Shriram City Union Finance and Shriram Transport Finance have raised record retail FDs worth Rs 2,000 crore in July 2021.Both the companies are part of Shriram Group.
While Shriram City raised retail FDs worth Rs 390 crore, STFC raised Rs 1,610 crore in July 2021, the highest ever funds raised from retail FDs for both entities, a release said on Tuesday. In Q1 FY22, Shriram City witnessed retail FD growth of 33 per cent to Rs 5,761 crore and STFC saw a 49 per cent rise to Rs 17,903 crore. Shriram City is a Chennai-based leading SME, two-wheeler and gold financing non-banking financial company (NBFC).STFC is a Mumbai headquartered asset financing NBFC.
Now the highest Interest rate being offered by STFC is more than the interest rates being offered by the Government of various small savings schemes like Public Provident Fund(PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC) and Kisan Vikas Patra (KVP).The FDs attracts to small investors also as the deposits accepted multiple of one thousand onwards subject to a minimum value of five thousand . The FDs also offered an additional interest of 0.30% P.A for senior citizen who already completed age 60 years and also 0.25% P.A of additional interest will be paid on all renewal completed where the deposit matured .
