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Shriram Transport Finance Company (STFC) is an NBFC which is providing attractive interest rates on their fixed deposits. A depositor can earn a maximum of up to 10.41% returns at the end of the maturity period with the support of compounding. The NBFC also offers additional interest rate benefits to senior citizens, on renewal of FD, employees, and woman depositors. The minimum FD amount is ₹5,000, while the tenures range from a minimum of 12 months to a maximum of 60 months. The FDs have the highest safety rating of ‘AA+/Stable’ from ICRA and India Ratings.
On a non-cumulative deposits, on yearly basis, the NBFC is offering an 8.30% rate on 60 months tenure, while the rate of interest is 8.20% and 8.15% on tenures like 48 months and 42 months respectively. Meanwhile, the rate is 8.05% and 8% rate on 36 months and 30 months respectively. Further, the rate is 7.50% on 24 months, 7.30% on 18 months, and 7% on 12 months tenures.
On the other hand, on cumulative deposits, the effective yield rate is 9.81% on 60 months, 9.26% on 48 months, and 9.02% on 42 months tenures. Whereas the rate is 8.71% on 36 months, 8.49% on 30 months, and 7.78% on 24 months. While the rate is 7.43% and 7% on tenures like 18 months and 12 months respectively.
On its website, the NBFC stated that an additional interest of 0.50% per annum will be paid for Senior citizens (Completed age 60 years on the date of deposit/renewal). While the additional interest of 0.25% p.a. will be paid on all Renewals, where the deposit is matured. Also, an additional interest of 0.15% p.a will be paid to employees of Shriram Group Companies and their relatives. Additionally, an extra interest of 0.10% p.a. will be paid to Women Depositors. Lastly, additional interest on Bulk Deposits is withdrawn.
The above tenures will be available for both offline and online investments. Cumulative deposits can be renewed for maturity value.
STFC also stated that with Cumulative fixed deposits, you can earn maximum returns of up to 10.41% at the end of the maturity with the help of compounding. You will earn interest on the invested amount and also on the interest you get.
Meanwhile, with Non-cumulative Fixed Deposits, you can earn interest rates with the deposited money over a fixed time. By choosing a monthly, quarterly, half-yearly, or yearly interest payout, you get regular earning through interest payments.
FDs offer assured and stable returns. Also, they are risk-free.
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