- Increases interest rates on Recurring Deposit
Shriram Finance Ltd (SFL), one of India’s largest NBFC, is offering a digital-only Fixed Deposit (FD) scheme that can be obtained only through the Shriram One App and their website – https://www.shriramfinance.in/ , from Monday, April 22, 2024. Usually, SFL’s products are available in India both online and through their physical presence.
Customers would be able to obtain a Shriram Unnati FD with a tenor of 15 months at a rate of interest of 8.15%. Senior citizens and women depositors can get an additional benefit of 0.50% and 0.10%, respectively, while all depositors can claim an additional benefit of 0.25% on renewal of the FDs, done digitally or through online channels. While Unnati FDs with other tenors will be available both online and offline, the specific 15-month FDs will only be available for purchase through the Shriram One App and its website. The minimum deposit amount would be Rs 5000.
Along with the new launch, SFL has also made its Fixed Income Plan (FIP), or Recurring Deposit (RD) currently marketed through digital and offline mode, exclusive to the Shriram One App and SFL website. Also, SFL has increased the interest rates for the said product as under:
| Tenor | Existing Rate | Increased Rate |
| 12 months – 23 months | 8.10 % | 8.50 % |
| 24 months – 35 months | 8.40 % | 8.75 % |
| 36 months – 48 months | 8.60 % | 9 % |
There will be an additional interest rate benefit of 0.10% for woman depositors. The minimum deposit amount would be Rs 1000 a month.
Both the digital-only FD and the FIP (Recurring Deposit) scheme will be available on the Shriram One app and the Shriram Finance website from April 22, 2024. From that date onwards, customers would no longer be able to book FIPs physically at branches or through the company’s representatives.
Commenting on the new products Mr Umesh Revankar, Executive Vice Chairman, Shriram Finance said, “Shriram Group has regularly introduced innovative financial products. We firmly believe that India’s digital movement is maturing at the right pace. Young Investors are becoming increasingly digital-savvy and are keen to explore non-traditional means of
investing in traditional products. With our new digital-only offerings, we wish to accelerate the digital India movement and enable depositors to grow their wealth through convenient
means. We aspire to provide our customers with tech-enabled services of the highest order.”
