors will get an additional 10 bps (0.10%) on all FD rates.
The 12 months and 24 months tenures have seen the highest growth of 25 bps, with the revised rates being 7% and 7.5% respectively. A new tenure of 18 months has also been announced, offering 7.3% interest rate.
The rates on longer tenures of 36 months, 48 months and 60 months have increased by 5 bps to 8.05%, 8.20% and 8.30% respectively.
Shriram City Union Finance, part of Shriram Group, offers loans to small businesses and two-wheelers.
Senior citizen depositors will get an additional 0.50% on all tenure buckets. When the deposit matures and the depositor chooses to renew it, an additional interest of 0.25% will be paid.
The company’s credit rating is AA by CRISIL, ICRA and India Ratings.
Interest rates on fixed deposits from October 14:
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