Shriram Finance Ltd (SFL), a non-bank lender, has introduced digital-only recurring deposits (RDs) and fixed deposits (FDs), accessible through the Shriram One App and the company’s official website starting April 22. Traditionally, SFL’s products, including fixed-income plans like RDs and FDs, were available both online and offline. The company has now decided to expand its digital offerings, making it more convenient for customers to invest.
The NBFC announced different interest rates for RDs of various tenures. For recurring deposits with tenures ranging from 36 to 48 months, the interest rate has been set at 9 per cent, up from 8.60 per cent previously.
Tenures of 24 to 35 months will now attract an interest rate of 8.75 per cent, compared to 8.40 per cent earlier. Similarly, RDs with tenures of 12 to 23 months will now earn an interest rate of 8.50 per cent, up from 8.10 per cent.
Women depositors will enjoy an additional interest rate benefit of 0.10 per cent. The minimum monthly RD amount has been set at Rs 1,000, according to the release. Additionally, customers can take advantage of an 8.15 per cent interest rate on a 15-month Shriram Unnati FD.
Senior citizens and women depositors will receive an additional benefit of 0.50 per cent and 0.10 per cent, respectively, while all depositors can claim an additional benefit of 0.25 per cent 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 purchasable through the Shriram One App and its website. The minimum deposit amount for these FDs is Rs 5,000.
Umesh Revankar, executive vice chairman, Shriram Finance, said, “Shriram Group has regularly introduced innovative financial products. We firmly believe that India’s digital movement is maturing at the right pace. Young Investors are becoming increasingly digital-savvy and are keen to explore non-traditional means of investing in traditional products.”
“With our new digital-only offerings, we wish to accelerate the digital India movement and enable depositors to grow their wealth through convenient means. We aspire to provide our customers with tech-enabled services of the highest order,” Revankar added.
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