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Home / Money / Personal Finance /  Shriram Transport Finance hikes deposit rates by 25-50 basis points
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Shriram Transport Finance Company, one of the leading companies in the organized financing of pre-owned trucks, has 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.

The revised interest rates from Shriram Transport Finance Company will apply on its fixed deposits of tenures between 12 and 60 months. The hike comes into effect from 10 August.

This comes a few days after the Reserve Bank of India hiked the policy repo rate by 50 basis points to 5.4%. The repo rate, which has now been hiked for the third consecutive time, is the rate at which the central bank lends to commercial banks.

Shriram Transport Finance Company’s 12-month and 24-month fixed deposits will offer 6.75% and 7.25%, respectively, up by 25 basis points (bps) and 50 bps from the respective earlier rates. The 60-month fixed deposit offers the highest rate of 8.25% across all tenures. This is 35 bps more than the rate offered earlier. The 36-month and 48-month fixed deposits will offer 8% (up 25 bps) and 8.5% (up 35 bps), respectively.

Certain specific-tenure fixed deposits offered through the non-banking finance company’s website too are offering attractive rates. These were revised with effect from May 20. The 15-month, 30-month and 45-month fixed deposits offer 7.25%, 8% and 8.15% currently, respectively.

Senior citizens (completed age 60 years on the date of deposit/renewal) get an additional interest of 0.50% per annum on all deposits.

Shriram Transport Finance Company has assets under management of Rs. 1.30 trillion as of June, 2022 and has a pan-India presence with a network of 1,854 branches. The company has a vertically integrated business model and offers several products such as pre-owned commercial vehicle (CV) financing, new CV financing and other loans like accidental repair loans, tyre loans and working capital finance.

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