A Non-Banking Financial Company (NBFC), Shriram Transport Finance Company, said on Tuesday that it has increased interest rates on its fixed deposit scheme. According to the corporation, the revised interest rates have come into effect from August 10 and have resulted in an increase of 25 to 50 basis points, or 0.25 to 0.50 percent annually, for fixed deposit rates across a range of tenors.
For fixed deposits maturing in a year to five years, Shriram Transport Finance Company now offers a maximum interest rate of 8.25% to the general public and 8.75% to senior citizens. This interest rate is the highest that customers can get in the fixed deposit industry of banks. Fixed deposits maturing in one to five years will be subject to new interest rates.
Senior citizens will receive an extra 0.50 percent interest rate on their deposits each year, according to a news release from Shriram Transport Finance Company. The company has also said that it will offer 0.25 percent extra interest each year to any renewals of matured fixed deposit accounts. Consider Shriram Transport Finance Company's fixed deposit option if you're hoping to invest in one of the post office's small savings plans so that you can earn inflation-beating returns while also keeping your deposits safe.
ICRA and India Ratings and Research have assigned Shriram Transport Finance Company FD ratings of "[ICRA]AA+ (Stable)" and "IND AA+/Stable," respectively, indicating higher levels of stability. Some banks, like Canara Bank and IOB, have already started raising their fixed deposit interest rates despite the RBI raising the repo rate by 50 basis points to 5.40 percent. Contrarily, Shriram Transport Finance Company offers FD rates that are higher than those of any commercial, public, or even small finance bank.
Rates of interest for major post office schemes including SCSS, Kisan Vikas Patra, PPF, Sukanya Samriddhi Account (SSA), National Savings Certificates (NSC), and National Savings Monthly Income Account (MIS). Shriram Transport Finance Company's fixed deposit rates are even significantly lower than those of National Savings Time Deposit Accounts (TD). Investors should be aware that corporate fixed deposits are not DICGC-insured when thinking about what to do.
Rates of interest for major post office schemes including SCSS, Kisan Vikas Patra, PPF, Sukanya Samriddhi Account (SSA), National Savings Certificates (NSC), and National Savings Monthly Income Account (MIS). Shriram Transport Finance Company's fixed deposit rates are even significantly lower than that of National Savings Time Deposit Accounts (TD). Investors should be aware that corporate fixed deposits are not DICGC-insured when thinking about what to do.
