Question 1

Can I add funds to my Fixed Deposit?

Accepted Answer

No. Any funds cannot be added at a different time of the FD tenure once booked.

Question 2

What is the minimum and maximum investment tenure in an FD with Shriram Finance?

Accepted Answer

At Shriram Finance, the minimum tenure of a fixed deposit is 12 months, while the maximum is up to 60 months.

Question 3

How will I receive the interest amount?

Accepted Answer

Once you have signed up for a fixed deposit, the interest will be credited to your registered bank account.

Question 4

What is a maturity date?

Accepted Answer

A maturity date is the time when all due funds are paid into your registered nominated account.

Question 5

Are there any special rates for senior citizens?

Accepted Answer

Yes! Here at Shriram Finance, senior citizens can enjoy special interest rates, with an additional 0.50% p.a. on fixed deposits.

Question 6

Who can invest in fixed deposits with Shriram Finance Limited?

Accepted Answer

Shriram Finance Limited accepts investments from individuals aged 18 years or above, companies, partnership firms, Hindu Undivided Families (HUF), trusts, foundations, incorporated associations, and NRIs.

Question 7

Can a deposit be made in the name of a minor alone?

Accepted Answer

Precisely, yes! An individual can make a deposit in the name of a minor with the information that the minor is represented by his/her natural or legal guardian. The deposit application form has to be signed by the natural or legal guardian on behalf of the minor. Any information or communication that needs to be addressed shall be delivered to the guardian.

Question 8

How do I change my correspondence address?

Accepted Answer

Changing one’s correspondence address is an easy task. All you need to do is send a valid address proof along with a request letter stating the address or contact change in the prescribed format (click to download) to the FD processing centre. On receiving the details, the changes will be updated in our records within seven working days. You can also log in to our customer portal to make further modifications regarding your correspondence address for your current investments.

Question 9

How much can be deposited in a fixed deposit with Shriram Finance?

Accepted Answer

You can deposit and invest between Rs. 5,000 to Rs. 5 Crore, making it accessible for first-timers and other depositors to expand their portfolios.

Question 10

How do I calculate the interest on my Fixed Deposit?

Accepted Answer

Calculating interest on your fixed deposits has now become easier with our FD calculator. Here are the things that you should be clear about:

The amount you wish to invest in your deposits
Maximum tenure that you want to extend for your interest payout

When you are choosing these two fundamentals, the FD calculator will show the interest rates that are applicable for both cumulative and non-cumulative FDs.

Question 11

What are the extra details required by Shriram Finance?

Accepted Answer

We don’t require any extra details beyond your personal information to book a fixed deposit with Shriram Finance.

Question 12

How do I change my Bank Account details?

Accepted Answer

To change your bank account details, you need to submit your updated bank details in the prescribed format at the given link. You need to provide a valid ID proof copy along with a personalized cancelled cheque (with your name printed). If the cheque is not personalized, you can put a bank statement of your updated account details. For the corporates, a Board resolution for change in bank account details has to be submitted.

Question 13

If the sole depositor dies, what documents are required?

Accepted Answer

In terms of the death of the sole depositor, an individual has to provide these documents:

An attested copy of the death certificate
Term deposit receipts,
Will or testammentary disposition
An attested copy of Legal Heirship certificate issued by a Tahsildar or corporation

Question 14

How can premature withdrawal be done and what charges are applicable?

Accepted Answer

If you’re wishing to make a premature withdrawal, the company retains the right in its absolute discretion to permit withdrawal of the deposit before maturity. The deposit receipt must be endorsed for A or S/s deposit and by the primary depositor for F or S/s deposit. According to the current RBI guidelines:

One can proceed with withdrawal within 3 months from the deposit/renewal date (lock-in period. However, there will be no repayment (except in case of the depositor’s death)
No interest will be provided after 3 month but before 6 months.
After 6 months but before maturity, the interest payable will be 2% lower than the applicable rate for the deposit period or 3% lower than the minimum accepted rate if nothing is mentioned.

Note: The above conditions also apply in the event of the depositor's death. Premature repayments will be made only to the primary depositor. Along with the event of the depositor's death, the company may repay the deposit prematurely, even within the lock-in period, to the surviving depositor(s) with a survivor clause, or to the nominee or legal heir(s) of the deceased depositor, upon request and submission of necessary documents.

Question 15

Is there an auto-renew/ auto-refund option, and how can it be done?

Accepted Answer

Yes! Shriram Finance offers both Auto-Renewal and Auto-Refund options for all FD depositors. If you’re following Auto Renewal, you can do:

Renew principal on maturity
Renew principal and interest on maturity

The depositor’s deposit receipt will be renewed on the due date, either for the full amount or just the principal, as chosen by the depositor.

If you’re opting for auto-refund, the matured amount will be credited to your registered account on the date of maturity. However, repayment of the deposit may fail if the due date falls on a Sunday or any bank or national holidays. The repayment is made on the next working day. For further information on renewing your current investments, please log in to our customer portal.

Question 16

What happens at the maturity of a Fixed Deposit?

Accepted Answer

At maturity, you can either receive your payment or renew your maturity amount. If your deposit receipt is held in physical form and not set up for auto refund, your receipt will be discharged on a revenue stamp of one rupee to obtain surrender from the Company for Repayment. For cases of deposits with an S/S clause, any one of the depositors may give discharge. The company shall initiate the details of the maturity of the deposit at least two months before the maturity date. The interest will cease on the deposits if it's not renewed within six months from the maturity date. There are options for redemption payments only via National Electronic Clearing Services (NECS)/National Electronic Fund Transfer (NEFT) if it's available and crossed by an Account payee cheque for depositors in different locations.

Question 17

How can I renew the fixed deposit maturity amount?

Accepted Answer

You can renew the deposits from the maturity date if you receive renewal instructions along with receipts within six months, except if your deposits are in auto-renewal. The rate prevailing under such circumstances will be applicable on its maturity. Otherwise, it will be renewed, and the interest will cease upon maturity. For A or S/s accounts renewal, retaining one of the depositors as the first depositor is possible. However, renewals to those other than the second or third depositors aren’t possible.

Question 18

Can there be more than one customer folio for one depositor?

Accepted Answer

Deposits held under the same name and PAN number will be clubbed together under a single customer folio for the calculation of income tax.

Question 19

What are the interest frequencies available and modes by which the interest is paid?

Accepted Answer

At Shriram Finance, you can avail monthly/ quarterly/ half-yearly options for interest payments. The interest is directly credited through NEFT (National Electronic Fund Transfer).

Question 20

What are the payout intervals available with Shriram?

Accepted Answer

Here, you’ll find monthly, quarterly, half-yealr and annual interest payout options. You can chooser the right payout options that suits your options while booking the FD.

Question 21

When will the TDS certificate be dispatched?

Accepted Answer

The TDS certificate mostly get its dispatch on the last weeks of July, October, January and May. To generate the TDS certificate, please check in to Shriram Finance’s customer portal.

Question 22

Will the deposit be paid back in cash?

Accepted Answer

Your deposits will be transferred only to the corresponding banka account that is updated on Shriram Finance’s portal.

Question 23

What happens if the prevalent interest rates come down or goes up?

Accepted Answer

When it comes to interest rate changes, the existing deposits remain as it is as Shriram Finance are obliged to pay the contracted rate till its maturity as per the current rules. The revised rates will apply to new or newly opened deposits and renewals made on or after the date the new rates took effect.

Question 24

Under what regulations, the fixed deposits accepted by NBFCs are governed?

Accepted Answer

The public fixed deposit schemes of NBFCs are subject to the directions issued by the Reserve Bank of India under Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016.

Question 25

When will the interest be credited in a non-cumulative FD plan?

Accepted Answer

The interest in a non-cumulative FD is credited accordingly:

For Monthly Payout: On the last day of every month
For Quarterly Payout: On the last day of March/June/September, and December
For Half-Yearly Payout: On the last day of March and September
For Yearly Payout: On the last day of March, the first interest payment will be made on the last day of the following month, after the FD is processed. For example, if your FD was initiated on 20th March, assuming you have opted for monthly interest, it will be paid at the end of the following month, i.e., 30th April.

Question 26

What happens in the event of the death of a depositor?

Accepted Answer

In the event of unfortunate circumstances, such as the death of a depositor, the company will reimburse the deposit, regardless of the lock-in period. The surviving depositor(s), nominee, or legal heir(s) can receive the deposit on behalf of the deceased depositor upon request, provided they submit proof of death and other necessary documentation.

Question 27

What happens at maturity?

Accepted Answer

Shriram Finance offers both auto-renewal and auto refund options. If you’re booking a fixed deposit, you can choose any of these options. If the depositor has not opted for either, here are the options to choose from maturity:

Renew your principal amount on the maturity date.
Renew your interest amount on the maturity date.
Close your fixed deposit at the maturity date.

Question 28

Is it safe to invest in corporate FDs via GoldenPi?

Accepted Answer

GoldenPi lists only FDs from highly rated and reputable issuers such as Shriram Finance and Bajaj Finance, both of which carry the highest credit ratings in the market.

Question 29

Are there any charges or fees for booking FDs via GoldenPi?

Accepted Answer

GoldenPi does not charge investors any booking or service fees for opening fixed deposits through its platform. The investment amount goes directly to the issuer, and all terms, rates, and payouts are exactly as provided by the FD issuer.

Question 30

Can I change my interest payout frequency after booking an FD?

Accepted Answer

No, the interest payout frequency (monthly, quarterly, cumulative, etc.) is fixed at the time of booking and cannot be changed later. If you want a different frequency, you’ll need to book a new FD with your preferred payout option.

Question 31

What credit ratings do Shriram Finance FDs carry?

Accepted Answer

Shriram Finance FDs have FAAA from CRISIL and MAA+ from ICRA.

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