Hyderabad, Apr 12 (UNI) Shriram Finance Limited (SFL), a retail asset financing Non-Banking Finance Company (NBFC) with Assets under Management (AUM) of over Rs. 2.14 lakh crore, on Friday announced that it has increased interest rates on fixed deposits by 0.05 to 0.20 percent in various maturity tenures.

The revised rates have come into effect from April 9, 2024, the finance company said in a release.

Senior citizens aged 60 years or above at the time of deposit/renewal are eligible to earn an additional 0.50 percent interest per annum, while women investors can avail an extra 0.10 percent interest per annum.

SFL will offer an additional interest of 0.25 percent per annum on all renewals.

The Fixed Deposits are rated "[ICRA]AA+ (Stable)" by ICRA and "IND AA+/Stable" by India Ratings and Research.

Deposits will be accepted in multiples of Rs. 1,000, subject to a minimum amount of Rs. 5,000 while cumulative deposits can be renewed for maturity value.

For Non-cumulative fixed deposits, SFL offers interest rates ranging from 7.85 percent to 8.80 percent per annum for terms spanning 12 to 60 months.

The effective yield on Cumulative fixed deposits is between 7.85 percent to 10.50 percent per annum for the same tenure range.

SFL Executive Vice-Chairman Umesh Revankar, said, “The revised term deposit rates aim to provide our Depositors with a range of attractive deposit rates. These revisions not only benefit depositors for wealth creation but also contribute to the objective of balancing and optimizing the overall cost of deposits.”

UNI KNR CS1430