Fixed deposits (FDs) are fixed-return deposit schemes offered by banks and non-banking financial companies (NBFCs). They allow investors to deposit a lump sum amount for a specified tenure at an interest rate agreed upon at the time of booking.
Today, many financial institutions provide the option to open and manage fixed deposits online. Shriram Finance offers an online facility that enables investors to open a fixed deposit from the comfort of their home. This article explains the process of opening an FD account online with Shriram Finance and outlines the key features of the scheme.
What are the various modes of opening an FD account?
There are two modes to open an FD account: online and offline.
In the online mode, register and apply on the bank's or Non-Banking Finance Companies (NBFCs) official website.
Opting for the online method allows you to create your FD account conveniently. Almost all financial institutions offer an online facility to open an FD account. Although the process of account creation varies for each financial institution, the following points discuss the general idea about the online account creation for an FD:
- Before initiating the process, it is advised to perform brief research on the market and the various interest rates offered by different financial institutions.
- Once you have decided on the financial institution, go to their official fixed deposit webpage.
- Log in with your credentials or register yourself if it is your first time.
- Fill out the application form, which asks for details such as the amount, tenure, nominee, etc.
- Proceed further to submit all the necessary documents for verification purposes.
- Read through the Terms & Conditions carefully and acknowledge your consent.
- Complete the process after a final check of the details entered.
- Make note of the transaction details of your fixed deposit for future reference.
In the offline mode, you can connect with a representative in person at the bank or NBFC's nearest branch.
How to open an online FD account with Shriram Finance?
Learn more about how to open your Shriram Fixed Deposit FD account from the steps as follows:
- Visit the official Shriram Finance website.
- Read through the features, information about interest and charges and the documents required to process your FD application.
- Enter details such as mobile number, pin code and residence and click "Invest now."
- You will receive a one-time password (OTP) will be sent to your registered phone number. Verify the same by entering the OTP.
- Complete the application process by providing all the necessary details.
- For verification purposes, documents of ID proof, address proof, photos, cancelled cheque, and more are required to complete the application process.
- After that, link your KYC information and bank account details for easy data collection.
- Finally, submit these forms; just like that, your FD account is ready within minutes!
Why open an FD account with Shriram Finance?
When opening a fixed deposit account, investors may find multiple deposits offered by different banks and non-banking financial companies (NBFCs), each with varying interest rates, tenure options, and features. Comparing these factors can help in making an informed decision.
Shriram Finance offers fixed deposits with attractive interest rates, flexible tenure options, and an online application process designed for convenience.
Read further to understand the benefits you can avail by choosing Shriram Finance for your fixed deposit:
Interest Rate:
Shriram Fixed Deposit offers interest rates up to 8.15%* p.a., inclusive of an additional 0.50%* p.a. for senior citizens and 0.05%* p.a. for women depositors, subject to applicable scheme terms.
Credit Ratings:
Shriram Fixed Deposit is rated “CRISIL AA+/Watch Positive” by CRISIL Ratings Limited, “[ICRA]AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research.
Compounding Option:
In cumulative fixed deposits, interest is compounded as per the applicable frequency and paid at maturity, enabling interest accrual over the selected tenure.
Tenure Options:
Shriram Fixed Deposit offers tenure options ranging from 12 months to 60 months. Investors may select the tenure and deposit amount based on their financial objectives.
Types of term deposits:
Shriram Fixed Deposit comes in two types: cumulative and non-cumulative deposit. Each has its own perks.
Cumulative FD: In cumulative fixed deposits, interest is compounded as per the applicable frequency and paid at maturity.
Non-cumulative FD: the interest is calculated periodically and earned monthly/quarterly/half-yearly/yearly instalments.
FD calculator:
While performing your research, it is wise to use an FD interest calculator. Shriram Finance has its own FD calculator.
Invest today with Shriram Finance
Fixed deposits are fixed-return instruments offered for defined tenures. Before investing, review the interest rate, tenure options, credit ratings, and applicable terms.
Shriram Finance offers fixed deposit schemes with multiple tenure and payout options that can be accessed through the online platform.
Frequently Asked Questions:
How can I open a fixed deposit account?
You can create a fixed deposit account online or offline. For the offline method, visit the nearest branch of the bank/NBFC. For the online mode, visit the official website, click the "Fixed Deposit" option and fill out the FD application form.
Which fixed deposit is the best?
The suitability of a fixed deposit depends on factors such as tenure, interest rate, credit rating, and individual financial goals.
Which company has the best FD scheme?
Investors may review credit ratings, interest rates, tenure flexibility, and institutional track record before selecting a fixed deposit scheme.
How many years will it take for an FD will double?
The maturity amount depends on the principal invested, applicable interest rate*, tenure selected, and compounding structure. An online FD calculator can help estimate potential maturity values.