Shriram Finance is now offering fixed deposit designed to cater to the needs of senior citizens. This initiative comes at a pivotal time when the financial security of the elderly is becoming increasingly important. According to a report by the Ministry of Statistics and Programme Implementation, the population of senior citizens in India is projected to grow from 138 million in 2021 to 194 million by 2031. Addressing this significant demographic shift, Shriram Finance’s fixed deposit plans offers a secure and stable investment avenue to senior citizens for safeguarding their financial future.
Shriram Finance FD offers highly competitive interest rates up to 9.40% p.a. (inclusive of 0.50% p.a. for Senior Citizen and 0.10% p.a. for Women Depositors). Higher interest rates directly translate to more substantial earnings, ensuring a reliable income stream during retirement. The FD offers flexible tenure options, ranging from 12 months to 60 months. The application process is straightforward, with minimal documentation required. Senior citizens can invest through various channels, including the website and Shriram One App, ensuring ease of access and convenience.
Shriram Finance offers multiple interest payment options. Senior citizens can choose to receive their interest payouts monthly, quarterly, half-yearly, or annually, depending on their financial needs. This flexibility ensures that they can manage their cash flow effectively, aligning with their expenditure patterns.
