By News Desk 
The digital payments space in India is set to witness intensified competition as Shriram Finance Limited, a major NBFC under the Shriram Group, prepares to make its foray into the payments business. The company has announced its intention to launch mobile wallet services, prepaid cards (including food and gift cards), and FASTag solutions.
According to the official statement, the board has given the green light to these payment services, and the company is now awaiting approval from the Reserve Bank of India (RBI) to move forward. If granted, this expansion could create significant pressure on established players like Paytm and PhonePe, who currently dominate the digital payments ecosystem.
In parallel with its digital ambitions, Shriram Finance has also updated its fixed deposit (FD) interest rates across different tenures, with the new rates taking effect from May 2, 2025. The company is offering attractive rates to appeal to a broader range of investors.
For instance, senior citizens will receive an additional 0.50% per annum over standard rates, while women investors are being offered a 0.10% annual bonus. Additionally, those renewing their deposits will benefit from an extra 0.25% interest per year.
Here’s a quick breakdown of the updated FD rates:
- 12-month deposit: 7.65% per annum
- 24-month deposit: 7.90% per annum
- 36-month deposit: 8.40% per annum
Moreover, Shriram Finance has introduced a digital-only FD scheme with a 15-month tenure, offering an interest rate of 7.90% per annum. These deposits have been given high safety ratings—AA+ (Stable) by ICRA and IND AA+ (Stable) by India Ratings and Research—making them a secure option for conservative investors.
The minimum investment amount is set at ₹5,000, with deposits accepted in multiples of ₹1,000. With this dual strategy of entering the payment services sector while enhancing savings products, Shriram Finance is positioning itself as a formidable player in both the fintech and traditional finance landscapes.