High Interest rate FD : The interest rates on term deposits are continuously coming down. Be it bank FDs or post office term schemes or fixed income schemes like Kisan Vikas Patra, the interest rates of all have come down in recent times. The interest rates on bank FDs have come down to five to six percent. But Shriram Transport Finance Company ( STFC) and Shriram City Union Finance Limited is offering an interest rate of up to 7.75 percent on FD. This Sukanya Samriddhi Yojana ( SSY) is more than the interest received on National Savings Certificate (NSC) and Kisan Vikas Patra (KVB). Shri Ram Transport Finance Company ( STFC) and Shriram City Union Finance Limited are both offering 7.75 per cent interest on five-year FDs. At the same time, this interest rate on Cumulative deposit will increase to 9.05 percent.
More interest than PPF, Sukanya Samriddhi and NSC
If seen in this way, then the interest rates on FD of STFC and Shriram City give more interest than PPF (Public Provident Fund), Sukanya Samridhi Yojana (Sukanya Samridhi), National Savings Certificate and Kisan Vikas Patra. PPF is getting 7.1 per cent interest.Sukanya Samriddhi Yojana, KVP and NSC get 7.6 per cent interest rate.Though these small savings schemes also get tax benefits.
Investment Tips: If banks are troubled by the low interest of FD, then senior citizens should invest money here, full guarantee of security and inflation will also be defeated.
Continuous increase in FD of Shriram Transport and Shriram City
Shriram City is a Chennai based NBFC that deals in SME, Two-Wheeler Financing, Gold Loan. Shriram Transport Finance Company and Shriram City are the companies of Shriram Group. In July, Shriram Transport Finance Company had raised an FD of Rs 2000 crore. The company has 64 lakh customers across the country. In July 2021, Shriram City raised an FD of Rs 390 crore and STFC Rs 1610 crore. This is the highest FD collected by both the companies so far. In the first quarter of the financial year 2021-22, the retail FD of Shriram City grew by 33 percent to reach Rs 5,761 crore. On the other hand, the FDs raised by Shriram Transport Finance Company grew by 49 percent and reached Rs 17,903 crore.
(Article : Rajeev Kumar)