Shriram City Union Finance Raises Fixed Deposit Rates by upto 25bps

by Suman Gupta

• The revised rates will be applicable effective 20^th May 2022

• The changed interest rate apply to tenors between 36 months to 60 months

Chennai, May , 2022: Shriram City Union Finance Ltd. (Shriram City), a leading financier to Small Business Enterprises and part of the Shriram Group announced a hike in fixed deposit rates by 15 to 25 basis points, or 0.15 to 0.25 per cent across different tenors. The increased Shriram City FD rates apply to tenors between 36 months to 60 months. The FD rates for 12 months to 24 month tenors are unchanged. The FD rates have been raised for the 36-month tenor by 25bps, 48-month tenors by 20bps and 60-month tenor by 15bps. Also an additional interest of 0.50% p.a will be paid to Senior Citizen depositors, which was 0.30% earlier. The new rates come into effect from May 20, Friday.

Additional interest of 0.50% p.a to be paid to Senior Citizen depositors (this was 0.30% earlier)

About Shriram City Union Finance: Shriram City Union Finance (Shriram City; BSE: SHRMCITY, NSE: SHRIRAMCIT), a 35-year-old company and part of the Shriram Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 4.55 million customers and has an Asset Under Management of around INR 385.4 Billion. The Company is a leading financier to Small Business Enterprises and the largest two-wheeler financier, , and Gold loans and also has a Housing Finance Subsidiary, Shriram Housing Finance Ltd with an AUM of INR 53.5 Billion. Shriram City  has 986 branches and an employee strength of  around 28000 across India as of 31 Mar 2022. The company’s Long term credit rating is at AA with a Positive Outlook by India Ratings, and AA on Rating Watch with positive implications by CRISIL, ICRA and CARE. Shriram City has been named one of the Best Places to Work in India in 2021 by AmbitionBox, an Info Edge subsidiary.

About Shriram Group: Shriram Group is India’s leading financial conglomerate with a dominant presence in commercial vehicle (CV) financing, retail financing, chit fund, equipment financing, housing finance, life insurance, general insurance, stockbroking, distribution of financial products, and wealth advisory services. The Group focuses on serving the underserved and is driven by its Financial Inclusion agenda of bringing finance to low-income families and small businesses. Shriram Capital Limited is the holding company for the Financial Services (Shriram City Union Finance Limited & Shriram Transport Finance Limited) and Insurance entities (Shriram General Insurance Company Limited & Shriram Life Insurance Company Limited) of the Shriram Group. Shriram Housing Finance Limited is a subsidiary of Shriram City Union Finance Limited. The lending and insurance companies were created with the primary objective of optimizing the synergies across the Group entities.

Shriram Group together has an overall customer base of over 21.65 Million, with around 67,000 employees across 4,000 branches. Net profit of INR 49 billion (FY21) with Assets Under Management (AUM) of over INR 2 trillion (Sep-21).