Shriram City Union Finance raises FD interest rates by up to 50bps
An annual additional interest of 0.25% will be paid on all renewals, where the deposit has matured
_1609311026964_1609311043784_1660121375952_1660121375952.jpg "Shriram City Union Finance raises FD interest rates by up to 50bps. (Photo: Shutterstock)")
PremiumNEW DELHI: Shriram City Union Finance Ltd. (Shriram City), a subsidiary of Shriram Group, on Wednesday announced 25-50 basis points (bps) hike in its fixed deposit rates (FDs). One bps is equal to one hundredth of a percentage point.
Shriram City Union Finance provides financing to small businesses and for two-wheeler purchases.
The new rates will be effective from 1 August.
The company has hiked rates on 12-month and 36-month FDs by 25 bps, while those with a tenure of 24 months saw a hike of 50 bps. For FDs of 48-month and 60-month tenure, interest rate has been raised by 35 bps.
“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)," the company said in a statement.
An annual additional interest of 0.25% will be paid on all renewals, where the deposit has matured, as per the statement.
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