Shriram Transport Finance Company is one of the largest financiers of commercial vehicles in India and offers different Fixed Deposit (FD) schemes. Shriram Finance FD rates are quite attractive and are available for a tenure of up to 60 months. The company’s interest rates for the general public range from 7.34% p.a. to 8.50% for FD tenures between 12 months and 60 months.
Considering opening an FD with the company to leverage the attractive Shriram transport finance FD rates? Check the following to learn more about the different schemes available, their features, the benefits offered, and the different Shriram transport finance FD interest rates for cumulative and non-cumulative deposits.
Features and Benefits of Shriram Finance FD Rates 2023
Some key features and benefits of Shriram Finance FD Rates 2023 that you must keep in mind are as follows:
- The tenure of the different Shriram Finance FD rates fluctuates between 1 year to 5 years.
- Shriram transport finance FD rates for senior citizens is 0.50% p.a. higher than the equivalent rate for the general public.
- Shriram Finance FD rate of interest is 0.10% higher for women FD depositors.
- When depositors renew their matured deposits, they get an additional 0.25% interest rate.
- The total interest amount is directly credited into the bank account of the depositor via NEFT.
- Shriram Finance FD rates come with nomination facilities.
- Auto-renewal facilities are available to allow depositors to renew either principal only or both principal and interest earned on maturity.
- Shriram Transport Finance offers depositors an option of taking a loan against their FD instead of opting for high-interest unsecured loans.
- Shriram Finance FD rates can be withdrawn before maturity to allow depositors to self-finance instead of taking out a loan against the FD.
- When the FD is withdrawn after 3 months but before 6 months from the booking date, the depositor does not get any interest on their deposit.
- If the depositor draws the FD prematurely after 6 months but before the date of maturity, the Shriram Finance FD rate of interest is 2% lower than that set.
- The tax deducted at source is levied on the income of the depositor:
- If income exceeds INR 5,000 in a fiscal year, 10% is deducted as TDS.
- If the depositor cannot supply a PAN card, 20% is deducted as TDS.
- In case the depositor’s yearly income is less than the minimum tax bracket set, they can file form 15G/15H to ensure that TDS on their income is not deducted.
- If applicable, form 15G/15H must be filed every year to ensure that TDS is not deducted from the total income earned.
Shriram Finance FD Rates for Domestic Term Deposits (Up to INR 5 Crores) Non-Cumulative
Period | Monthly (p.a.) | Quarterly (p.a.) | Half-Yearly (p.a.) | Yearly (p.a.) |
12 months | 7.34% | 7.39% | 7.46% | 7.60% |
18 months | 7.48% | 7.53% | 7.60% | 7.75% |
24 months | 7.76% | 7.82% | 7.89% | 8.05% |
30 months | 7.90% | 7.96% | 8.04% | 8.20% |
36 months | 7.95% | 8.01% | 8.09% | 8.25% |
42 months | 8.00% | 8.06% | 8.14% | 8.30% |
48 months | 8.04% | 8.10% | 8.18% | 8.35% |
50 months (JUBILEE) | 8.18% | 8.24% | 8.33% | 8.50% |
60 months | 8.18% | 8.24% | 8.33% | 8.50% |
Shriram Finance FD Rates for Domestic Term Deposits (Up to INR 5 Crores) Cumulative
Tenure | Monthly Interest Rate (p.a.) |
12 months | 7.34% |
18 months | 7.48% |
24 months | 7.76% |
30 months | 7.90% |
36 months | 7.95% |
42 months | 8.00% |
48 months | 8.04% |
50 months (JUBILEE) | 8.18% |
60 months | 8.18% |
Tax on Shriram Finance FD Rates
Income tax on all FDs where Shriram Finance FD rates are applicable is levied as Tax Deducted at Source (TDS). You must note that if the interest earned as income is more than INR 5,000 in a financial year, the TDS deducted is 10%. Another important point to keep in mind is that if depositors cannot produce a PAN card, the TDS levied is 20%.
However, depositors whose annual income is below the minimum income tax slab can submit form 15G/15H to ensure that Shriram Finance does not deduct TDS.
Loan Against Shriram Finance FD
Shriram Finance allows depositors to get loans against their FDs to allow them to finance their economic needs. However, the loan type, policies, and rate of interest depend on the rules set by the company from time to time.
Shriram Finance FD Rates Calculator
If you’re interested in investing in Shriram Finance FD rates and getting good returns, you can check out their investment calculator. Follow these steps to get an estimate on the return you will get based on the Shriram Finance FD rates 2023 that are applicable:
- Enter whether you are a senior citizen or not.
- Enter whether you are female or not.
- Enter your investment amount and ensure that it ranges between INR 5,000 and INR 10 crores.
- Enter your tenure which must be within 12 months and 60 months.
- Select your preferred payout term – yearly, on maturity, monthly, quarterly, and half-yearly.
- Click on the “Invest Online” button to get an estimate of the total receivable amount.
Conclusion
With so many schemes available, depositors can easily take advantage of the attractive Shriram Finance FD rates available. We recommend checking out the different schemes available and the rates applicable as per the tenure before investing for better savings.
Shriram Finance FD Rates FAQ’s :-
Yes, you can change your bank account details as you see fit. All you need to do is to submit your bank account details in the bank’s prescribed format.
Yes, Shriram Transport Finance allows depositors to add nominees to their FD schemes. Contact the bank representative to add a nominee to your FD scheme to ensure better savings.
Yes, you can easily open an FD with Shriram Transport Finance online through their official website.
The minimum tenure of an FD that you can invest in to take advantage of the attractive Shriram Transport Finance FD rates is 12 months.
You must submit these documents to successfully open an FD with Shriram Finance:
- A properly filled application form that is also duly signed.
- Passport, PAN card, driving licence, voter ID, or NREGA job card for identity verification.
- Passport, driving licence, voter ID, Aadhaar card, NREGA job card, latest utility bill, or payment pension order for address verification.
- Passport–size photographs that are to be attached to the application form.