Big News: New FD Interest Rates! On FDs, up to 9% interest will be offered; view the most recent rates.

 Big News: New FD Interest Rates! On FDs, up to 9% interest will be offered; view the most recent rates.

For those who are making fixed deposits in the new year, there is good news about the interest rate. Two non-banking finance companies (NBFCs) raised their fixed-rate mortgage (FD) interest rates in the new year. Fixed deposit rates have raised at Sundaram Finance and Shriram Finance Ltd. Beginning on January 1, 2023, the revised rates are in effect.


Increased interest rates on FDs from Sundaram Finance

As of January 1, Sundaram Finance's FD interest rate has changed. The 12-month deposit interest rate has risen to 7.20%. Similar to this, 7.50 percent interest will be offered on deposits made for 24 months and 7.50 percent interest on deposits made for 36 months.

More advantages for senior citizens



Seniors can deposit money with Sundaram Finance at an interest rate of 7.70% for deposits made for 12 months and 8% for deposits made for 24 and 36 months.


Greater FD profit at Shriram Finance

Earning 9.36% interest on FDs in Shriram Finance Limited is an excellent possibility. Along with the increase in FD interest, all renewals will also be eligible for an additional 0.25 percent interest. Interest rates on deposits maturing in 12 months increased by NBFCs by 30 basis points (bps) to 7.30%, while interest rates on deposits maturing in 18 months climbed by 20 bps to 7.50%.

additional attraction to women and older people

For a 24 month term, Shriram Finance raised the interest rate by 25 basis points, from 7.50% to 7.75%. In contrast, NBFC offers 8% interest on 30-month FDs. Senior citizens will receive 0.50 percent more interest than other citizens. Additionally, female depositors will receive 0.10 percent more interest.