FD Hike: There is good news for those making fixed deposits in the new year. NBFC Shriram Finance Limited has increased the rates of FD.
If you want to get strong returns in a safe way by investing in Fixed Deposits in the new year, then this news is for you only. In fact, in the new year, non-banking finance company Shriram Finance Limited has increased the rates of Fixed Deposit (FD). Explain that after increasing the repo rate by the RBI, banks and NBFCs are increasing the rates of FDs.
The new FD rates of Shriram Finance have come into effect from January 1, 2023. There is a good chance to earn 9.36% interest on fixed deposits in this NBFC. Shriram Finance increased interest rates on deposits maturing in 12 months by 30 bps from 7 per cent to 7.30 per cent, while on deposits maturing in 18 months it increased interest rates by 20 bps from 7.30 per cent to 7.50 per cent.
Extra interest to senior citizens and women depositors
The company has increased the interest rate by 25 bps for a period of 24 months, while offering 8 percent interest on FDs of 30 months. Senior citizens will be given 0.50 percent extra interest as compared to common citizens. At the same time, women depositors will get 0.10 percent extra interest.
RBI has increased the repo rate 5 times this year
The Reserve Bank had increased the repo 5 times last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.
Many banks have increased the rates of fixed deposits
It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. This process of increasing FD rates has started after the increase in repo rates by RBI.
