Business · India Bureau
Shriram Finance hikes fixed deposit rates by up to 40 basis points
The non-banking finance company will implement revised deposit rates from October 11, offering higher returns across various tenure periods. Senior citizens and women depositors will continue to receive additional rate benefits.
LSN India ·
Shriram Finance has announced an increase in fixed deposit (FD) rates, effective October 11, offering investors returns enhanced by 15 to 40 basis points across select tenures. The rate revision applies to deposits up to ₹10 crore, with the company adjusting its yield structure to remain competitive in the current interest rate environment.
Under the revised structure, deposits with a tenure of 36 to 60 months will earn an annual interest rate of 7.85 per cent. The rate hike represents a significant move by the finance company to attract fresh deposit mobilization amid fluctuating monetary conditions.
The company will continue to offer premium rates for specific depositor categories. Senior citizens and women investors will receive additional basis point benefits on top of the revised rates, while existing deposits opted for renewal will also qualify for special incentive rates.
The revised rates underscore Shriram Finance's strategy to strengthen its deposit base while maintaining product competitiveness. The move comes as non-banking finance companies navigate evolving market dynamics and deposit competition in India's financial sector.