Up to 9.10% Interest Rate on Recurring Deposits, 8.65% on Fixed Deposits: This NBFC hikes rates on digital-only RDs, FDs

financialexpress.com:

Non-bank lender Shriram Finance Ltd (SFL) has launched digital-only recurring deposits and fixed deposits, which can be subscribed through the Shriram One App and the official company website, effective April 22.

Usually, SFL’s products — fixed income plans or recurring deposit (RDs) and fixed deposits (FDs) — are available both online and offline, the non-banking finance company (NBFC) said in a release.

The NBFC has fixed different interest rates on RDs of various tenures. On recurring deposits of tenures ranging 36 months to 48 months, the interest rate is fixed at 9% against 8.60% earlier. Recurring deposits of tenures ranging 24 months to 35 months will attract an interest rate of 8.75% now against 8.40% earlier. RDs with tenures of 12 months to 23 months will get an interest rate of 8.50% against 8.10% earlier. There will be an additional interest rate benefit of 0.10% for woman depositors.

The minimum RD amount would be Rs 1,000 a month, according to the release.

Also Read: HDFC Senior Citizen Care FD: Last chance! Bank extends deadline to invest in special fixed deposit with higher interest rate

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 5,000, it said.

“Both the digital-only FD and the FIP