Dear Customer,
The Reserve Bank of India (RBI) on October 4, 2016 released the fourth Bi-Monthly Monetary Policy Statement 2016-17. The key announcement under the policy is the interest rate cut of 25 bps (1 bps is 0.01%).
In view of the above, most of the banks and corporates have already reduced the interest rates on their fixed deposits scheme.
Keeping this in mind, we suggest you to consider investing in 'AAA' rated Shriram Transport Finance Co. (STFC) fixed deposits which is currently offering upto 8.75% p.a. interest.
The current rate of interest on STFC FD scheme is valid only upto October 9, 2016.
Let us compare the difference in the Maturity Amount of STFC FD with the fall in interest rates:
Parameter Current FD Rates Revised FD Rates
(Valid till Oct 9, 2016) (Valid from Oct 10, 2016)
Investment amount 1000000 1000000
Annual Rate of Interest (p.a.) 8.75% 8.50%
Period of Investment 5 Years 5 Years
Scheme Cumulative Cumulative
Amount on Maturity* 15,21,060 15,03,657
Annual Yield 10.42% 10.07%
Difference in Maturity Amount 17,403
Current Interest Rates Click here
* Maturity amount shown above is indicative & pre tax
** Premature withdrawal option is available only after 3 months of investing in the STFC
Minimum investment amount in STFC FD is 25,000 for Cumulative Schemes
Additional interest of 0.25% p.a. for Senior Citizens in STFC
Regards,
ICICIdirect.com
 
 
 
 
 
 
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