Sriram Transport Finance Company has taken this decision after the RBI increased the repo rate.
The increased rate will be applicable on FDs with tenors between 12-60 months from August 10.
12 months and 24 months fixed deposits (FDs) will offer interest rates of 6.75% and 7.25% respectively.
New Delhi. Sriram Transport Finance Company has announced an increase in interest rates on Fixed Deposits (FDs) by 25 to 50 basis points (0.25% pa to 0.50% pa). This company is an organized financing company for pre-owned trucks.
Shriram Transport Finance Company’s revised interest rates will be applicable on FDs with tenors between 12 and 60 months. This price hike will be effective from August 10. The decision was taken after the Reserve Bank of India increased the policy repo rate by 50 basis points to 5.4%. The repo rate, which has now been raised for the third time in a row, is the rate at which the central bank lends to commercial banks.
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Sriram Transport Finance Company will offer interest rates of 6.75% and 7.25% on 12 month and 24 month Fixed Deposits (FDs) respectively. This new rate is 25 basis points (bps) and 50 bps higher than the previous rate. Offers a maximum rate of 8.25% on FDs for all tenures of 60 months. This is 35 bps higher than earlier. Will offer 8% (25 bps higher) and 8.5% (35 bps higher) on FDs of 36 months and 48 months respectively.
0.50% higher interest for senior citizens
Non-banking finance companies are also offering attractive rates on fixed term fixed deposits (FDs) through websites. These were revised from 20 May. 15 months, 30 months and 45 months FDs are offering interest rates of 7.25%, 8% and 8.15% respectively. Senior citizens (those who have completed 60 years on the date of deposit) get an additional interest of 0.50% pa on all deposits.
Sriram Transport Finance Company’s AUM (assets under management) stood at Rs 1.30 trillion as of June 2022. The company is present across India with a network of 1,854 branches. The company has a vertically integrated business model and offers a range of products such as pre-owned commercial vehicle (CV) financing, new CV financing and other loans such as accident repair loans, tire loans and working capital financing.
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First Published: August 09, 2022, 15:17 IST