Shriram Finance, a retail NBFC that offers various loans, including Commercial Vehicle Loans, Two Wheeler Loans, Car Loans, Home Loans, Gold Loans, Personal and Small Business Loans, is now offering up to 11% interest income on deposits for Indian citizens under the Unnati Deposits scheme. This fixed deposit scheme is believed to be a safe investment, especially for senior citizens, and interest rates have increased due to India’s rising repo rate, the benchmark interest rate to control inflation.
Shriram Finance has introduced a new Unnati Deposits scheme under its Jubilee Deposit scheme, which is applicable only for new and renewal Fixed Deposits with the Company. The special deposit scheme matures in 60 months and is available for a limited period. Female senior citizens can avail interest income of up to 10.99% per annum. Depositors can choose between Non-Cumulative Deposits, which offer receipt of the deposit amount at the end of month, quarter, half year, or year, and Cumulative Deposits, which reinvest the interest amount and is received at the end of the maturity period.
The interest rate for both types of deposit is variable. For instance, a 25-year-old named Rahul invests Rs 5000 in Sriram Finance Unnati Deposits scheme with a maturity of 50 months. The Non-Cumulative Deposit earns monthly interest at only 8%, while the Cumulative Deposits earn 9.7%, which amounts to Rs 7,025 at the end of the maturity period. Women receive 0.10% more interest income, senior citizens 0.50%, and female senior citizens 0.60%.
The Unnati Deposit scheme can be invested in online or offline. To invest online, one must register on the company’s website, submit PAN and investment details, enter the investment period, KYC, bank details, and make the payment. Then, the deposit receipt is received within seconds.
Shriram Finance is the country’s largest retail NBFC offering Commercial Vehicle Loans, Two Wheeler Loans, Car Loans, Home Loans, Gold Loans, Personal and Small Business Loans. Shriram Finance is part of the 48-year-old Shriram Group. In this case, Shriram Finance offers up to 11 percent interest income on deposits to the people of India under the scheme Unnati Deposits.
Fixed Deposit is one of the investment schemes that Indian people believe to be the safest investment, especially for senior citizens. Interest rates on deposits with banks and financial institutions have also increased as India has increased the repo rate, the benchmark interest rate to control inflation.
Shriram Finance has announced a new Unnati Deposits scheme under its Jubilee Deposit scheme. This new scheme is applicable only on new and renewal Fixed Deposits with the Company. With a maturity of 60 months, this special deposit scheme is available for a very limited period. Female senior citizens in particular can avail interest income of up to 10.99 percent per annum.
Depositors of Sriram Finance Unnati Deposits scheme with a maturity period of 60 months will be given interest income in 2 ways. Non-Cumulative Deposits i.e. receipt of deposit amount at the end of month, quarter, half year, year. Another is Cumulative Deposits which means reinvesting the interest amount and getting it at the end of the maturity period.
The interest rate for both is variable. For example, suppose 25-year-old Rahul invests Rs 5000 in Sriram Finance Unnati Deposits scheme with a maturity of 50 months. The Non-Cumulative Deposit which earns monthly interest is only 8 percent, while the Cumulative Deposits are 9.7 percent. 7,025 at the end of the maturity period.
This means 0.10 percent more interest income for women, 0.50 percent more interest income for senior citizens and 0.60 percent more interest for female senior citizens. Similarly, for female senior citizens, Non-Cumulative Deposit, which earns monthly interest, is 9 percent interest, while Cumulative Deposits are 11 percent interest. Rs 7,200 for a deposit of Rs 5,000 at the end of the maturity period.
You can invest in Sriram Finance’s Unnati Deposit scheme through offline and online channels. If you want to invest online, you have to register on this company’s website with your mobile number, submit your PAN and investment details, enter the investment period, KYC, bank details and make the payment, then you will get the deposit receipt in the next few seconds.