|CEO||Umesh G. Revankar|
|Listed on exchange as||Shriram Transport Finance Company Ltd.|
|Tenure||Regular customers||Senior citizens|
The short-term deposits range from 12 months to 48 months. The interest rates offered for general customers are 7.01% to 7.81%, and 7.41% to 8.21% for senior citizens.
The medium-term deposits range from 48 months to 60 months. The interest rates offered are 7.95% for general customers, and 8.35% for senior citizens.
A Shriram Finance FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Shriram Finance FD account via internet banking-
2) Mobile App - MyShriram App
Follow the steps mentioned ahead to open an FD account via Shriram Finance App-
3) Opening Shriram Finance FD Offline
For opening a Shriram Finance FD account via offline mode, one has to visit the nearest Shriram Finance branch. Fill out the Shriram Finance FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by Shriram Finance.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Shriram Finance FD –
The following documents have to be furnished for opening a Shriram Finance FD –
On Shriram Finance Fixed Deposits, income tax will be levied as Tax Deducted at Source. Note that if the interest income goes beyond Rs. 5,000 in a financial year, TDS will be deducted at 10%. Also, if PAN is not submitted, TDS will be levied at 20%.
If an investor's annual income drops below the minimum income tax slab, he/she can submit Form 15G/15H so that the company doesn't deduct TDS.
Shriram Finance provides loans against their Fixed Deposits. The loan and the rate of interest for the loan depend on the rules set by Shriram Finance.
Shriram Finance permits premature withdrawal of Fixed Deposit. Note that no interest is payable to the deposit if Fixed Deposit is closed prematurely after 3 months but before 6 months from the date of the Fixed Deposit booking. Interest will be payable at a 2% lower rate than the Fixed Deposit rate if it is prematurely closed after 6 months of the Fixed Deposit booking but before the maturity period.
Is it a good idea to put money into Shriram Transport Finance Fixed Deposits?
CRISIL rates STFC FD as FAAA/Stable, while ICRA rates it as MAA+ with a Stable Outlook. These scores imply excellent credit quality, which translates to a better level of safety. However, because business fixed deposits are not covered by the DICGC (Deposit Regulatory and Credit Guarantee Corporation), prospective clients must conduct extensive research on the firm first.
What is the maximum time period for which one may invest in an STFC FD?
An FD can be held for a maximum of five years by an investor.
Do Shriram Transport Finance Company employees receive any extra FD benefits?
Employees of Shriram Group Companies receive an extra 0.15 percent interest rate on top of the current FD interest rates.
What are the documents needed to start the scheme?
Before investing in fixed deposits with Shriram Transport Finance Company Limited, the following papers must be reviewed:
Who is eligible for this scheme?
Anyone who falls into one of the following groups is eligible to invest in Shriram Transport Finance fixed deposits:
Individuals, Companies, HUF, Partnership companies, trusts, and more.