New Delhi, 12 October (H.S.): Shriram Finance Limited has increased interest rates on its fixed deposits (FDs) and Fixed Investment Plans (FIPs) by 0.15 to 0.40 percentage points, equivalent to 15 to 40 basis points. The revised rates came into effect on October 11.

According to Shriram Finance Limited, the interest rate on 12-month fixed deposits has been raised from 6.85 per cent to 7 per cent. For 15-month fixed deposits booked digitally, the rate has increased from 7.10 per cent to 7.50 per cent. Similarly, the interest rate on deposits with tenures ranging from 18 to 23 months has been raised from 7.05 per cent to 7.25 per cent, while deposits with tenures of 24 to 35 months will now earn 7.50 per cent, up from 7.10 per cent. These revised rates apply to deposits of up to Rs 10 crore.

The company said senior citizens aged 60 and above will continue to receive an additional 0.50 percentage points in annual interest over the applicable rate when opening or renewing a deposit. Women depositors will be eligible for an additional 0.05 percentage points in annual interest. Customers renewing matured deposits will receive a further 0.15 percentage points in annual interest.

The revision comes amid changes in the broader interest-rate environment. The Reserve Bank of India (RBI) reportedly raised its key policy repo rate by 0.25 percentage points to 5.50 per cent last Wednesday, according to the supplied report.

The revised deposit rates have been effective since October 11, offering depositors higher returns on eligible fixed deposits and Fixed Investment Plans, subject to the applicable terms and conditions.

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Hindusthan Samachar / Jun Sarkar