Shriram City Union Finance raises FD rates of interest by as much as 50bps

NEW DELHI: Shriram City Union Finance Ltd. (Shriram City), a subsidiary of Shriram Group, on Wednesday introduced 25-50 foundation factors (bps) hike in its mounted deposit charges (FDs). One bps is the same as one hundredth of a proportion level.

Shriram City Union Finance gives financing to small companies and for two-wheeler purchases.

The new charges will likely be efficient from 1 August.

The firm has hiked charges on 12-month and 36-month FDs by 25 bps, whereas these with a tenure of 24 months noticed a hike of fifty bps. For FDs of 48-month and 60-month tenure, rate of interest has been raised by 35 bps.

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Interest charges on FDs by means of common channels.

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Interest charges on Fixed Deposits by means of the corporate web site.

“An further curiosity of 0.50% p.a will likely be paid to senior citizen depositors (accomplished age 60 years on the date of deposit/renewal),” the corporate mentioned in an announcement.

An annual further curiosity of 0.25% will likely be paid on all renewals, the place the deposit has matured, as per the assertion.

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