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Shriram Transport Finance Company has hiked interest rates on fixed deposits. As per the official statement of the company, the new rates are effective as of today October 14, 2022. Following the revision, the company has hiked interest rates by 5 to 25 basis points (0.05%p.a. to 0.25%p.a.) across different tenures. The corporation has also introduced a particular advantage for women, with an additional 10bps p.a. to be paid on all FD rates to women depositors. As a result of the interest rate hike, the general public will now get up to 8.30% and senior citizens will now get up to 8.90% returns on their deposits.
Shriram Transport Finance FD Rates
On fixed deposits maturing in 12 months, the company has hiked its interest rate by 25 bps from 6.75% to 7.00% and on deposits maturing in 18 months, the company is now offering a new interest rate of 7.30%. Deposits maturing in 24 months will now offer an interest rate of 7.50% which was earlier 7.25% a hike of 25 bps and deposits maturing in 30 months will offer an interest rate of 8% on both online and offline fixed deposit booking.
Shriram Transport Finance Company Limited (STFC) will now offer an interest rate of 8.05% which was earlier 8.00% a hike of 5 bps on deposits maturing in 36 months and the company will offer a new interest rate of 8.15% on deposits maturing in 42 months. On fixed deposits maturing in 48 months, the company has hiked the interest rate by 5 bps from 8.15% to 8.20% and on deposits maturing in 60 months, the interest rate has been hiked from 8.25% to 8.30%, a hike of 5 bps.
Shriram Transport Finance Company Limited (STFC) also offers additional interest of 0.50% p.a to senior citizen depositors completed age 60 years on the date of deposit/renewal. Additional interest of 0.25% p.a. will be paid on all renewals, where the deposit is matured and an additional interest of 0.10% p.a. will be paid to women depositors which is a new feature introduced by Shriram Transport Finance Company Limited.
| Tenure | Existing Interest Rate (p.a.) | Revised Interest Rate (p.a.) WEF Oct 14 2022 | Increase in Interest rate (p.a.) |
| 12 months | 6.75% | 7.00% | 0.25% (25 basis points) |
| 18 months | N.A | 7.30% | new rates |
| 24 months | 7.25% | 7.50% | 0.25% (25 basis points) |
| 30 months | 8.00% (Only online) | 8.00% (Offline enabled now) | Â |
| 36 months | 8.00% | 8.05% | 0.05% (5 basis points) |
| 42 months | N.A. | 8.15% | new rates |
| 48 months | 8.15% | 8.20% | 0.05% (5 basis points) |
| 60 months | 8.25% | 8.30% | 0.05% (5 basis points) |
Shriram City Union Finance Ltd. (Shriram City) declared a 5 to 25 basis point increase in its fixed deposit (FD) rates on Thursday. After the change, non-senior citizens will be eligible for FDs with a maximum interest rate of 8.30%, while elderly individuals would be eligible for FDs with a maximum interest rate of 8.80% starting on October 14, 2022.
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