The leading Non-Banking Financial Company (NBFC), Shriram City Union Finance Ltd. has declared a 5 to 25 basis points that is 0.05% p.a. to 0.25% p.a. rise in fixed deposit rates across different tenures. As per the modification, the general public will now be eligible for a maximum interest rate of 8.30% on FDs. Also, elderly citizens will be eligible for an interest rate of 8.80%. Furthermore, the women depositors will get an additional 10bps p.a to be paid on all FD rates. The modifications were implemented on October 14, 2022.
If you’re new to the Shriram City Union Finance Ltd FD, let’s tell you more about the plan.
The leading Non-Banking Financial Company (NBFC), Shriram City Union Finance Ltd. has declared a 5 to 25 basis points that is 0.05% p.a. to 0.25% p.a. rise in fixed deposit rates across different tenures. As per the modification, the general public will now be eligible for a maximum interest rate of 8.30% on FDs. Also, elderly citizens will be eligible for an interest rate of 8.80%. Furthermore, the women depositors will get an additional 10bps p.a to be paid on all FD rates. The modifications were implemented on October 14, 2022.
If you’re new to the Shriram City Union Finance Ltd FD, let’s tell you more about the plan.
What is Shriram City Fixed Deposit?
The Shriram City Union Finance Ltd provide a fixed deposit plan that offers attractive interested rates to the depositor and additional benefits to senior citizens and women investors. The deposit scheme has unique features like compounding your interest on a monthly basis. The fixed deposit has one of the highest interest rates in the market and is secure to invest money in. Also, Shriram City has been certified with the highest credit rating with a stable outlook.
Let’s now look at the revised interest rates.
Shriram City Union Finance FD Interest rates
As per the company, the interest rate on deposits maturing in 12 months has been increased by 25 basis points. That is, from 6.75% to 7%.
The interest rate on deposits maturing in 18 months will now be offered at 7.30%.
The interest rate on deposits maturing in 24 months will now be offered at 7.50% instead of 7.25%.
The interest rate on deposits maturing in 30 months will now be offered at 8.00%.
The interest rate on deposits maturing in 36 months will now be offered at 8.05% instead of 8.00%, an increase of 5 basis points.
Also, the interest rate on deposits maturing in 42 months will now be offered at 8.15%.
The company has also raised 5 basis points on deposits maturing in 48 months, that is from 8.15% to 8.20%. A similar is the case with 60 months maturing investments, the interest would be 8.30% instead of 8.25%.
Types of Shriram City Fixed Deposit
There are two types of term deposits offered by Shriram City, let’s have a look:
Cumulative: In the cumulative plan, the interest rate earned will get compounded along with the principal for the invested tenure. Accordingly, the interest will not be paid in instalments and will be paid with the principal amount at the time of fixed deposit maturity.
Non-Cumulative: As the name suggests, in this type of term fixed deposit, the interest will be paid on a monthly, quarterly, half-yearly, or annual instalments basis.
Shriram City Fixed Deposit: Features
1. The term fixed deposit offers you an attractive interest rate which can help you multiply your savings over time.
2. The scheme offers a flexible tenure option from 12 months to 60 months. It gives you the freedom to choose the tenure and investment amount as per your requirement and preferences.
3. As mentioned above, it offers two types of investments. It allows you to earn interest as per your financial needs.
4. If you’re an individual or a pensioner, choosing the non-cumulative investment would ensure a sustainable income monthly, or quarterly.
5. Most importantly, this FD investment is safe and will give you assured returns at the end of the lock-in period.
Conclusion
Shriram City Union Finance FD offers unique features, flexibility and high-interest rates.
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