Established in 1986, Shriram City Union Finance is an NBFC (non-banking financial company) that offers retail financing. With over 1000 branches all over India, SCUF has become a trusted name in the areas of personal, vehicle and small business financing as well as fixed deposits.
The fixed deposit schemes from Shriram City Union Finance can be categorised into two sections. One being the regular fixed deposit scheme and the other is the Shriram City Yuva Deposit. A brief about the schemes available is mentioned in the following sections.
Fixed deposit accounts at Shriram City Union can be opened by either an individual, a minor, a senior citizen, a Hindu Undivided Family, trusts, firms or corporations.
Sums of a minimum of Rs. 5000 for the cumulative and a minimum of Rs. 10,000 for the non-cumulative schemes are required in order to open a fixed deposit account. There is no maximum limit applicable and the deposits are to be made in multiples of Rs. 1000. The cumulative fixed deposit can be renewed for its maturity value.
Fixed deposits with Shriram City Union offer a nomination facility and for payments of deposits, ECS facility is also available.
Shriram City Union offers Fixed Deposits under Cumulative and Non-Cumulative modes.
|Shriram City Union FD Rates for Non- Cumulative Deposit|
|Period (in months)||Yearly(% per annum)||Half Yearly (% per annum)||Quarterly(% per annum)||Senior citizen (yearly)(% per annum)|
The terms for fixed deposits stay the same (from 1 year to 5 years). The rate of returns vary sizably towards the second year onwards. The effective interest percentages per annum at monthly rests under this mode would be 7.49%, 7.58%, 7.72%, 7.86% and 7.95% for the 1 year, 2 years, 3 years, 4 years and 5 years respectively.
Under both the modes of deposits, the additional benefit of 0.25% is applicable for senior citizens aged 60 years or more.
To promote a sense of investing and saving in the youth, Shriram City Union Finance has started a special FD plan known as Shriram City Yuva Deposit. The salient features of this deposit can be mentioned as follows -
Established in 1986, Shriram City Union Finance is an NBFC (non-banking financial company) that offers retail financing. Shriram City Union offers Fixed Deposits under cumulative and non-cumulative modes.
Interest rates on non-cumulative deposits may vary depending on the frequency of compounding and deposit period chosen. Interest rates at monthly rests for non-cumulative fixed deposits have been revised. The non-cumulative interest rates have been revised as per monthly, quarterly, half-yearly, and annual basis. The monthly interest rates for the deposits with tenures ranging 12 and 24 months are 8.42%, whereas from 36-60 months it’s 8.65%. Quarterly interest rates 12-24 months are 8.48% and for 36-60 months 8.71%. For the half-yearly fixed deposits, the rates of interest for 12-24 months and 36-60 months applicable are 8.57% and 8.81% respectively. The annual rate of interest for non-cumulative fixed deposits with tenures 12-24 months, 36-60 months are 8.75% and 9.0% respectively.
20th November 2015
Shriram City Union Finance has cut interest rates on existing fixed deposit products. This is in line with cuts made on FDs by banks and non-banking companies.
The rate cut is effective as of May 1st 2015. It is extended to senior citizen depositors as well who will no longer receive additional interest over rack rates.
The company features an FD scheme designed for the youth called ‘Yuva Fixed Deposits’. It is aimed at depositors between the ages of 18 and 35 years. The scheme has an AA+ rating, awarded by CARE. Depositors under this scheme are offered special benefits such discounts on loan processing fees and online facilities for application.
While banks are currently offering interest at around 8% - 8.5% p.a. on fixed deposits, NBFCs are better off at around 9% - 9.5% p.a. With the expectation of lower FD rates in coming months, investors are considering company FDs as an alternative to banks to earn higher returns on investments.
6th May 2015