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·The revised rates will be applicable effective 20th May 2022
·The changed interest rate apply to tenors between 36 months to 60 months
Chennai, May 19, 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.
|
Tenure |
Existing Interest Rate (p.a.) |
Revised Interest Rate (p.a.) – w.e.f. 20th May 2022 |
|
12 months |
6.50% |
6.50% |
|
24 Months |
6.75% |
6.75% |
|
36 Months |
7.50% |
7.75% |
|
48 Months |
7.60% |
7.80% |
|
60 Months |
7.75% |
7.90% |
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.
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