Overview

Shriram Finance stands out as a reliable issuer of fixed deposits with their credit rating of AA+/Stable from India Ratings and Research (Ind-Ra) and ICRA. The NBFC offers investors a secure avenue to grow their savings with a low minimum investment requirement of ₹5,000.

 

This makes the Shriram Finance FD an attractive option for those looking to start their investment journey. Additionally, the NBFC offers additional interest rate benefits to women and senior citizens, at 0.10% p.a. and 0.50% p.a., respectively.  

Shriram Finance FD Interest Rates

Here are the cumulative and non-cumulative FD interest rates for Shriram Finance applicable across different tenors and investor types.

 

Non-senior Citizen Interest Rates

Tenor (in months)

Cumulative

Non-cumulative

Interest Rate (p.a. at monthly rests)

Effective yield % p.a.

Monthly (p.a.)

Quarterly (p.a.)

Half-yearly (p.a.)

Yearly (p.a.)

12

7.59%

7.85%

7.59%

7.63%

7.71%

7.85%

18

7.73%

8.16%

7.73%

7.77%

7.85%

8.00%

24

7.87%

8.49%

7.87%

7.92%

8.00%

8.15%

30

8.05%

8.88%

8.05%

8.10%

8.18%

8.35%

36

8.38%

9.49%

8.38%

8.43%

8.52%

8.70%

42

8.42%

9.75%

8.42%

8.47%

8.56%

8.75%

50

8.47%

10.10%

8.47%

8.52%

8.62%

8.80%

60

8.47%

10.50%

8.47%

8.52%

8.62%

8.80%

Disclaimer: The above-mentioned interest rates are as of 9th April 2024 and are subject to change at the issuer’s discretion. Women depositors are provided an additional interest rate of 0.10% p.a. over existing rates. Upon renewal, investors are provided an additional 0.25% p.a. over the prevailing rates.

 

Senior Citizen Interest Rates

Tenor (in months)

Cumulative

Non-cumulative

Interest Rate (p.a. at monthly rests)

Effective yield % p.a.

Monthly (p.a.)

Quarterly (p.a.)

Half-yearly (p.a.)

Yearly (p.a.)

12

8.09%

8.39%

8.09%

8.14%

8.22%

8.39%

18

8.23%

8.72%

8.23%

8.28%

8.37%

8.54%

24

8.37%

9.07%

8.37%

8.42%

8.51%

8.69%

30

8.55%

9.49%

8.55%

8.61%

8.70%

8.89%

36

8.88%

10.13%

8.88%

8.94%

9.04%

9.25%

42

8.92%

10.42%

8.92%

8.98%

9.08%

9.29%

50

8.97%

10.81%

8.97%

9.03%

9.13%

9.34%

60

8.97%

11.26%

8.97%

9.03%

9.13%

9.34%

Disclaimer: The above-mentioned interest rates are as of 9th April 2024 and are subject to change at the issuer’s discretion. Women depositors are provided an additional interest rate of 0.10% p.a. over existing rates. Upon renewal, investors are provided an additional 0.25% p.a. over the prevailing rates.

Shriram Finance FD Types

1. Cumulative FD

In a cumulative FD, interest is only paid on maturity, depending on the tenor chosen. You can choose from tenor options including 12, 18, 24, 30, 36, 42, 50, and 60 months. Aside from the additional interest rate provided to senior citizens and women depositors, you will receive an extra 0.25% p.a. upon renewal of a matured FD.

 

You can opt to auto-renew your cumulative FD investment. This facility can be accessed at the time of investing.

2. Non-cumulative FD

The tenor range for both cumulative and non-cumulative FDs are the same at Shriram Finance. However, the interest payout frequency is flexible. Choose from different intervals, such as monthly, quarterly, half-yearly, and annual.

 

Additionally, investors can opt for auto-renewal for the principal amount once the FD matures. The Shriram Finance non-cumulative FD rates range from 7.85% p.a. to 8.860% p.a. An additional 0.50% p.a. interest rate is applicable for senior citizens. Women depositors also get the benefit of an extra 0.10% p.a. over the interest rates.

Features and Benefits of Shriram Finance FD

Flexible Tenors

You can choose from a wide range of tenors, starting from 12 months to 60 months  

Low Investment Amount

To get started with a cumulative or non-cumulative fixed deposit, you must invest ₹5,000 or higher in multiples of ₹1,000

Auto-renewal Facility

At the time of booking an FD, choose the auto-renewal option and select between the renew principal or principal and interest at maturity options  

Auto-refund Option

Once the auto-refund feature is activated, the maturity amount will be directly credited into your account at the end of the tenor 

Loan Against FD

You can avail of a loan against FD if the deposit is over 3 months old

Eligibility Criteria and Documents Required

The following entities are eligible to open a Shriram Finance FD:

  • Individuals

  • NRIs

  • Hindu United Family (HUF)

  • Companies

  • Partnership Firms

  • Trusts and Foundations

  • Unincorporated Associations

  • Body of Individuals

 

To open a Shriram Finance FD, you may be required to keep the following documents handy:

  • PAN Card or Form 60

  • Recent passport-size photographs

  • Copy of an official document with name and address, such as a passport, an Aadhaar card, a voter identification card, or an NREGA-issued job card

  • Official declaration or a letter from the National Population Register for HUF

  • Certificate of incorporation, memorandum and articles of association, proofs of identity and address for a company or business

  • Registration certificate and deed of partnership for partnership firms

 

The documents required can change depending on whether you are booking the FD online or offline. Additionally, only individual investors can book the FD online. Other investors will have to follow the offline process by filing the application form and submitting the necessary documents.

Process to Apply for Shriram Finance FD

Follow the below mentioned steps to book a Shriram Finance FD through Bajaj Markets.

  1. Login by providing details like mobile number and date of birth

  2. Enter the OTP that has been sent to your registered mobile number for authentication

  3. Compare the interest rates offered by various FD partners

  4. Select your desired interest rate and partner, along with the preferred tenor and interest payout frequency

  5. Provide name and PAN Card details for verification to initiate CKYC

  6. If CKYC fails, upload your Aadhaar Card, PAN Card, and a selfie for verification

  7. Enter your bank account details, including account number, IFSC, and bank name

  8. Add your nominee’s details

  9. Make an online payment to complete the transaction

Frequently Asked Questions

Are Shriram Finance FDs safe?

Yes. ICRA and India Ratings and Research have both rated Shriram Finance FDs as AA+/Stable.

What is the maximum tenor for which a Shriram Finance FD can be booked?

The maximum tenor for a Shriram Finance fixed deposit is 5 years.

Is it possible to transfer my Shriram Finance FD account?

No, you cannot transfer your Shriram Finance FD account.

What is the minimum investment tenor with Shriram Finance FD?

The minimum tenor for a Shriram Finance FD is 12 months.

Is it possible to add nominees to Shriram Finance FD?

Yes, you can add one nominee per Shriram Finance FD account.

Can I open joint accounts with Shriram Finance Fixed Deposit?

Yes, you can open joint accounts with Shriram Finance Fixed Deposit.

Is it possible to open a Shriram Finance Fixed Deposit account online?

Yes, you may book a Shriram Finance Fixed Deposit account online on Bajaj Markets.

Are there any special interest rates for senior citizens with Shriram Finance FD?

Yes, the Shriram Finance FD interest rates for senior citizens are placed 0.50% over the applicable rates.

Can I prematurely withdraw funds from a Shriram Finance Fixed Deposit?

The lock-in period for the FD is three months, during which it cannot be prematurely closed. If closed between three to six months, no interest will be payable. After six months, interest will be paid as per pre-closure norms.

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