After Shriram City, Shriram Transport Finance Company Limited (STFC) has also increased its Fixed Deposit rates.
After Shriram City, Shriram Transport Finance Company Limited (STFC) has also increased its Fixed Deposit rates. STFC on Friday announced a hike in fixed deposit rates by 5 to 25 basis points (0.05%p.a. to 0.25%p.a.) across different tenures. In a statement, STFC said customers can earn interest up to 8.90% on FDs, effective from today, October 14, 2022.
STFC has also introduced a special benefit for women, with an additional 10 bps per annum to be paid on all FD rates to women depositors.
STFC is one of the largest asset financing company in India and a part of the Shriram Group. It is offering 7% interest on 1-year deposits and 7.30% interest on deposits of 18 months. STFC offers 7.50% on deposits for 24 months, 8.15% on deposits for 42 months and 8.20% on deposits of 48 months.
Interest rates on Fixed Deposits
| Tenure | Existing Interest Rate (p.a.) | Revised Interest Rate (p.a.) WEF Oct 14 2022 | Increase in Interest rate (p.a.) |
| 12 months | 6.75% | 7.00% | 0.25% (25 basis points) |
| 18 months | N.A. | 7.30% | new rates |
| 24 months | 7.25% | 7.50% | 0.25% (25 basis points) |
| 30 months | 8.00% (Only online) | 8.00% (Offline enabled now) | – |
| 36 months | 8.00% | 8.05% | 0.05% (5 basis points) |
| 42 months | N.A. | 8.15% | new rates |
| 48 months | 8.15% | 8.20% | 0.05% (5 basis points) |
| 60 months | 8.25% | 8.30% | 0.05% (5 basis points) |
STFC is offering an additional interest of 0.50% per annum to Senior Citizen depositors, who have completed 60 years in age on the date of deposit/renewal. With this senior citizens can get up to 8.8% interest on deposits of 5 years.
STFC is also offering additional interest of 0.10% per annum for women depositors as a new feature. Taking into account this 0.10% additional interest for women, female senior citizen depositors can get up to 8.90% interest on deposits of 60 months.
The asset financing company is offering an additional interest of 0.25% p.a. to be paid on all Renewals, where the deposit is matured.
Should you invest?
The FDs offered by STFC do not come with Rs 5 lakh deposit insurance guarantee of FDs provided by banks. So make your investment decision based on this limitation. In case of any doubt, consult a financial advisor for guidance.
