Shriram Transport Finance raises deposit rates by 25 to 50 basis points

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Shriram Transport Finance Company, a leading used truck organized finance company, has announced an increase in fixed deposit rates of 25 to 50 basis points (0.25% per annum to 0.50% per annum ) over different durations.

Shriram Transport Finance Company’s revised interest rates will apply to its fixed deposits with tenors between 12 and 60 months. The hike comes into effect from August 10.

This comes days after the Reserve Bank of India raised the key repo rate by 50 basis points to 5.4%. The repo rate, which has now been raised for the third consecutive time, is the rate at which the central bank lends to commercial banks.

Shriram Transport Finance Company’s 12-month and 24-month term deposits will offer 6.75% and 7.25% respectively, up 25 basis points (bps) and 50 bps from respective prior rates. The 60 month fixed deposit offers the highest rate of 8.25% on all terms. This is 35 basis points higher than the previously proposed rate. 36-month and 48-month term deposits will offer 8% (+25 basis points) and 8.5% (+35 basis points) respectively.

Some fixed term deposits offered on the non-bank finance company’s website also offer attractive rates. These have been revised with effect from 20 May. Term deposits at 15 months, 30 months and 45 months are currently offering 7.25%, 8% and 8.15% respectively.

Senior citizens (aged 60 on the date of deposit/renewal) benefit from an additional interest of 0.50% per year on all deposits.

Shriram Transport Finance Company has assets under management of Rs. 1.30 trillion as of June 2022 and has pan-India presence with a network of 1,854 branches. The company has a vertically integrated business model and offers several products such as used commercial vehicle (CV) financing, new CV financing and other loans like accident repair loans, tire loans and financing. working capital.

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