by Suman Gupta
- Interest rates increased 5-30 basis points, effective January 1st, 2023
- The revised interest rates apply to tenure across 12 months to 60 months
Mumbai, December 31, 2022: India’s largest retail NBFC, Shriram Finance Limited (SFL) a part of Shriram Group, announced a hike in fixed deposit (Shriram Unnati Deposits) rates by 5 to 30 basis points (0.05% p.a. to 0.30% p.a.) across different tenures. Customers can earn interest up to 9.36% on FDs, effective from January 1, 2023. Additional 0.25% p.a will be paid on all renewals.
Interest rates on Fixed Deposits
| Period (months) | Existing Interest rate (p.a.) | Revised Interest rate (p.a.)
WEF Jan 1 2023 |
Increase in Interest rate (p.a.) |
| 12 | 7.00% | 7.30% | 0.30% (30 basis points) |
| 18 | 7.30% | 7.50% | 0.20% (20 basis points) |
| 24 | 7.50% | 7.75% | 0.25% (25 basis points) |
| 30 | 8.00% | 8.00% | – |
| 36 | 8.05% | 8.15% | 0.10% (10 basis points) |
| 42 | 8.15% | 8.20% | 0.5% (5 basis points) |
| 48 | 8.20% | 8.25% | 0.5% (5 basis points) |
| 60 | 8.30% | 8.45% | 0.15% (15 basis points) |
– Additional interest of 0.50% p.a will be paid for senior citizen (completed age 60 years on the date of deposit/renewal)
– Additional interest of 0.25% p.a will be paid on all renewals.
– Additional interest of 0.10% p.a. will be paid to Women Depositors.
– All above tenures will be available for both offline and online investments.
About Shriram Finance Limited.: Shriram Finance Limited, (BSE: SHRIRAMFIN (511218), NSE: SHRIRAMFIN) a 43-year-old company and part of the Shriram Group, is one of the largest NBFCs in India. The company is a leader in the organized financing of pre-owned trucks with a strategic presence in 5-10-year-old truck lending. The company has a pan-India presence with a network of 2,875 branches, and employs 57,382 employees. The company has built a strong customer base of around 6.7 million customers. The company has developed strong competencies in the areas of loan origination, valuation of pre-owned trucks and collection. It offers several products which include: Pre- owned CV financing, New CV financing, Two Wheeler Loans, Passenger Vehicle Loans, SME Financing, Personal Loan, Gold Loan and other loans like accidental repair loans, tyre loans and working capital finance, etc.
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.
