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Shriram FD Rates

About Shriram Bank

Investing in a fixed deposit is a great financial decision that can bring you a lot of benefits in the present and future. Fixed deposits are provided as investment options by NBFCs and banks. This form of investment is secure as the returns are guaranteed. And when it comes to providing excellent fixed deposit schemes, then Shriram Finance is at the top of that list.

Shriram FD rates are highly competitive and the fixed deposit schemes are rated MAA+ and have a stable outlook. These ratings have been given by ICRA and CRISIL. Apart from all this, Shriram Finance company also provides other services like life insurance, commercial vehicle loans, business loans, and working capital loans.

If you want to grow your income steadily, then investing in a fixed deposit scheme is an excellent idea. However, you should still be as prepared as possible before investing in a fixed deposit scheme. If you are worried about that, then you shouldn’t be as we are here to help you out.

Features of Shriram FD

Let’s start by looking at the features provided by Shriram Finance to its customers.

  • Attractive Shriram FD rates
  • The option to get interests paid at different intervals, including monthly, quarterly, half-yearly, and yearly
  • The interest earned amount is paid at the end of every month for monthly payouts, it is processed on the last day of March and September for half yearly payouts, and on the last day of March for yearly payouts
  • The interest amount earned through the fixed deposit is paid by the bank through Electronic Clearing Service (ECS) or National Electronic Funds Transfer (NEFT)
  • Just like cumulative deposits, non-cumulative deposits can also be done in the multiples of INR 1,000 and for a minimum amount of INR 5,000
  • Senior citizens over the age of 60 years will get an additional interest of 0.40% per annum
  • An additional interest rate of 0.15% per annum is also provided to the employees of Shriram Group Companies. The same additional interest rate is applicable for the relatives of Shriram Group Company employees
  • Investors will also get an additional interest rate of 0.25% on all renewals

 

Shriram FD Rates

Now that you are familiar with the features provided with Shriram fixed deposits, it is time to go over the fixed deposit interest rates. You can do that by going through the table given below.

Period Interest Rate for General Citizens Interest Rate for Senior Citizens
1 year 7.25% 7.65%
1 year and 3 months 7.44% 7.84%
2 years 7.44% 7.84%
2 years and 6 months 7.86% 8.26%
3 years 7.86% 8.26%
3 years and 9 months 7.90% 8.30%
4 years 7.90% 8.30%
5 years 8.09% 8.49%

The Shriram non-cumulative fixed deposit rates are also mentioned below. It should be noted that these interest rates are applicable for monthly payouts.

Period Interest Rate for General Citizens Interest Rate for Senior Citizens
1 year 7.25% 7.65%
1 year and 3 months 7.44% 7.84%
2 years 7.44% 7.84%
2 years and 6 months 7.86% 8.26%
3 years 7.86% 8.26%
3 years and 9 months 7.90% 8.30%
4 years 7.90% 8.30%
5 years 8.09% 8.49%

The Shriram non-cumulative fixed deposit rates that are applicable for quarterly payouts are given below.

Period Interest Rate for General Citizens Interest Rate for Senior Citizens
1 year 7.30% 7.70%
1 year and 3 months 7.49% 7.89%
2 years 7.49% 7.89%
2 years and 6 months 7.92% 8.32%
3 years 7.92% 8.32%
3 years and 9 months 7.96% 8.36%
4 years 7.96% 8.36%
5 years 8.15% 8.55%

The Shriram non-cumulative fixed deposit rates applicable for half-yearly payouts are mentioned in the table below.

Period Interest Rate for General Citizens Interest Rate for Senior Citizens
1 year 7.37% 7.77%
1 year and 3 months 7.56% 7.96%
2 years 7.56% 7.96%
2 years and 6 months 8.00% 8.40%
3 years 8.00% 8.40%
3 years and 9 months 8.04% 8.44%
4 years 8.04% 8.44%
5 years 8.23% 8.63%

The Shriram non-cumulative fixed deposit rates are given below. These interest rates are only applicable in the case of yearly payouts.

Period Interest Rate for General Citizens Interest Rate for Senior Citizens
1 year 7.50% 7.90%
1 year and 3 months 7.70% 8.10%
2 years 7.70% 8.10%
2 year and 6 months 8.15% 8.55%
3 years 8.15% 8.55%
3 years and 9 months 8.20% 8.60%
4 years 8.20% 8.60%
5 years 8.40% 8.80%

Benefits of Shriram FD Rates

The benefits that one can get by investing in a Shriram fixed deposit are:

  • Attractive interest rates
  • A choice between cumulative and non-cumulative schemes
  • Fast processing
  • Quick approval
  • Online registration
  • AA+ credited by CARE

 

Types of Shriram FD Rates

There are different types of Shriram FD rates provided. These rates differ according to the fixed deposit schemes. You should be familiar with the different Shriram FD schemes that are there in the market. If you are not already familiar with it, then there is nothing to worry about as we have got you covered.

There different Shriram fixed deposit schemes are:

  • Non-Cumulative Deposits: In these deposits, the investor has the option of getting monthly, quarterly, half-yearly, or yearly payouts.
  • Cumulative Deposits: In this type of fixed deposit scheme, the interest is paid at the time of maturity along with the principal amount.

 

Eligibility of Shriram FD Rates

To be eligible for a Shriram fixed deposit scheme, one must be an Indian citizen and should fall into one of the categories mentioned below.

  • Individuals
  • Hindu Unified Families
  • Firms
  • Trusts
  • Corporates
  • Senior citizens
  • Minors

 

How to Calculate Shriram FD Rates

It is very easy to calculate the Shriram fixed deposit interest rates. All you need to do is open the Shriram fixed deposit interest rate calculator and enter all the details required. Click on calculate once you have entered the details and just watch the magic happen!

By using the Shriram fixed deposit interest calculator you can find the fixed deposit scheme that works best for you. In this manner, you can make a financially profitable investment decision without any hassle.

Factors Affecting Shriram FD Rates

There are many factors that have an effect on the Shriram interest rate for fixed deposits. This is one of the biggest reasons why the interest rates offered by Shriram Financial Company are always fluctuating. Do you want to know what these factors are? If yes, then today is your lucky day as we have mentioned these factors in a list below.

  • Demand for money
  • Supply of money in the market
  • Government borrowing
  • Fiscal deficit
  • Presence or absence of inflation
  • Foreign exchange rates
  • Global interest rates
  • Influence and policies of the central bank

 

FAQs:

I have a Shriram fixed deposit. I recently heard that the interest rates for fixed deposits have changed. Will that have an effect on my existing deposit?

No, changing interest rates do not have any effect on existing fixed deposits. This is according to the rules and regulations of the company.

What is the interest rate on loans that I can get against my fixed deposit?

The interest rate on loans that can be availed against deposits is 2% above the rate of interest that is payable on the deposit.

Are NRI deposits accepted by Shriram Finance Company?

Sadly, no. Currently, Shriram Finance Company does not accept fixed deposits from NRIs.

Is it possible to transfer my Shriram fixed deposit under someone else’s name?

No, it is not possible to transfer your Shriram fixed deposit under someone else’s name.

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