FD Interest Rate: There is good news for those making Fixed Deposits in the new year. In the new year, two non-banking finance companies (NBFCs) have increased FD interest rates. Shriram Finance Limited and Sundaram Finance of Shriram Group have increased the rates of fixed deposits. The new rates have come into effect from January 1, 2023.
Sundaram Finance hikes interest rate on FD
Sundaram Finance has changed its FD interest rate from January 1. Interest rate on deposits of 12 months increased to 7.20%. Similarly, 7.50% interest rate will be available on 24 months deposit and 7.50% interest rate on 36 months deposit.
More benefits for senior citizens
Sundaram Finance is offering senior citizens an interest rate of 7.70% on deposits for 12 months and 8% for deposits of 24 months and 36 months.
More profit on FD in Shriram Finance
There is a good chance to earn 9.36% interest on FD in Shriram Finance Limited. Along with the increase in interest on FD, an additional interest of 0.25% will also be available on all renewals. NBFCs increased interest rates on deposits maturing in 12 months by 30 bps from 7% to 7.30%, while on deposits maturing in 18 months increased interest rates by 20 bps from 7.30% to 7.50%.
Extra interest for senior citizens and women
Shriram Finance has increased the interest rate by 25 bps, from 7.50% to 7.75%, for a tenure of 24 months. While NBFC is offering 8% interest on FD of 30 months duration. Senior citizens will get 0.50% additional interest as compared to common citizens. On the other hand, women depositors will get 0.10% additional interest.
