Product Details
Bank Name
Shriram Finance Limited
Eligibility
Resident Individuals Partnership Firms
Companies Hindu Undivided Families (HUFs)
Trusts and Foundations NRIs (Accepted for a maximum period of 3
years)
Unincorporated Association or Body of
Individuals
Interest Rate
upto 9.45%
Tenure
12 - 60 months
Fixed Deposit Type
Regular
Fixed Deposit
Tax Benefits
No, only provided on FDs with lock-in period of 5 years.
Credit Ratings
"[ICRA]AA+ (Stable)" by ICRA and "IND AA+/Stable" by India Ratings and Research
Interest Payment Frequency
monthly, quarterly, half-yearly, yearly or at maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Deposits
Cumulative and Non-cumulative options
Features
Higher Interest Rate Grow your savings with interest rates as high as 9.05%* p.a.
Benefits for Senior Citizens Senior citizens get an additional 0.50%* p.a.
Special Interest Rates for Women Women depositors get an additional 0.10%* p.a.
Flexible Tenure Choose from the flexible investment options starting from 12 to 60 months.
Flexible Payout Options Choose from flexible interest payout options, i.e., monthly, quarterly, half-yearly, yearly or at maturity
Minimum Investment Amount
Rs. 5000/-
Features & Benefits
Pros
Attractive Interest Rates
Flexible Tenure Options
Assured Returns
Senior Citizen and Women Benefits
Renewal Benefits
Cons
Early Withdrawal Penalty
Credit Rating Risk
Lower Liquidity
Tax on Interest Income
Pros & Cons
Account Opening Procedure
How to Open?
Offline Process:
Visit a Shriram Finance Branch: Locate the nearest Shriram Finance branch and visit it in person.
Fill in the Application Form: Obtain an FD application form from the branch and fill it out completely with accurate information.
Submit Documents: Submit the required KYC documents along with the filled application form.
Make Payment: Make the deposit payment at the branch using cash, cheque, or demand draft.
Application Procedure
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