(STFC), a part of the Shriram Group, has announced a hike in fixed deposit rates by 25 to 50 basis points (0.25%p.a. to 0.50%p.a.) across different tenures.

Now, customers can earn interest up to 8.75% on FDs, effective from Aug 10, 2022, according to a statement from STFC. The interest rate is 8.25 percent is for the 60-month tenure.

Interest rates on fixed deposits

STFC is offering interest rates of 8% on FDs with terms of up to 36 months and for 48 months, it offers 8.15 percent. The updated interest rate for a one-year FD is 6.75 percent, and for a two-year FD, it is 7.25 percent.

Senior citizens

Senior Citizen depositors are eligible for an additional 0.5 percent annual interest from STFC. This means that on a 5-year fixed deposit, seniors can earn 8.75 percent interest. On renewals where the deposit is matured, an additional 0.25 percent interest will be paid annually, the business stated in a statement.