This NBFC hikes FD interest rates by up to 50 bps; now 8.75% for this tenure, Auto News, ET Auto

Shriram Transport Finance (STFC), part of the Shriram Group, has introduced a hike in fastened deposit charges by 25 to 50 foundation factors (0.25percentp.a. to 0.50percentp.a.) throughout completely different tenures.

Now, prospects can earn curiosity as much as 8.75% on FDs, efficient from Aug 10, 2022, based on a press release from STFC. The rate of interest is 8.25 % is for the 60-month tenure.

Rates of interest on fastened deposits
STFC is providing rates of interest of 8% on FDs with phrases of as much as 36 months and for 48 months, it provides 8.15 %. The up to date rate of interest for a one-year FD is 6.75 %, and for a two-year FD, it’s 7.25 %.

Senior residents
Senior Citizen depositors are eligible for a further 0.5 % annual curiosity from STFC. Which means that on a 5-year fastened deposit, seniors can earn 8.75 % curiosity. On renewals the place the deposit is matured, a further 0.25 % curiosity might be paid yearly, the enterprise acknowledged in a press release.