Shriram City Union Finance hikes FD interest rates up to 25 bps

Non-banking finance company Shriram City Union Finance (Shriram City) catering to small businesses and two-wheeler segment on Thursday said it has raised interest rates on fixed deposits by 5-25 basis points (bps) across tenors.

One basis point is one-hundredth of one percentage.

Customers can earn interest up to 8.8 per cent on Fixed Deposits (FDs), effective from October 14, it said in a release.

It also announced a special benefit for women, offering them an additional 10 bps per annum on all FD rates.

The revised interest rates apply to tenures between 12 months to 60 months, the company said.

Besides, it will offer an additional interest of 50 basis points per annum to senior citizen depositors (over 60 years on the date of deposit/renewal) and an additional interest of 25 basis points per annum on all renewals where deposit has matured.