Shriram Finance raised rates on fixed deposits by 5-20 basis points across maturities that range between 12 and 60 months. The new rates are effective from April 9 using which investors can now earn 7.85% to 8.8% on the deposits.
Shriram Finance: What changes for senior citizens?
Senior citizens can earn another 50 basis points with the new interest rates.
Shriram Finance: What changes for women investors?
Women investors can earn an additional 10 basis points as the maximum rate stands at 9.4% for a woman senior citizen.
Shriram Finance: What about other deposits?
After the rate increases, a deposit of Shriram Finance will pay up to 8.8% for a tenure between 36 and 60 months.
Shriram Finance: What you need to know about the financials of the company?
Shriram Finance has emerged as among the biggest non-bank lenders in India with a high rating of AA+, strong financials as well as management.
What about other deposit rates?
Bajaj Finance increased its deposit rates for senior citizens by upto 60 basis points in the 25-to-35-month tenure and 40 basis points in the 18-to-24-month tenure for senior citizens earlier this month. A fixed deposit of State Bank of India (SBI) pays 6.75-7% for the same tenure. Meanwhile, a postal deposit pays 7.1-7.5%.
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