1. Steps to invest in Shriram Finance Fixed Deposits on FYERS▼
- Log in to the FYERS App or Web.
You can search for Fixed Deposits from the Home page or:
- Scroll down to the Investment Products section on the Home page.
- Tap/Click More or ☰ Menu and select Fixed Deposits from the Invest section.
- Select the Shriram Finance FD plan.
- Choose the FD plan from the Overview or Explore section.
- Review the FD details including interest rate, tenure and other FD details
- Click Invest.
- Enter the FD investment amount.
- Choose the interest payout frequency including Monthly, Quarterly, Half-Yearly, Yearly, or On Maturity options based on the selected FD plan.
- Select the maturity instructions including Renew Principal, Renew Principal + Interest, or Do not renew based on your preference.
- Click Review to check the total investment amount, estimated returns and other details.
- Verify the KYC details displayed on the screen including PAN details, Aadhaar details, and nominee details before completing the payment process.
- Complete the payment process.
2. Steps to withdraw Shriram Finance Fixed Deposits on FYERS▼
- Log in to the FYERS Web.
- Go to Portfolio → Holdings.
- Open the Fixed Deposits section.
- Select the Shriram Finance FD you want to withdraw.
Check the FD details:
- From the Overview tab, you can check the invested amount, tenure, and all the investment details.
- From the Payout Timeline tab, you can check the invested amount (Principal), maturity payout amount, and payout dates for the Fixed Deposit.
- Click Withdraw.
- Review the FD Details section and click Request Withdrawal.
- Upload the signed E-FDR receipt, enter the reason for withdrawal, and click Submit.
- Click Submit & Send Mail to send the withdrawal request to Shriram Finance through email.
3. Are deposits of Shriram Finance insured by RBI?▼
No. Deposits of Shriram Finance are not guaranteed by RBI.
4. Do I need to have an account with Shriram Finance to book an FD?▼
No, you do not need to have an account with Shriram Finance to book an FD.
5. Are there Tax Saving FDs with Shriram Finance?▼
No, there are no Tax Saving FDs with Shriram Finance.
6. What is the minimum and maximum deposit amount?▼
Deposits are accepted in multiples of ₹1,000, subject to a minimum of ₹5,000 for both cumulative and non-cumulative deposits. The maximum deposit amount is ₹2 Crore.
7. What is the minimum and maximum tenure?▼
The minimum tenure is 12 months and the maximum tenure is 60 months.
8. Are there special benefits for women investors?▼
Yes, Shriram Finance offers an additional 0.05% p.a. interest rate for women investors.
9. How many nominees are allowed?▼
Currently, only one nominee is allowed per FD.
10. Are monthly interest payments available?▼
Yes, monthly interest payment options are available.
11. Is auto-renewal allowed?▼
Yes. Depositors can opt for auto-renewal at the time of booking.
Option 1: Renew Principal only on maturity.
Option 2: Renew Principal + Interest on maturity.
12. What are the available payment modes?▼
The available payment modes are Net Banking and UPI.
13. How will I receive my Fixed Deposit Receipt (FDR)?▼
An E Receipt will be sent to your registered email ID after the transaction is completed. If you do not receive it, immediately inform the company. A duplicate FDR may be issued upon submission of the required documents. Please raise a request at
[email protected].
14. Is joint holding allowed?▼
No. Joint holding is not allowed.
15. Can I make payment from any bank account?▼
Yes, payment can be made from any account where you are the primary holder.
16. Can I access my FD account via app or login?▼
Yes. You can access your FD account through the Shriram Finance app or login portal.
17. Is premature withdrawal allowed?▼
Yes, premature withdrawal is allowed subject to a 3 month lock in period.
18. What is the penalty for premature withdrawal?▼
Up to 3 months, no repayment is allowed except in case of death.
After 3 months but before 6 months, no interest will be paid.
After 6 months but before maturity, interest payable will be 2% lower than the applicable rate for the period the deposit has run, or 3% lower than the minimum rate accepted by the company.
19. What should I do if I lose my FD receipt?▼
Immediately inform the company. A duplicate FDR may be issued on submission of required documents. Please raise a request at
[email protected].
20. How long must I wait before making a premature withdrawal?▼
A minimum of 90 days (3 months) is required before making a premature withdrawal.
21. How can I get the FD statement for tax filing?▼
Shriram Finance provides TDS/P&L statements to your registered email. Please raise a request at
[email protected].
22. Are there benefits for Senior Citizens?▼
Yes. Senior citizens receive an additional 0.50% p.a. interest rate.
23. What is the compounding frequency?▼
Interest is compounded on a monthly basis.
24. Can I withdraw interest without breaking the FD?▼
No, interest cannot be withdrawn without breaking the FD.
25. When will I receive funds after placing a withdrawal request?▼
Funds will be credited within 7 working days after a successful withdrawal instruction.
26. Which TDS exemptions forms are suitable for Shriram Finance?▼
Form 15G and Form 15H are applicable. Form 121 is not applicable yet.
27. How to submit Form 15H and 15G online?▼
After booking the FD, customers will receive an SMS submission link. If the link is lost, Shriram Finance will retrigger the link upon request.
28. Is there API support for Shriram Finance?▼
No, API support is not available for Shriram Finance.
29. Can a loan be obtained from Shriram Finance against the security of the FD?▼
Loan may be granted against Deposit up to 75% of the deposit amount. Loan will be given to any depositor who has live FD in our company which is more than 3 months old .The FDR will be marked with lien against the release of the loan. However, granting of loan will be at the sole discretion of the company. No loan will be granted against Minor. The Loan interest rate is two percent points above the interest rate payable on the deposit
30. If legal disputes arise, what is the resolution mechanism?▼
Disputes, if any, arising in connection with Shriram Finance Limited FDs, will be subject to jurisdiction of Court at city of Chennai.
31. Is Video KYC required to book an FD▼
No, you do not need a Video KYC for booking a Shriram FD
32. When will the interest be credited in Non-Cumulative scheme?▼
In a Non-Cumulative scheme the interest will be credited on the Last day of every month in case of Monthly, Last day of March/June/September and December in case of Quarterly, Last day of March and September in case of Half-Yearly and Last day of March in case of Yearly. The first interest will be paid on the last day of the subsequent month in which the FD is processed E.g. If the customer has initiated the FD on 20th March and has requested for a monthly interest, the same will be paid on the subsequent month end that is 30th April
33. What happens in the event of the death of a depositor?▼
In unfortunate events, such as the death of a depositor, the company will reimburse the deposit irrespective of the lock-in period. The surviving depositor(s), nominee, or legal heir(s) can receive the deposit on behalf of the expired depositor upon request by providing proof of death and other necessary documentation.
34. When is Income Tax deducted at source from interest?▼
If the estimated annual interest paid/credited or likely to be credited/paid on the deposit/s exceeds or is likely to exceed 5,000 /- during the financial year (i.e. year 2022-23), it is obligatory on the part of the deductor of tax to deduct income tax at source. However, to avoid such deduction of Tax, the investors can furnish self-declaration in Form 156/H or by submitting the Exemption certificate from the respective Income Tax Authority for every financial year before begining of that financial year