Shriram Transport Finance Ltd. offers different fixed deposit schemes to the public with exquisite interest rates and a lengthy tenure of up to five years. The Shriram Finance FD rates range from an attractive value of 7.34% per annum to 8.50% per annum for the general organisation clientele and around 9.10% per annum with 0.50% per annum for the elderly and 0.10% p.a. for women clients. The tenure starts at 12 months, going up to around 60 months.
Types of Shriram Finance Fixed Deposit Schemes
The Shriram FD comes in two different fixed deposit schemes –
- Non-Cumulative Fixed Deposits
- The minimum investment starts at Rs. 5000.
- The interest earned by the clientele is calculated as compounded monthly along with the principal investment amount for the entire period of investment.
- Cumulative Fixed Deposits
- The minimum investment amount starts at Rs. 5000.
- The interest payments for this type of FD scheme can be carried out in four ways:
- Monthly payouts where the interest payment is credited on the last day of every month.
- Quarterly payouts where the interest payment is credited on the last day of March/June/September/December.
- Half-yearly payouts where the interest payment cycle is on the last day of March/September.
- Yearly payouts with payments on the last day of March.
What is the eligibility for Shriram Transport Finance FD account?
Shriram Transport Finance Ltd. has certain eligibility criteria that the clients need to remember before making the decision to start an account and enjoy the benefits of the Shriram Transport Finance FD rates. If you are one of the following you are eligible for the FD account:
- Non-Resident Indians
- Hindu Undivided Families
- Partnership Firms
- Resident Individuals
- Company, Trusts or Foundations
What documentation is required for a Shriram Transport Finance Ltd. FD account?
To start a fixed deposit account and begin the investing journey, investors should provide the following mandatory documents –
- Non-Resident Indians
- Proof of residence
- PAN Card
- PIO card as proof of Indian origin
- Passport and valid VISA
- DTAA declaration
- NRI undertaking
- Trusts and Foundations
- Proof of address and identity
- PAN card
- The trust deed and registration certificate
- Hindu Undivided Families
- Proof of address and identity
- HUF PAN card and declaration
- Company
- Proof of address and identity
- Company PAN
- Certification of Incorporation
- Memorandum and Articles of Association
- Power of Attorney to complete transactions
- Board of Directors’ resolution
- Resident Individuals
- Proof of address and identity
What are the FD rates for NRE/ domestic account holders?
Mentioned below in the table are the Shriram Finance FD rates 2023 for non-residents or domestic account holders:
FD Interest Rates for Cumulative Fixed Deposit Schemes
TENURE | INTEREST RATES FOR REGULAR CITIZENS (%) | INTEREST RATES FOR SENIOR CITIZENS (%) |
12 months | 7.34 | 7.84 |
18 months | 7.48 | 7.98 |
24 months | 7.76 | 8.26 |
30 months | 7.90 | 8.40 |
36 months | 7.95 | 8.45 |
42 months | 8.00 | 8.50 |
50 months (Jubilee) | 8.18 | 8.68 |
60 months | 8.18 | 8.68 |
FD Interest Rates for Non-Cumulative Fixed Deposit Schemes
TENURE | INTEREST RATES (%) | |||
MONTHLY | QUARTERLY | HALF-YEARLY | YEARLY | |
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 |
50 months (Jubilee) | 8.18 | 9.24 | 8.33 | 8.50 |
60 months | 8.18 | 8.24 | 8.33 | 8.50 |
How to avail a loan against your FD?
A loan against a fixed deposit conveniently allows the public to obtain loans with their FDs as collateral or security. The loan amounts, as well as the rates of interest for the loan, are decided on the basis of principles and rules set forward by Shriram Transport Finance Ltd.
What happens on premature withdrawal of funds?
Shriram Finance FD schemes permit early FD withdrawal. Their policy mentions that if the fixed deposit account has a premature withdrawal of funds after three months, Shriram Finance will not be paying back the deposit. In the event that the account is closed prematurely after six months of opening the fixed deposit account and before the account has reached maturity, then the account holders will have to settle with receiving interest at a rate that is 2% less than the Shriram Transport Finance FD rates.
Who is eligible to avail of the nomination facilities?
The investor may choose a person through a nomination facility to whom Shriram Finance Ltd. shall pay the deposit amount in case of the investor’s death. You must enter the nomination information in the proper order book space to use this function.
The following points denote the nomination facilities available for various investors of Shriram Transport Finance Ltd.:
- Clientele can nominate only one nominee per account, irrespective of whether the account is in sole or joint possession.
- A nomination can be submitted on behalf of a minor by a person who has the legal authority to manage that minor’s account.
- By completing the form required by the Banking Companies Rules of 1985, applicants may make nominations.
- It would be helpful to approach the nearest branch for more details.
Shriram Transport Finance FD Rates FAQs:-
Yes, one can open their Shriram Finance FD account offline by visiting the nearest Shriram Finance branch. The client needs to fill out an application form with personal details and attach the required documents for verification and account opening. After the submission of the application form, the branch officials will carry out a verification and authentication process before providing a FD receipt.
The Shriram FD calculator can be used to calculate cumulative as well as non-cumulative interest returns. The clients need to enter the desired amount to be invested along with the investment tenure. Then the calculator will compute the desired results.
Yes, Shriram Finance Ltd. allows its clients to avail of loan facilities against their investments in fixed deposit schemes. The loan amounts, as well as the rates of interest for the loan, are decided on the basis of principles and rules set forward by Shriram Transport Finance Ltd.
No. Once a client opens an FD account with Shriram Transport Finance Ltd, the FD account cannot be transferred.
Shriram Finance allows premature withdrawal of funds. But the company will not be paying the deposit to the investor if the FD account is closed due to premature withdrawal of funds before the completion of six months of opening an FD account.