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NEW DELHI: Shriram City Union Finance Ltd. (Shriram City) on Thursday announced a hike in its fixed deposit (FD) rates by 5 to 25 basis points (1 basis point or bps is equal to one-hundredth of a percentage point) across different tenures.
Effective 14 October, customers can earn an interest of up to 8.80% on FDs. Women depositors will get an additional 10 bps (0.10%) on all FD rates.
Tenures of 12 month and 24 months have seen the highest hike of 25 bps with the revised rates at 7% and 7.5%, respectively. A new tenure of 18 months is also announced offering 7.3% interest rate.
Rates on longer tenures of 36 months, 48 months and 60 months have seen a hike of 5 bps to stand at 8.05%, 8.20% and 8.30%, respectively.
Shriram City Union Finance, part of the Shriram Group, gives loans to small businesses and for 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, 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 with effect from 14 October:
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