Corporate FD: Interest rates on stable, AA+ rated fixed deposits are raised by Shriram Finance

The interest rates on fixed deposit products have been increased by 0.05 to 0.20 for a variety of maturity periods by Shriram Finance Ltd. (SFL), the biggest retail NBFC in India. The April 9, 2024, rate revisions will still be in force. For terms ranging from 12 to 60 months, SFL offers interest rates on non-cumulative fixed deposits that vary from 7.85% to 8.80% each year. The yearly effective yield on cumulative fixed deposits varies from 7.85% to 10.50% for the same tenure period.

Senior citizens who were 60 years of age or older at the time of deposit or renewal are eligible for an extra 0.50% interest, and female investors are eligible for an additional 0.10% interest. SFL will provide depositors an extra 0.25% yearly interest rate 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, with a minimum deposit of Rs. 5,000.

“The revised term deposit rates aim to provide our Depositors a range of attractive deposit rates,” said Umesh Revankar, Executive Vice Chairman of Shriram Finance Ltd. These changes support the goal of balancing and optimizing the total cost of deposits in addition to helping depositors build wealth.”

Shriram Finance Limited is a retail asset financing Non-Banking Finance Company (NBFC) with assets under management (AUM) exceeding Rs. 2.14 lakh crore. Shriram Finance offers financing options for gold, tractors and farm equipment, micro, small, and medium-sized enterprises (MSMEs), personal and corporate loans, and passenger and commercial vehicles. Over 82.21 lakh consumers are served by its network of 3,037 branches and 73,485 workers throughout all of India.

“This is to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, April 26, 2024, among other things to consider: 1. Approval of Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended March 31, 2024,” a statement from Shriram Finance recently sent to stock exchanges. 2.

Final dividend recommendation, if any, for the fiscal year that concluded on March 31, 2024. 3. Approval of the resource mobilization plan for the fiscal year 2024–2025 for the issuance of debt securities, such as bonds and notes in offshore markets, redeemable non-convertible debentures (NCDs) and subordinated debentures on a private placement basis and/or public issue in tranches, external commercial borrowings, and other borrowing methods for the company’s operations. 4. Subjects pertaining to the company’s upcoming 45th Annual General Meeting.”