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One of the largest asset financing company in India Shriram Transport Finance Company Limited (STFC) and Shriram City Union Finance (SCUF) a part of the Shriram Group, announced a hike in fixed deposit rates by 25 to 50 basis points (0.25%p.a. to 0.50%p.a.) across different tenures. Customers can earn interest up to 8.75% on FDs, effective from Aug 10, 2022.
Interest rates on Fixed Deposits through regular channels
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| Tenure | Existing Interest Rate (p.a.) | Revised Interest Rate (p.a.) –
w.e.f. Aug 10, 2022 |
Increase in Interest rate (p.a.) |
| 12 months | 6.50% | 6.75% | 0.25% (25 basis points) |
| 24 Months | 6.75% | 7.25% | 0.50% (50 basis points) |
| 36 Months | 7.75% | 8.00% | 0.25% (25 basis points) |
| 48 Months | 7.80% | 8.15% | 0.35% (35 basis points) |
| 60 Months | 7.90% | 8.25% | 0.35% (35 basis points) |
Interest rates on Fixed Deposits through the Company website:
| Tenure | Existing Interest Rate (p.a.) | Revised Interest Rate (p.a.) –
w.e.f. May 20, 2022 |
Increase in Interest rate (p.a.) |
| 15 months | 6.75% | 7.25% | 0.50% (50 basis points) |
| 30 Months | 7.75% | 8.00% | 0.25% (25 basis points) |
| 45 Months | 7.80% | 8.15% | 0.35% (35 basis points) |
An additional interest of 0.50% p.a will be paid to Senior Citizen depositors (Completed age 60 years on the date of deposit/renewal).
An Additional interest of 0.25% p.a. will be paid on all Renewals, where the deposit is matured.
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