Shri Ram Transport Finance Company and Shri Ram City Union Finance Limited are offering 7.75 percent interest on 5 year FD. This is more than the savings schemes of the post offices.
When it comes to safe and guaranteed returns, experts suggest post office savings accounts or investing in banks. But for the last few months, the interest rates on term deposits have been decreasing continuously. Also Read: Big gift to central employees and pensioners! Know details
Whether it is bank FD or post office term schemes or fixed income schemes like Kisan Vikas Patra. All interest rates have come down in recent times. The interest rates of most banks have come down to 5 to 6 percent.
Higher interest than PPF, SSY, NSC and KVP
Apart from this, even in the period of recessionary business slowdown, Shriram Transport Finance Company (STFC) and Shriram City Union Finance Limited are offering interest rates of up to 7.75 percent on fixed deposits. This is more than the interest being received on Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSS) and Kisan Vikas Patra (KVP). Shri Ram Transport Finance Company and Shriram City Union Finance Limited are offering 7.75 per cent interest on 5-year FDs which will increase to 9.05 per cent on cumulative deposits. PPF is getting 7.1 percent interest in post offices. The interest rate on Sukanya Samriddhi Yojana, KVP and NSC is 7.6 percent. Tax benefits are also available on these small savings schemes.
2000 crore raised from FD
Actually, Shriram City is a Chennai based NBFC which deals in SME, Two-Wheeler Financing, Gold Loan. Shriram Transport Finance Company and Shriram City are the companies of Shriram Group. In July, Shriram Transport Finance Company had raised an FD of Rs 2000 crore. The company has 64 lakh customers across the country. In July 2021, Shriram City had raised an FD of Rs 390 crore and STFC Rs 1610 crore. This is the highest FD collected by both the companies so far.
In the first quarter of the current financial year, Shriram City’s retail FDs grew by 33 per cent to Rs 5,761 crore. While the FDs raised by Shriram Transport Finance Company grew by 49 per cent to Rs 17,903 crore. That is, both the companies have raised money from FD on a large scale during the recession.
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