Investor Education
Shriram Transport Finance FD Interest Rates 2024
What is Fixed Deposits?
A fixed deposit (FD) is a popular investment option that many people choose to grow their savings. It is a type of savings account where you deposit a lump sum amount for a fixed period of time, usually ranging from a few months to a few years, and earn a fixed interest rate on your investment. Fixed deposits are considered to be a low-risk investment option as the returns are guaranteed, and the interest rate remains the same throughout the tenure of the deposit. However, the interest rate varies depending on the bank or financial institution you choose and the tenure of the deposit.
Senior citizens are often given a higher interest rate on fixed deposits as compared to regular customers. Fixed deposit interest rates for senior citizens can be up to 0.5% higher than the regular interest rate offered to other customers. This is because senior citizens are seen as a more reliable and stable customer base, and hence, they are offered better rates. Among the many advantages of fixed deposits is that they can be used as collateral to avail of loans. This is referred to as a loan against FD. Banks and financial institutions offer loans against fixed deposits at lower interest rates as compared to other types of loans.
There are different types of fixed deposits available in the market to cater to different needs. Some of the common types of fixed deposits include regular fixed deposits, tax-saving fixed deposits, and flexi fixed deposits.
Shriram Transport Finance FD Interest Rates 2023
Fixed deposits are one of the safer ways to earn a decent return on your savings. These allow you to deposit your money for a specific tenure and earn a fixed return on the amount. Shriram Transport Finance Company is one of the leading NBFCs (non-banking financial institutions) in India, with a rich history dating back to 1979.
The company is known to offer some of the highest interest rates on FDs. It is currently offering interest rates of over 8 percent, with the tenure of these deposits ranging from 12 months to 60 months. Let us take a look at Shriram Transport Finance FD Interest Rates 2023 and other significant details regarding these fixed deposit schemes.
Types of Shriram Transport Finance Fixed Deposit Schemes
Types of Shriram Finance FD Schemes Shriram Finance gives two varieties of FD schemes, namely cumulative and non-cumulative. Following are the features of each of these schemes.
1.) Non-Cumulative FD Scheme Tenure:
2.) Cumulative FD Scheme Tenure:
Shriram Transport Finance Fixed Deposit Interest Rates 2023
Here are Shriram Transport Finance FD rates for cumulative and non-cumulative deposits.
| 1.) Interest Rates for Non-Cumulative Deposits | ||||
| Period (months) | Monthly % (p.a.) | Quarterly % (p.a.) | Half-yearly % (p.a.) | Yearly % (p.a.) |
| 12 | 7.34 | 7.39 | 7.46 | 7.60 |
| 18 | 7.48 | 7.53 | 7.60 | 7.75 |
| 24 | 7.76 | 7.82 | 7.89 | 8.05 |
| 30 | 7.90 | 7.96 | 8.04 | 8.20 |
| 36 | 7.95 | 8.01 | 8.09 | 8.25 |
| 42 | 8.00 | 8.06 | 8.14 | 8.30 |
| 50 | 8.18 | 8.24 | 8.33 | 8.50 |
| 60 | 8.18 | 8.24 | 8.33 | 8.50 |
| 2.) Interest Rates for Cumulative Deposits | |||
| Period (months) | Rate (p.a. at monthly rests) | Effective yield % (p.a.) | Maturity value for Rs. 5000/- |
| 12 | 7.34 | 7.60 | 5380 |
| 18 | 7.48 | 7.90 | 5590 |
| 24 | 7.76 | 8.37 | 5835 |
| 30 | 7.90 | 8.71 | 6085 |
| 36 | 7.95 | 8.95 | 6340 |
| 42 | 8.00 | 9.21 | 6610 |
| 50 | 8.18 | 9.71 | 7025 |
| 60 | 8.18 | 10.07 | 7515 |
Shriram Transport Finance Fixed Deposit Features & Benefits
1.) Higher Returns on Your Deposits
With STFC, you can enjoy one of the highest FD interest rates in India. While regular citizens can earn up to 8.40%, senior citizens can score up to 8.90% interest rates on their term deposits. Please note that these rates include a 0.10% additional rate for women depositors and a 0.50% extra interest rate for senior citizens. Moreover, these returns are guaranteed. Therefore, even if FD interest rates in the broader market fall after the deposit, you enjoy the same interest rate till maturity.
2.) Source of Regular Income
Shriram Transport Finance's non-cumulative fixed deposits are a great source of regular income. You can choose to receive the interest earned on a monthly, quarterly, half-yearly, and yearly basis to manage your expenses.
3.) Easy Liquidity for Emergencies
Financial emergencies can occur at any time, and STFC understands the same. That is why the NBFC offers partial or whole withdrawal of the fixed deposit amount prior to the maturity date.
4.) Flexible Maturity Period
STFC allows you to choose the FD tenure that suits you the best. You can opt from 12 months (one year) to 60 months (five years) as per your short and long-term financial needs.
5.) Compounding Effect
Cumulative deposits offer you a chance to maximize your returns by letting compounding work its magic. Here, you earn interest not only on the principal amount but also on the interest earned.
Also Read: Flexi Fixed Deposit Rates
Watch this video to get more information about the Latest Shriram Finance FD Rates :Video: https://www.youtube.com/embed/C7aPyyCBBvg?si=alPVAuXv_vNwL5bf
Shriram Transport Finance FD Interest Rates 2024 for Senior Citizens
Shriram Transport Finance offers an additional interest rate of 0.50 percent per annum to senior citizens. Anybody who has completed the age of 60 years at the time of deposit or renewal can enjoy the higher Shriram Transport Finance FD rates for senior citizens.
Why Choose Shriram Transport Finance Fixed Deposits?
1.) Higher Returns: Shriram Transport Finance FD rates are higher than those offered by most other banks and NBFCs. Thus, you have a chance to earn more through your savings.
2.) Added Convenience with Flexible Term Options: You can deposit your savings for 12 months to 60 months as per your requirement.
3.) Low Minimum Deposit Amount: While many banks require a minimum deposit of Rs. 10000, you can create an FD with Shriram Transport Finance with just Rs. 5000.
4.) Higher Returns for Senior Citizens: Senior citizens earn an additional 0.50 percent annual interest with Shriram Transport Finance fixed deposits.
Features and Benefits of Shriram Transport Finance Fixed Deposits
Here are the eligibility criteria for opening a fixed deposit with Shriram Transport Finance.
| Who can open an FD? | Resident individual, company, partnership firm, Hindu Undivided Family (HUF), unincorporated association or body of individuals, and Trust & Foundation |
| Can NRIs open an FD? | Yes, but for a maximum period of three years |
| Investment amount | Minimum: Rs. 5000, in the multiples of 1000 |
| Tenure | Minimum: 12 months Maximum: 60 months |
Guidelines for Premature Withdrawal of Shriram Transport Finance Fixed Deposits
Shriram Transport Finance reserves the right to allow, at its discretion, the withdrawal of a deposit by a depositor, prior to the maturity date. As per the RBI’s directions, the following rule applies to repayment on premature withdrawal of Shriram Transport Finance fixed deposits.
| Up to three months for the date of deposit or renewal (lock-in period) | No repayment (not applicable in the event of depositor’s death) |
| Between three and six months from the date of deposit or renewal | No interest |
| After six months from the date of deposit or renewal but before the date of maturity | Interest payable two percent lower than applicable for the deposit for the period for which the deposit lasted, and three percent lower if no interest rate specified for the period |
Loan against Shriram Transport Finance Fixed Deposit
Depositors can easily take a loan against their fixed deposits with Shriram Transport Finance. The loan amount can be up to 75 percent of the FD amount. The applicable interest rate on the loan is two percent higher than the interest rate payable on the fixed deposit.
How to invest in Shriram Transport Finance FD?
A Shriram Finance FD account may be opened through extraordinary modes like Mobile App, Internet Banking, and offline.
1) Internet Banking:
Follow the under-referred steps for opening a Shriram Finance FD account through Internet banking-
- Visit the legit internet site of Shriram Finance.
- Under the 'Menu', click on on 'Products'. Under 'Products', choose ‘Deposits’ and then click on on ‘Fixed Deposits.’
- Next, click on on ‘Invest now’.
- Provide all the required details with nominee information.
- Fill out the price and adulthood details and complete the fee in the direction of the FD. Accept the phrases and conditions and next, click on ‘Submit’ to establish an FD account with Shriram Finance.
2) Mobile App:
MyShriram App Follow the stairs mentioned in advance to open an FD account through the Shriram Finance App-
- Download the MyShriram App.
- Under 'Products', click on ‘Deposits’ and choose ‘Fixed Deposits’.
- Provide all of the required details, nominee facts, charge, and adulthood commands.
- After verifying all the information and accepting the phrases and conditions and click on ‘Submit’ for commencing an FD account through MyShriram App.
3) Opening Shriram Finance FD Offline
- For starting a Shriram Finance FD account via offline mode, one has to visit the nearest Shriram Finance department.
- Fill out the Shriram Finance FD utility form and gift all of the essential files with the deposit quantity.
- On a hit processing of the software, an FD receipt will be supplied via Shriram Finance.
Documents to Open Shriram Transport Finance FD
The following documents ought to be supplied for beginning 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 way of National Population
- Register with name and cope with.
- HUF declaration for a HUF For a agency, memorandum and articles of affiliation, certificate of incorporation, proof of identity, and address.
- Registration certificates, partnership deed for a partnership company
- Any different documents as asked through Shriram Finance.
Tax on Shriram Finance Fixed Deposits
Fixed deposits with Shriram Transport Finance Company Limited (STFC) can be issued for taxation in India. Here's a brief evaluation of the tax implications:
Interest Income: The interest income earned on Shriram Transport Finance fixed deposits is taxable as per the Income Tax Act, 1961. These earnings are delivered for your total taxable earnings for the economic year.
TDS (Tax Deducted at Source): Shriram Transport Finance is required to deduct TDS on the interest earnings earned if it exceeds a targeted threshold. As of my expertise cutoff date in September 2021, the edge for TDS on fixed deposit hobby was ₹five,000 in keeping with the financial year. If your total interest profits from constant deposits with Shriram Transport Finance exceed this threshold, TDS might be deducted from the triumphing price at the time of interest payment. The current TDS fee is typically 10%, however, this price may additionally alternate, so it is critical to check the trendy TDS rates.
Form 15G/15H: If your overall income for the 12 months is under the taxable restriction and you want to keep away from TDS deduction, you can post Form 15G (for people under 60 years of age) or Form 15
Frequently Asked Questions about Shriram Transport Finance FD Interest Rates
Q. Can I withdraw my fixed deposit before the maturity date ?
A. Yes, you can withdraw your fixed deposit before the maturity date. However, premature withdrawal may attract a penalty as per the terms and conditions of the company.
Q. Is the interest earned on Shriram Transport Finance fixed deposits taxable?
A. Yes, the interest earned on fixed deposits is taxable as per the Income Tax Act.
Q. What is the minimum and maximum investment tenure in Shriram Transport Fixed Deposit?
A. The Minimum tenure of a fixed deposit is 12 months and the maximum tenure is up to 60 months.
Q. Updated Shriram Finance FD Rates in 2023?
A. The latest Shriram Finance Fd Rates with returns at up to 9.10%* p.a. Invest in Shiram transport Finance and prosper with a safe "[ICRA]AA+" rated FD. and Additional 0.10% for Women Depositors.
Q. How will I receive the interest amount?
A. The Interest Amount will receive in your bank account.
Q. What are the different types of FD plans available with Shriram Finance?
A. Shriram Transport Finance offers Cumulative and Non-Cumulative Fixed Deposit Plans
Q. How do I calculate returns from Shriram Transport Finance's fixed deposit ?
A. You can use an online Shriram Transport Finance fixed deposit interest calculator to find the total return from your FD. You can adjust the deposit amount and deposit period to gauge the return and make informed decisions regarding the FD. This is a useful tool that investors must use before opening any term deposit account.
Q. How much additional Shriram Transport Finance FD interest rate do senior citizens earn?
A. The NBFC offers 0.50 percent higher interest rates for senior citizens. Moreover, the company also offers a 0.10 percent additional FD interest rate for women. Thus, if you are a woman aged 60 years or above, you can earn up to a 9.05 percent interest rate on your term deposit.
Q. Do the latest Shriram Transport Finance fixed deposit rates 2023 apply to existing FDs?
No. The revised interest rates only apply to new and renewed Shriram Transport Finance fixed deposits. You will continue to earn the same interest on your existing FD.
Q. Do I get additional interest upon renewing my Shriram Transport Finance fixed deposit?
A. Yes. You get 0.25 percent additional interest when you renew your Shriram Transport Finance FD upon maturity.
Q. Can I add funds to my existing Shriram Transport Finance fixed deposit ?
A. No, you cannot add funds to your ongoing term deposit. However, you can start a new Shriram Transport Finance fixed deposit. Please note that you will earn the prevailing interest rate on your new FD.
Q. What is the minimum and maximum deposit period for Shriram Transport Finance fixed deposits ?
A. While the minimum deposit period is 12 months, the maximum deposit period is 60 months.
Q. What is the difference between cumulative and non-cumulative deposits ?
A. Interest is payable on a periodic basis in non-cumulative schemes, whereas interest is payable only at the time of maturity for cumulative schemes.
Q. Are Shriram Transport Finance fixed deposits transferable ?
A. No, these fixed deposits are non-transferrable.
Q. Can I take a loan against my FD with Shriram Transport Finance ?
A. Yes. Shriram Transport Finance grants loans of up to 75 percent of the fixed deposit amount. Such loans are only available on fixed deposits more than three months old.
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