How Much Interest on Fixed Deposit in Shriram Finance?
Numerous banking and non-banking institutions offer deposit services to investors, allowing them to earn higher interest compared to a regular savings account. These accounts are commonly known as fixed deposit accounts since they have a predetermined maturity period. The minimum duration for a fixed deposit is three months, and different banks and non-banking financial firms have varying interest rates for this duration.
One notable option is the Shriram Finance Fixed Deposit, which provides appealing schemes with long-term interest benefits. With this deposit, investors have the opportunity to earn up to 9.10%* per annum. Additionally, customers can enjoy flexible tenures ranging from 12 to 60 months, and they have the freedom to choose from various payout options, including monthly, quarterly, half-yearly, yearly, or at maturity.
Shriram Fixed Deposit – What are the Benefits?
Investing in a Shriram Fixed Deposit offers several benefits. Here are ten points outlining the advantages:
- Higher Interest Rates: Shriram Fixed Deposits often provide higher interest rates compared to traditional savings accounts, allowing your investment to grow at a faster rate.
- Flexible Tenure Options: Shriram offers flexible tenure options ranging from a few months to several years, allowing you to choose the investment duration that suits your financial goals.
- Stable Returns: Fixed Deposits provide stable and predictable returns. The interest rate remains fixed throughout the tenure, ensuring that you receive a predetermined amount at maturity.
- Assured Income: Investing in a Shriram Fixed Deposit can provide you with a regular income stream, as you can opt for interest payouts at regular intervals (monthly, quarterly, or annually).
- Safety and Security: Shriram is a well-established and reputable financial institution, ensuring the safety and security of your investment. They adhere to regulatory guidelines and have a strong track record.
- No Market Fluctuations: Unlike investments in stocks or mutual funds, fixed deposits are not subject to market fluctuations. Your returns are not impacted by the ups and downs of the stock market.
- Easy Application Process: Applying for a Shriram Fixed Deposit is a simple and hassle-free process. You can visit a branch, apply online, or even use mobile apps to invest conveniently.
- Loan Facility: Shriram Fixed Deposits can serve as collateral to avail loans. You can obtain a loan against your deposit amount, providing liquidity without breaking the fixed deposit.
- Senior Citizen Benefits: Shriram offers attractive interest rates and additional benefits to senior citizens, providing them with enhanced returns and catering to their financial needs.
- Tax Benefits: Shriram Fixed Deposits offers tax-saver fixed deposits that provide deductions under Section 80C of the Income Tax Act, helping you reduce your tax liability.
Remember to consider the terms and conditions, interest rates, and any associated charges or penalties before investing in a Shriram Fixed Deposit. It’s advisable to seek professional advice or consult the official Shriram website for the most accurate and up-to-date information.
Shriram Fixed Deposit Schemes
Shriram Fixed Deposit has two exciting schemes to offer to its customers:
Non-Cumulative FD Scheme
| Period (Months) | Monthly % p.a. | Quarterly % p.a. | Half-Yearly % p.a. | Yearly % p.a. |
| 12 | 7.34 | 7.39 | 7.46 | 7.6 |
| 18 | 7.48 | 7.53 | 7.6 | 7.75 |
| 24 | 7.76 | 7.82 | 7.89 | 8.05 |
| 30 | 7.9 | 7.96 | 8.04 | 8.2 |
| 36 | 7.95 | 8.01 | 8.09 | 8.25 |
| 42 | 8 | 8.06 | 8.14 | 8.3 |
| 50 (JUBILEE) | 8.18 | 8.24 | 8.33 | 8.5 |
| 60 | 8.18 | 8.24 | 8.33 | 8.5 |
Cumulative FD Scheme
| Period (Months) | Monthly % p.a. | Quarterly % p.a. | Half-Yearly % p.a. | Yearly % p.a. |
| 12 | 7.34 | 7.39 | 7.46 | 7.6 |
| 18 | 7.48 | 7.53 | 7.6 | 7.75 |
| 24 | 7.76 | 7.82 | 7.89 | 8.05 |
| 30 | 7.9 | 7.96 | 8.04 | 8.2 |
| 36 | 7.95 | 8.01 | 8.09 | 8.25 |
| 42 | 8 | 8.06 | 8.14 | 8.3 |
| 50 (JUBILEE) | 8.18 | 8.24 | 8.33 | 8.5 |
| 60 | 8.18 | 8.24 | 8.33 | 8.5 |
- Lowest possible outlay: To invest, you will need at least ₹5,000 and deposits must be made in multiples of ₹1,000.
- Premature Withdrawal: Withdrawals are prohibited for the first 3 months. No interest is received if the amount is withdrawn after 3 months but before 6 months.
Shriram Fixed Deposit Calculator
When it comes to one’s hard-earned cash, everyone places the utmost importance on accuracy, dependability, and a guarantee. The Shriram Fixed Deposit Interest Calculator covers all of those bases. Since the interest rate is calculated mechanically, you may feel assured that the results will be correct. It is a useful tool for anyone considering making a long-term investment. You can use it for future budgeting and saving.
When one invests, the goal is to either to increase or protect one’s financial standing. Everyone is afraid of losing it. The Shriram FD calculator’s projected rate of return, which includes principal and interest, is guaranteed. The investment amount and investment period can both be customised with this tool. The initial outlay might be as little as ₹5,000 and as much as ₹10 lakhs, and the payoff period can be anywhere from 12 months to 60 months. As a result, the investor has complete control over the terms of their investment.
Wrapping Up
Fixed deposit schemes are highly preferred because they provide many benefits and are easy to maintain. The fixed deposit rate for 3 months gives good returns and is not heavy on the pockets. It is one of the best ways to save money and reap great returns. Moreover, it provides an extra interest for women and senior citizens.
Invest now in Shriram Fixed Deposit and earn up to 9.10%*p.a. inclusive of 0.50%*p.a. for senior citizens and 0.10%*p.a. for women depositors.
FAQs
What is the mode of interest payment?
The interest you earn on your fixed deposit will be credited to the bank account linked to your fixed deposit account.
When will the interest be credited in a non-cumulative FD scheme?
The interest in a non-cumulative FD scheme will be credited in the following manner:
- On the last day of every month (monthly payout)
- On the last day of March/June/September, and December (quarterly payout)
- On the last day of March and September (half-yearly payout)
- On the last day of March (yearly payout)
What are the documents required for opening a Shriram Fixed Deposit account?
- Income Tax Rules of 1962 define PAN cards and Form 60
- Recent images
- Name and address information from an OVD, such as a passport, UIDAI card, Election card, applicant’s employment card, driver’s license, or NPR letter.
- A company’s identification documents, including all the important documents as well as evidence of address.
- Any other declaration as deemed necessary must be made.
Key Highlights
- Fixed deposit is a safe investment with regular and assured returns irrespective of market fluctuations.
- Shriram Fixed Deposit has two schemes of FDs for different tenures with interest rates up to 9.10%* p.a.
- The Shriram FD calculator can be used to calculate the maturity amount.
- Applicants must have all the paperwork available for applying for FD Schemes.