Fixed deposits have remained a commonly used savings instrument for many investors over the years. They offer fixed returns for a defined tenure, subject to applicable terms and conditions. The process of opening a fixed deposit has become streamlined over time, and investors can choose between online and offline payment modes.

Today, many financial activities can be completed digitally. Opening a fixed deposit can also be done online without visiting a branch, subject to the financial institution’s processes and applicable terms and conditions.

Offline procedures continue to be available for individuals who prefer completing the investment process through physical documentation and in-person assistance.

Things to keep in mind before opening a fixed deposit

Choose a Regulated Financial Institution:

Investors may consider reviewing the financial institution’s background, regulatory compliance, and publicly available information before investing.

Review Product Features Carefully:

Certain fixed deposits may offer additional features such as loan or overdraft facilities, subject to applicable product terms and conditions. It is advisable to review all benefits and associated conditions before investing.

Select the Appropriate Tenure:

Interest rates vary depending on the selected tenure, deposit amount, and prevailing rate structure, subject to change and applicable terms and conditions. Investors may choose a tenure based on their financial goals and liquidity requirements. Comparing available options can help in making informed decisions.

Advantages of Online fixed deposits over Offline fixed deposits

• Convenience: Online fixed deposits reduce the need for physical documentation. One can open the fixed deposit account with a few clicks and the necessary details without moving out of the couch.
• Ease of Payment Options: Online fixed deposits can be opened easily through RTGS and NEFT fund transfers through Net banking, other digital payment methods like UPI.
• Flexibility: Online fixed deposits may be available across different tenure options, depending on the product and financial institution. Minimum investment amounts and tenure availability are subject to applicable product terms and conditions.

Fixed Deposit of Shriram Finance

Shriram Finance is a non-banking financial company (NBFC) offering fixed deposit products through both online and offline modes. The interest rates applicable to fixed deposits vary based on tenure and deposit amount, subject to change and applicable terms and conditions.

Shriram Fixed Deposit is available for selected tenure options, and investors may choose between cumulative and non-cumulative variants, depending on their financial preferences and liquidity needs.

The booking process for fixed deposits is available through both online and offline channels, subject to applicable verification and documentation requirements.

Shriram Finance offers two types of fixed deposits:

Cumulative: Under the cumulative option, interest is compounded at the chosen frequency and paid at maturity along with the principal amount, subject to applicable terms and conditions.

Non-Cumulative: Under this type of fixed deposit, the company shall pay out the interest on a monthly, quarterly, half-yearly, or annual basis. The scheme provides a regular flow of money.

How to make payment of the fixed deposit in Shriram Finance?

A Shriram Fixed Deposit may be opened online by following these steps, subject to applicable terms and conditions:

Step 01: Register using your mobile number and complete OTP verification.

Step 02: Enter the investment amount, select the tenure, and provide your PAN details.

Step 03: Complete KYC verification and provide depositor details along with the required declarations, as per applicable norms.

Step 04: Verify your bank account details for fund transfer and payout purposes.

Step 05: Add nominee details and complete the payment through the available online payment modes.

Step 06: Upon successful processing and verification, you may download the fixed deposit certificate from the platform.

You can also open a fixed deposit by visiting the nearest branch.

What are the other features of Shriram Finance Fixed Deposit?

• Senior citizens and women can enjoy an additional interest rates of 0.50%* p.a and 0.05%* p.a., respectively.
• Can invest in 15-month Digital FD.
• Deposits are accepted in multiples of ₹1000 subject to a minimum amount of ₹5000.
• You can renew cumulative deposits for maturity value.

What are the additional benefits of Shriram Finance Fixed Deposit?

Loan facilities against a Shriram Fixed Deposit may be available, subject to eligibility criteria and applicable terms and conditions. The sanctioned amount may be linked to a percentage of the deposit value as per institutional policy.

The applicable loan interest rate and margin over the fixed deposit rate will be determined as per prevailing guidelines at the time of availing the facility.

Is it reliable to open an online fixed deposit account with Shriram Finance?

The online fixed deposit process is designed to follow digital verification protocols and applicable regulatory requirements. Investors may complete the process remotely through the official platform, subject to verification and documentation norms.

How can you get assistance for booking your online or offline Fixed Deposit with Shriram Finance?

You may contact the customer support team by phone or email for assistance with your queries.

You may explore Shriram Finance Fixed Deposit options through the available online or offline channels. The processes are seamless and easy to understand.