Shriram City Union Finance raises fixed deposit rates by up to 25 basis points
Premium- Shriram City Union Finance is a non-banking finance company, with business focused on rural and semi-urban segments and an AUM of ₹385.4 billion
NEW DELHI: Shriram City Union Finance, part of the Shriram Group, has hiked its fixed deposit rates by 15-25 basis points (bps) across different tenors.
The increased Shriram City FD rates apply to tenors between 36 months to 60 months. The FD rates for 12-24 month tenors remain unchanged, and those for 36-month have been raised 25bps. 48-month tenors are 20bps and 60-month by 15bps. Also, an additional interest of 0.50% per annum will be paid to senior citizen depositors, which was 0.30% earlier. The new rates come into effect 20 May.
The revised rates of interest are 6.5% for 12 months, 6.75% for 24 months, 7.75% for 36 months, 7.8% for 48 months, and 7.9% for a 60-month tenure.
The company’s long-term credit rating is at AA with a positive outlook by India Ratings, and AA on rating watch with positive implications by CRISIL, ICRA and CARE, according to the press release.
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Shriram City Union Finance is a non-banking finance company, with business focused on rural and semi-urban segments and assets under management (AUM) at ₹385.4 billion, as per the company. It finances small business enterprises and is the largest two-wheeler financier. The company also offers gold loans and has a housing finance subsidiary, Shriram Housing Finance Ltd., with an AUM of ₹53.5 Billion.