Apart from HDFC, ICICI, Federal Bank has recently changed the rates of fixed deposits. Now Shriram City Union Finance has increased the rates of fixed deposits by 15 to 25 percent. The change in the new rates has been done for FDs from 36 months to 5 years. At the same time, there has been no revision in the rates of fixed deposits for 12 to 24 months.
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If a customer makes a fixed deposit of up to 36 months, he will get interest rate increased by 25 basis points over the old rates. Also, customers who got FD for 48 months will now get 20 basis points more interest than before. Similarly, the interest rate has been increased by 15 basis points for customers taking FDs of 60 months. Senior citizens will get an additional 0.50% interest. The new rates will be effective from May 20, 2022.
How much interest will you get?
On getting FD of 12 months – 6.50%
On getting FD for 24 months – 6.75%
On getting FD of 36 months – 7.75%
On getting FD for 48 months – 7.80%
On getting FD of 60 months – 7.90%
The dominance of this bank is in this sector.
Shriram City Union Finance is a non-banking finance company. The company’s focus remains on rural and semi-urban areas. Two-Wheeler is doing well as compared to many other companies in terms of financing. The company also gives gold loan.