STFC is also providing an additional interest of 0.15% per annum on fixed deposits to employees of Shriram Group Companies and their relatives.
Shriram Transport Finance Company Fixed Deposit is offering an interest of up to 8.9 per cent on fixed deposits under its Unnati Fixed deposits. The bank’s fixed deposit rates start from 7 per cent per annum and go up to 8.3 per cent. Since the Shriram Transport Finance Company gives an additional interest rate benefit of .5 per cent to Senior Citizens, they can enjoy higher returns at 8.8 per cent. The STFC provides an extra 0.10 per cent interest for women depositors and thus a woman senior citizen can interest up to 8.9 per cent on the five-year tenure deposits. The STFC is offering a rate of 7 per cent per annum on deposits maturing in one year. For the deposits maturing in 18 months, the rate of return is 7.3 per cent.
Read More: These company fixed deposits are offering over 6.5% interest, check list here
For fixed deposits with a maturity period of two years, the interest rate is 7.5 per cent, for 30 months, it’s 8 per cent, 8.05 per cent for 36 months or three years, 8.15 per cent for 42 months, 8.2 per cent for 48 months and 8.3 per cent for five years.
STFC is also providing an additional interest of 0.15% per annum to employees of Shriram Group Companies and their relatives. So, if you are a woman senior citizen and relative of an STFC employee, then you can earn an interest of 9.05 per cent.
The NBFC is also offering an additional interest of 0.25 per cent per annum on all renewals, where the deposit is matured. So, if your fixed deposit is matured and you reinvest it with the STFC, you will get an additional 0.25 per cent interest above the previous interest rate.
Read More: After Philips, Microsoft & Wipro This Company is Planning to Sack 4,000 Employees. Deets Inside
The STFC offers two kinds of fixed deposits – cumulative and non-cumulative. In the cumulative Fixed Deposit scheme, the interest rate is compounded along with the principal and payable at the time of maturity. However, in the non-cumulative Fixed Deposit scheme, the interest is payable on a monthly, quarterly, half-yearly, or yearly basis. The interest earned monthly under this scheme will be taxable. This scheme is most suitable for an individual who requires an interest payout periodically.
