Shriram Finance Fixed Deposit

Shriram Transport Finance Company Ltd. (STFC) is a commercial vehicle finance company. It is also an NBFC that offers savings products like FDs. Shriram Finance FDs are rated FAAA and MAA+ by CRISIL and ICRA, respectively. This article covers Shriram Finance FD, its types and interest rates in detail.

Types of Shriram Finance FD Schemes

Shriram Finance offers two types of FD schemes, namely cumulative and non-cumulative. Following are the features of each of these schemes.

Non-Cumulative FD Scheme

• Tenure: The tenure of Non-Cumulative FD is available in 12, 24, 36, 48 and 60 months.
• Interest: The fd interest rates range between 7.23% to 8.4% per annum. Moreover, senior citizens get an additional 0.4% interest on their deposits. The interest payments happen at monthly, quarterly, half-yearly or yearly intervals. The interest payment is on the last day of each month for the monthly payout. For a quarterly payout, the interest payment is on the last day of March, June, September, and December. For the half-yearly payout, the interest payment is on the last day of March and September. The interest for the yearly payout is on the last day of March.
• Minimum investment: The minimum investment is INR 5,000, and deposits can be only in multiples of INR 1,000.
• Premature withdrawal: No premature withdrawal up to 3 months of the deposit. If the deposit is withdrawn before six months, but after three months, then no interest will be paid. However, if the deposit is withdrawn after six months, Shriram Finance charges a penalty of 2% on the contracted interest rate.
• Auto-renewal and auto refund: Shriram finance allows auto-renewal and also an auto refund of the non-cumulative fixed deposit.
• Safety: Shriram Finance FDs are rated ‘FAAA or Stable’ by CRISIL and ‘MAA+ or with a stable outlook’ by ICRA. These indicate the highest degree of safety and high credit quality, respectively, hence investing in Shriram Finance FD is safe.

Cumulative FD Scheme

• Tenure: The tenure of Cumulative FD is available in 12, 24, 36, 48 and 60 months.
• Interest: The interest rates range between 7.25% to 8.09% per annum. Moreover, senior citizens get an additional 0.4% interest on their cumulative deposits. The interest payment is during the maturity of the fixed deposit.
• Minimum investment: The minimum investment in cumulative FD is INR 5,000, and deposits can be only in multiples of INR 1,000.
• Premature withdrawal: No premature withdrawal up to 3 months of the deposit. If the cumulative FD is withdrawn before six months but after three months, then no interest will be paid. However, if the deposit is withdrawn after six months, Shriram Finance charges a penalty of 2% on the contracted interest rate.
• Auto-renewal and auto refund: Shriram finance allows auto-renewal and auto refund of the cumulative fixed deposit.
• Safety: Shriram Finance FDs are rated ‘FAAA or Stable’ by CRISIL and ‘MAA+ or with a stable outlook’ by ICRA. These indicate the highest degree of safety and high credit quality, respectively, hence investing in Shriram Finance FD is safe.

Eligibility To Open a Shriram Finance FD Deposit Account

Following is the eligibility criteria for opening a fixed deposit account with Shriram Finance:

• Individuals
• Partnerships
• Companies
• Hindu Undivided Family (HUF)
• Trusts and Foundations
• Unincorporated associations
• Body of Individuals
• NRIs

How to Open a Shriram Finance FD Deposit Account?

One can open a Shriram Finance FD account through various modes such as internet banking, mobile app and offline.

Internet Banking

The following steps will help an individual to open a Shriram Finance FD account through internet banking:

• Firstly, go to Shriram Finance Website.
• On the menu tab, click on products.
• Under products, select ‘Deposits’ and click on ‘Fixed Deposits.’
• On the fixed deposits page, click on ‘Invest now’.
• Enter all the necessary details, including nominee details.
• Provide payment and maturity details and make the payment towards the FD.
• Accept the terms and conditions and then click on ‘Submit’ to open an FD account with Shriram Finance.

Through Mobile App

MyShriram App

• Following are the steps to invest in Shriram Finance FD using the MyShriram App:
• Download the MyShriram App
• Under products, click on ‘Deposits’ and select ‘Fixed Deposits’.
• Enter all the necessary details, including nominee, payment and maturity instructions.
• Verify all the details and accept the terms and conditions and ‘Submit’ to open an FD account with Shriram Finance using their Mobile App.

Offline Shriram Finance FD Opening

To open a Shriram Finance FD, visit the nearest Shriram Finance branch, fill in the FD application form with all the necessary details, and submit all necessary documents. Upon successful opening of the FD account, Shriram Finance will provide an FD receipt.

Documents Required to Open a Shriram Finance FD Deposit Account

Following are the documents that one requires to open an FD account with Shriram Finance:

• Pan Card or Form 60 as defined in Income Tax Rules, 1962
• Latest photographs
• Copy of Officially Valid Documents (OVD) like Passport, Aadhar Card, Voter ID, NREGA Job Card, Driving License, or letter by National Population Register with name and address.
• For a company, certificate of incorporation, memorandum and articles of association, proof of identity and address.
• Registration certificate and partnership deed for a partnership firm
• HUF declaration for a HUF
• Any other documents as required by Shriram Finance