Up to 9.10% Interest Rate on Recurring Deposits, 8.65% on Fixed Deposits: This NBFC hikes rates on digital-only RDs, FDs

 

Up to 9.10% Interest Rate on Recurring Deposits, 8.65% on Fixed Deposits: This NBFC hikes rates on digital-only RDs, FDs


Shriram Finance Ltd (SFL) has launched digital-only recurring deposits and fixed deposits (Image: Freepik)

Non-bank lender Shriram Finance Ltd (SFL) has launched digital-only recurring deposits and fixed deposits, which can be subscribed through the Shriram One App and the official company website, effective April 22.

Usually, SFL’s products — fixed income plans or recurring deposit (RDs) and fixed deposits (FDs) — are available both online and offline, the non-banking finance company (NBFC) said in a release.

Shriram Finance RD scheme

The NBFC has fixed different interest rates on RDs of various tenures. On recurring deposits of tenures ranging 36 months to 48 months, the interest rate is fixed at 9% against 8.60% earlier. Recurring deposits of tenures ranging 24 months to 35 months will attract an interest rate of 8.75% now against 8.40% earlier. RDs with tenures of 12 months to 23 months will get an interest rate of 8.50% against 8.10% earlier. There will be an additional interest rate benefit of 0.10% for woman depositors.

The minimum RD amount would be Rs 1,000 a month, according to the release.

Also Read: HDFC Senior Citizen Care FD: Last chance! Bank extends deadline to invest in special fixed deposit with higher interest rate

Shriram Finance 15-month FD scheme

Customers would be able to obtain a Shriram Unnati FD with a tenor of 15 months at a rate of interest of 8.15%. Senior citizens and women depositors can get an additional benefit of 0.50% and 0.10%, respectively, while all depositors can claim an additional benefit of 0.25% on renewal of the FDs, done digitally or through online channels.

While Unnati FDs with other tenors will be available both online and offline, the specific 15-month FDs will only be available for purchase through the Shriram One App and its website. The minimum deposit amount would be Rs 5,000, it said.

Shriram Finance 15-month FD scheme

Customers would be able to obtain a Shriram Unnati FD with a tenor of 15 months at a rate of interest of 8.15%. Senior citizens and women depositors can get an additional benefit of 0.50% and 0.10%, respectively, while all depositors can claim an additional benefit of 0.25% on renewal of the FDs, done digitally or through online channels.

While Unnati FDs with other tenors will be available both online and offline, the specific 15-month FDs will only be available for purchase through the Shriram One App and its website. The minimum deposit amount would be Rs 5,000, it said.

“Both the digital-only FD and the FIP (recurring Deposit) scheme will be available on the Shriram One app and the Shriram Finance website from April 22, 2024. From that date onwards, customers would no longer be able to book FIPs physically at branches or through the company’s representatives,” the release said.

Commenting on the new products, Umesh Revankar, Executive Vice Chairman, Shriram Finance said, “Shriram Group has regularly introduced innovative financial products. We firmly believe that India’s digital movement is maturing at the right pace.”

Young Investors are becoming increasingly digital-savvy and are keen to explore non-traditional means of investing in traditional products, he said.

“With our new digital-only offerings, we wish to accelerate the digital India movement and enable depositors to grow their wealth through convenient means. We aspire to provide our customers with tech-enabled services of the highest order,” Revankar said.

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