Introduction:
In today's uncertain financial landscape, it becomes crucial to churn out stable investment avenues. Shriram Finance, a trusted name in the financial sector, offers Fixed Deposit (FD) schemes that provide a secure way to grow your wealth. In this blog, we delve into the details of the interest rates, types and structures offered by Shriram Finance FDs.
Shriram Finance FD Interest Rates:
Shriram Finance offers competitive FD interest rates across various tenures, catering to the diverse needs of investors. Here's a glimpse of the interest rates offered:
- Short-term Tenures (1 year and below):
- Interest rates typically range from 6.50% to 7.25% per annum, depending on the specific tenure.
- Medium-term Tenures (1 year to 5 years):
- Interest rates vary between 7.00% to 8.00% per annum, providing attractive returns over the investment period.
- Long-term Tenures (5 years and above):
- FD interest rates range from 7.50% to 8.50% per annum, offering stable returns for extended periods.
Shriram Finance FD Interest Rates on Retail Deposits (Cumulative) effective from 9th April 2024:
| Tenure | Regular Citizens | Senior Citizens |
| 12 months | 7.59% | 8.09% |
| 15 months | 7.87% | 8.37% |
| 18 months | 7.73% | 8.23% |
| 24 months | 7.87% | 8.37% |
| 30 months | 8.05% | 8.55% |
| 36 months | 8.38% | 8.88% |
| 42 months | 8.42% | 8.92% |
| 50 months | 8.47% | 8.97% |
| 60 months | 8.47% | 8.97% |
Shriram Finance FD Interest Rates on Retail Deposits (Non-Cumulative) as of April 9th, 2024
| Tenure | Monthly | Quarterly | Half Yearly | Yearly |
|-----------------|--------|----------|-----------—-|-----------|
| 12 months | 7.59% | 7.63% | 7.71% | 7.85% |
| 15 months | 7.87% | 7.92% | 8.00% | 8.15% |
| 18 months | 7.73% | 7.77% | 7.85% | 8.00% |
| 24 months | 7.87% | 7.92% | 8.00% | 8.15% |
| 30 months | 8.05% | 8.10% | 8.18% | 8.35% |
| 36 months | 8.38% | 8.43% | 8.52% | 8.70% |
| 42 months | 8.42% | 8.47% | 8.56% | 8.75% |
| 50 months | 8.47% | 8.52% | 8.62% | 8.80% |
| 60 months | 8.47% | 8.52% | 8.62% | 8.80% |
**Notes:
1. Additional interest rate of 0.25% on renewals of matured deposits.
2. Additional 0.10% interest rate is offered to women FD depositors.
Shriram Finance FD interest rates are subject to change based on market conditions and company policies. It's advisable to check the latest rates before investing.
Types of Shriram Finance Fixed Deposits:
Cumulative Fixed Deposits:
- Minimum deposit: Rs 5,000
- Interest compounded monthly with principal
- Invested tenure determines interest earned
Non-Cumulative Fixed Deposits:
- Minimum deposit: Rs 5,000
- Interest payable monthly, quarterly, semi-annually, or annually
- Payment schedule:
- Monthly: Last day of each month
- Quarterly: Last day of March, June, September, December
- Half-Yearly: Last day of March, September
- Yearly: Last day of March
- First interest paid month after deposit processing
Features of Shriram Finance Fixed Deposits:
- Tenure: 1 to 5 years
- Additional interest:
- 0.50% for senior citizens
- 0.10% for women
- 0.25% on renewed matured deposits
- Interest credited via NEFT to the depositor's bank account
- Nomination facility available
- Auto-renewal options:
- Principal only
- Principal and interest
- Auto-refund facility for maturity amounts
Eligibility Criteria for Shriram Transport FD Scheme:
The Shriram Finance Fixed Deposit Account is open to:
- Individuals
- Trusts
- Companies
- Partnerships
- BOIs (Body of Individuals)
- HUFs (Hindu Undivided Families)
- Unincorporated associations
- Foundations
Documents Required:
To open an account, you'll need:
- PAN (Permanent Account Number) or Form 60
- Passport
- Voter ID
- Aadhaar Card
- Driving License
- Proof of Partnership: Partnership deed, ID Proofs, and Signatures of authorized signatories, including certificates.
- Any additional documents as required by Shriram Finance
Conclusion:
With Shriram Finance FD rates, investors gain access to a reliable investment avenue that offers competitive returns with capital protection. Whether you're seeking short-term liquidity or long-term wealth creation, Shriram Finance FDs provide flexible solutions to meet your financial goals. Consider diversifying your investment portfolio with Shriram Finance FDs and embark on a journey towards financial stability and growth.
However, from an investor perspective, the interest offered by Banks is still not enough to beat inflation and taxation. So, if you are looking for an alternative fixed income instrument that can give you way better returns than FDs, visit Tap Invest now.
FAQs On shriram finance fd rates:
1. How can I invest in Shriram Finance FDs?
Investing in Shriram Finance FDs is easy. You can visit the nearest Shriram Finance branch or apply online through their official website.
2. What is the minimum investment amount for Shriram Finance FDs?
The minimum investment amount varies depending on the specific FD scheme. Usually, the minimum investment amount begins at Rs. 1,000, ensuring accessibility for a broad spectrum of investors.
3. Are Shriram Finance FDs safe?
Shriram Finance is a trusted financial institution with a strong track record of reliability. FDs offered by Shriram Finance are safe, providing capital protection and assured returns.
4. Can I prematurely withdraw my Shriram Finance FD?
Yes, premature withdrawal facilities are available for Shriram Finance FDs. However, it may be subject to certain terms and conditions, including penalty charges.
5. Are the interest rates on Shriram Finance FDs fixed or variable?
The interest rates offered on Shriram Finance FDs are fixed for the entire tenure of the deposit. This ensures predictability and stability in returns for investors.
