NEW DELHI: Shriram Metropolis Union Finance, a part of the Shriram Group, has hiked its fastened deposit charges by 15-25 foundation factors (bps) throughout totally different tenors.
The elevated Shriram Metropolis FD charges apply to tenors between 36 months to 60 months. The FD charges for 12-24 month tenors stay unchanged, and people for 36-month have been raised 25bps. 48-month tenors are 20bps and 60-month by 15bps. Additionally, a further curiosity of 0.50% every year will probably be paid to senior citizen depositors, which was 0.30% earlier. The brand new charges come into impact 20 Might.
The revised charges of curiosity are 6.5% for 12 months, 6.75% for twenty-four months, 7.75% for 36 months, 7.8% for 48 months, and seven.9% for a 60-month tenure.
The corporate’s long-term credit standing is at AA with a optimistic outlook by India Rankings, and AA on ranking watch with optimistic implications by CRISIL, ICRA and CARE, in accordance with the press launch.
Shriram Metropolis Union Finance is a non-banking finance firm, with enterprise targeted on rural and semi-urban segments and belongings below administration (AUM) at ₹385.4 billion, as per the corporate. It funds small enterprise enterprises and is the biggest two-wheeler financier. The corporate additionally presents gold loans and has a housing finance subsidiary, Shriram Housing Finance Ltd., with an AUM of ₹53.5 Billion.
Supply: Live Mint