Shriram Transport Finance Company (STFC) is an NBFC which is offering attractive interest rate on its Fixed Deposits. A depositor can earn returns up to a maximum of 10.41% at the end of the maturity period backed by compounding. NBFCs also provide additional interest rate benefits on renewal of FDs to senior citizens, employees and women depositors. Minimum FD amount is 5,000, while the tenure ranges from a minimum of 12 months to a maximum of 60 months. FDs have the highest safety rating of ‘AA+/Stable’ from ICRA and India Ratings.
on a non-cumulative Depositon an annual basis, NBFC is offering a rate of 8.30% on a tenure of 60 months, while the interest rate is 8.20% and 8.15% on tenures of 48 months and 42 months respectively. Meanwhile, the rates are at 8.05% and 8% at 36 months and 30 months respectively. Also, the rate is 7.50% on 24 months, 7.30% on 18 months and 7% on 12 months tenure.
On the other hand, on cumulative deposits, the effective yield rate is 9.81% at 60 months, 9.26 per cent at 48 months and 9.02% at 42 months tenure. Whereas 8.71 percent in 36 months, 8.49 percent in 30 months and 7.78% in 24 months. Whereas on tenures like 18 months and 12 months the rate is 7.43% and 7% respectively.
On its website, the NBFC said that an additional interest of 0.50% per annum will be paid for senior citizens (completed 60 years of age on the date of deposit/renewal). Whereas on maturity of the deposit, an additional interest of 0.25% p.a. will be paid on all renewals. Also, employees of Shriram Group companies and their relatives will be given an additional interest of 0.15% per annum. Additionally, additional interest of 0.10% per annum will be paid to women depositors. Lastly, the additional interest on bulk deposits is withdrawn.
The above period will be available for both offline and online investment. Cumulative deposits can be renewed for maturity value.
STFC also said that with cumulative fixed deposits, you can earn returns up to a maximum of 10.41% at the end of maturity with the help of compounding. You will earn interest on the amount invested and also the interest you get.
Meanwhile, with non-cumulative fixed deposits, you can earn interest rates with the money deposited over a certain period of time. By choosing monthly, quarterly, half-yearly or yearly interest payments, you get regular earnings through interest payments.
FDs provide assured and stable returns. Plus, they are risk free.
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