Shriram Transport Finance Company, one of the leaders in organized financing of pre-owned trucks, has announced an increase in fixed deposit rates by 25 to 50 basis points (0.25% p.a. to 0.50% p.a.) over various tenors .
The revised interest rates from Shriram Transport Finance Company will be applicable on its fixed deposits of tenor between 12 to 60 months. This hike has come into effect from August 10.
This comes days after the Reserve Bank of India raised the policy repo rate by 50 basis points to 5.4%. The repo rate, which has now been raised for the third time in a row, is the rate at which the central bank lends to commercial banks.
Shriram Transport Finance Company’s 12-month and 24-month fixed deposits will offer 6.75% and 7.25% respectively, which is 25 basis points (bps) and 50 bps higher than the earlier respective rates. The 60 month fixed deposit offers the highest rate of 8.25% across all tenors. This is 35 bps higher than the earlier offering. 36-month and 48-month fixed deposits will offer 8% (up 25 bps) and 8.5% (up 35 bps) respectively.
Certain fixed deposits of specific tenors offered through the website of NBFCs are also offering attractive rates. These were revised with effect from 20 May. 15-month, 30-month and 45-month fixed deposits offer 7.25%, 8% and 8.15% respectively.
Senior citizens (completed 60 years of age on the date of deposit/renewal) get an additional interest of 0.50% p.a. on all deposits.
Shriram Transport Finance Company has assets under management of Rs. It has a pan India presence with a network of 1.30 trillion and 1,854 branches as of June, 2022. The company has a vertically integrated business model and offers a range of products such as pre-owned commercial vehicle (CV) financing, new CV financing and other loans such as accidental repair loans, tire loans and working capital finance.
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