NBFC FD : India’s largest retail NBFC, Shriram Finance Limited (SFL) on Wednesday announced special FD rate under Jubilee Deposit (Shriram Unnati Deposit), as part of the golden jubilee celebrations of the group. Under the FD scheme, investors can earn up to 9.15 per cent interest on fixed deposits (FDs). The rates are effective from April 5, 2023.
Shriram Finance said in a statement, ‘The company will accept applications for fresh and renewal of Fixed Deposits for a period of 50 months with interest.’ The bank also said that women investors will get an additional interest of 0.10 per cent per annum. Senior citizens will get an additional interest of 0.50 percent per annum. Senior citizen women will get an additional interest of 0.60 percent per annum. All the above tenures will be available for both offline and online investments.
To control inflation in the country, RBI is continuously increasing the repo rate. RBI has increased the repo rate by 250 basis points six times since May 2022 to control inflation. In the last MPC meeting in February, the RBI increased the key repo rate by 25 basis points to 6.50 per cent.
Compared to bank FD
Currently, HDFC Bank offers an interest rate of up to 7.1 per cent for general public and up to 7.6 per cent for senior citizens (above 60 years of age). PNB offers up to 7.25 per cent for general public and 7.75 per cent for senior citizens. ICICI Bank offers up to 7.1 per cent to the general public and up to 7.6 per cent to senior citizens.
