Shriram Finance offers 9.4% FD interest rate for investors: Details here

Shriram Finance Ltd (SFL), announced an increase in interest rates on fixed deposits, effective from April 9, 2024. The rates have been adjusted upwards by 0.05% to 0.20% across various tenures, with potential returns now reaching up to 9.40% per annum, according to a press release by the NBFC.

* Returns up to 9.40% per annum effective from April 9, 2024

* Additional interest of 0.50% p.a. will be paid for senior citizens

* Additional interest of 0.10% p.a. will be paid to women depositors

Provisions for senior citizens and women

SFL has introduced additional benefits for senior citizens and women. Individuals aged 60 years and above are eligible for an extra 0.50% interest per annum, while women depositors can benefit from an added 0.10% interest annually. Moreover, SFL is offering an additional 0.25% per annum on all renewals of fixed deposits.

Deposit options

The minimum investment starts at Rs 5,000, and deposits are accepted in multiples of Rs 1,000. Both cumulative and non-cumulative deposit options are available, providing flexibility in interest payments ranging from monthly to yearly, and adjusting the effective yield accordingly.

Non-cumulative and cumulative deposits

For non-cumulative deposits, interest rates vary from 7.85% to 8.80% per annum depending on the term, which ranges from 12 to 60 months. In the cumulative category, the effective yield increases with the duration of the investment, spanning from 7.85% to an impressive 10.50% per annum over the same periods.

Umesh Revankar, Executive Vice Chairman of Shriram Finance, said, "the revised term deposit rates are designed to provide attractive options for depositors, aiding in wealth creation while also optimising the overall cost of deposits".

How to apply Shriram Fixed Deposit

— Register using your mobile number

— Enter the investment amount, tenure and PAN details

— Complete your payment and proceed to enter your KYC and bank details

— Receive fixed deposit acknowledgement