New Delhi [India], September 21 (ANI/NewsVoir): Even as other banks and NBFCs have slashed interest rate on fixed deposits in the current challenging market scenario, Shriram City Union Finance (Shriram City), one of India's leading deposits accepting NBFCs, has launched a high yield cumulative fixed deposit (FD) scheme called "Shriram City Fixed Deposit (CumulativeNon-Cumulative Scheme)" with the tenure of up to five years that offers highest interest rate in the market much beyond the expectations of the investors.
Shriram City Cumulative Scheme offers 8.09 per cent p.a. interest rate with an additional 0.40 per cent p.a. interest to senior citizens which altogether results in an effective yield of 9.94 per cent p.a. and 10.53 per cent p.a. respectively.
In Non-Cumulative scheme Shriram City offers up to 8.40 per cent p.a. and additional 0.40 per cent p.a. for Sr. Citizens with monthly, quarterly, half-yearly or yearly interest pay-outs. The scheme is exclusively crafted in keeping with the financial needs of senior citizens. One of the unique feature of Shriram City Fixed Deposit is that, it cumulates interest on monthly basis.
Which results in the highest interest yield compared to other institutions which offers quarterly, half-yearly or yearly cumulating on your investment. Even at this distressing time when a series of repo rate cuts have led to several banks and NBFCs reducing interest rates on fixed deposits, Shriram City Union Finance has launched a high yielding fixed deposit scheme.
Shriram City is India's largest Two-Wheeler and MSME financier with a huge presence across the country. "Social distancing is the new norm and this will result in a surge of people moving from public transport to an economic mode of private transport Two-Wheeler. We have already started seeing a spike in Two-Wheeler volumes compared to the previous months. The need for capital from the MSME sector has already started knocking our doors and the coming months will see a lot of funding. Retail deposits will definitely help us manage the capital requirements in both the Two-Wheeler and MSME lending space," said YS Chakravarti, MDCEO, Shriram City Union Finance.
Shriram City Union Finance Fixed Deposit has the highest credit-quality rating of MAA with stable outlook by ICRA which suggests the company does not default on the payment of the principal as well as the interest amount. Shriram City also provides credit to individuals with small businesses who might not have access to organized financial services in India. It provides Business Loans, Personal Loans, Two-Wheeler, Gold Loan and MSME loans.
A deposit accepting NBFC, Shriram City Union Finance is registered with the Reserve Bank of India (RBI) and Ministry of Corporate Affairs. Shriram City is India's most Trusted Financial Services Brand, according to the Brand Trust Report consecutively from 2016. Shriram City has a wide distribution network with over 947 branches across the country.
Incorporated in the year 1986, Shriram City Union Finance is a part of Shriram Group which is in the forty-sixth year of its existence. Shriram City Union Finance is India's leading deposit accepting Non-Banking Financial Company (NBFC) and it's also one of the frontrunners in retail financing space.
Shriram City Union Finance is among the largest financiers of MSMEs and Two-Wheelers in the country. It also offers multiple loan products for acquiring assets such as commercial vehicles, passenger vehicles and home loans. In addition, Shriram City Union Finance offers loan against gold ornaments and for personal consumption.
A deposit-accepting NBFC, Shriram City has, for the year ended March 2020, registered Assets under Management of over Rs 29085 Crore and a current customer base of almost 40.76 Lakh borrowers. Shriram City Union Finance embraces state-of-the-art technologies with a secured network and centralized monitoring capability which ensures availability of the right information to the authorized users of the branch.
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