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Shriram Transport Finance Bank FD Interest Rates

7.01% - 7.95%
Interest rates
1 year - 5 years
Time Period
5000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Shriram Transport Finance Bank FD

Shriram Transport Finance Company is India's largest financier of commercial vehicles. It makes loans for new and used commercial and passenger cars, tractors, and construction equipment. Shriram AMC is a mutual fund-focused asset management firm. In terms of FD interest rates, Shriram Transport Finance Company Limited fixed deposits rank much higher, i.e. When compared to bank FD rates, the company's FD rates are somewhat higher.

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Started On1979
Head QuartersIndia
CRISIL RatingNA
CEOUmesh G. Revankar
Listed on exchange asShriram Transport Finance Company Ltd.
ICRA RatingNA

Shriram Transport Finance Bank FD Rates 2022

TenureRegular customersSenior citizens

Features and Benefits of Shriram Transport FD

  • STFC provides the option of taking a loan against a fixed deposit to help with a financial constraint. In this case, the depositor does not have to rely on high-interest unsecured loans and can instead choose to borrow a certain amount against their FD.
  • If the depositor needs money right away and does not want to take out a loan against his or her fixed deposit, the firm offers another alternative for self-financing: premature withdrawal of the fixed deposit. 
  • If the FD is prematurely terminated after 3 months but before 6 months from the date of booking, no interest is due on the deposit.
  • If the FD is prematurely closed after 6 months but before maturity, interest is due at a rate that is 2% lower than the set FD rate.
  • TDS, or withholding tax, is levied on income tax. Tax is deducted at the point of sale.
  • TDS is deducted at 10% if the interest income exceeds Rs. 5,000 in a fiscal year.
  • TDS is charged at 20% if a PAN (Permanent Account Number) is not supplied.
  • If a person's yearly income is less than the minimum tax bracket, he or she may file Form 15G/15H so that the firm does not deduct TDS (This form needs to be re-submitted every year)

Types of Shriram Transport Finance Bank FD Schemes

Cumulative Scheme

  • Twelve, twenty-four, thirty-six, forty-eight, and sixty-month terms are available.
  • The minimum deposit amount is Rs. 5,000.
  • TDS is levied at a rate of 10%.
  • (20% for non-submission of PAN).
  • Premature Withdrawal: This option is available.
  • Loan against FD: This option is available.
  • Internet Banking is now available.
  • There is an auto-renewal option available (with or without interest).
  • There is an auto-refund option available (on maturity).

Non-Cumulative Scheme

  • Non-cumulative interest payment frequency: monthly/quarterly/half-yearly/yearly.
  • Non-cumulative interest is paid using NEFT.

Term wise Shriram Transport Finance Bank FD Rates

Short-term deposits

 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.

Medium-term deposits

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.

Shriram Transport Finance vs Other Banks' FDs

NameTenureInterest rate
1
2
3
4
5

How to invest in Shriram Transport Finance FD?

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-

  • Visit the official website of Shriram Finance.
  • Under the 'Menu', click on 'Products'.
  • Under 'Products', choose ‘Deposits’ and then click on ‘Fixed Deposits.’
  • Next, click on ‘Invest now’.
  • Provide all the required details with nominee information.
  • Fill out the payment and maturity details and complete the payment towards the FD.
  • Accept the terms and conditions and next, click on ‘Submit’ for opening an FD account with Shriram Finance.

2) Mobile App - MyShriram App

Follow the steps mentioned ahead to open an FD account via Shriram Finance App-

  • Download the MyShriram App.
  • Under 'Products', click on ‘Deposits’ and choose ‘Fixed Deposits’.
  • Provide all the required details, nominee information, payment, and maturity instructions.
  • After verifying all the details and accepting the terms and conditions and click on ‘Submit’ for opening an FD account via MyShriram 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.

 

Eligibility for Shriram Transport Finance Bank FD

Individuals or entities satisfying the following criteria can opt for a fixed deposit in Shriram Finance FD –

  • Individuals
  • Companies
  • Trusts and Foundations
  • Unincorporated associations
  • Partnerships
  • Body of Individuals
  • Hindu Und

Documents to Open Shriram Transport Finance FD

The following documents have to be furnished for opening a Shriram Finance FD –

  • Latest photographs
  • PAN Card or Form 60
  • Copy of Officially Valid Documents (OVD) like Passport, Voter ID, NREGA Job Card, Aadhar Card, Driving License, or letter by National Population Register with name and address.
  • HUF declaration for a HUF
  • For a company, memorandum and articles of association, certificate of incorporation, proof of identity, and address.
  • Registration certificate, partnership deed for a partnership firm
  • Any other documents as requested by Shriram Finance.

 

FAQs

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:

  • Form of Application (properly filled and duly signed).
  • Identity Verification (Passport, PAN Card, Driving License, Voter ID, or JOB Card by NREGA).
  • Address Verification (Passport, Driving License, Voter ID, Job Card by NREGA, AADHAAR Card and Pension Payment Order, latest utility bill, etc.).
  • Passport-sized photograph(s) must be included with the Application Form.

 

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.

Calculate Shriram Transport Finance FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Shriram Transport Finance
@7.01% p.a
Get higher interest rates
online upto 0%
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