Opening a fixed deposit is often a one-time decision for an investor. Once you are familiar with the FD process and the flexibility and benefits it offers, you may consider opening additional FDs. And the very first option that comes to you is the financial institution where you already hold an account.

Along with the competitive interest rates, flexible tenures, and diverse payout options that Shriram FD offers, Shriram Finance also allows you to open multiple FD accounts under the same profile. You can also link each FD with a different bank account for easy management.

This article explains how Shriram Finance manages multiple FDs linked to different bank accounts and highlights what customers should review before applying.

Linking Multiple Bank Accounts to Different FDs

Shriram Finance allows you to link a different bank account to your every FD. Although all your FDs are clubbed under a single customer profile, every FD is treated as an individual contract. You can link them with different accounts based on your financial needs.

For instance, let us assume you and a family member have a joint FD for a family expense, and you have your own FD for higher education. In this situation, the interest payout and maturity proceeds from the first FD should go into a joint account, and the second one should go into your own account. This way, you can keep the two needs separate and easily track and manage them.

Scenarios like these demand different FD payout bank accounts for different FDs, and Shriram Finance provides you with the option to do so.

Managing Multiple FDs with a Centralised System

Shriram Finance maintains a centralised customer identification system. When you open an account, it creates and maintains a centralised customer profile. This profile has a unique ID based on your KYC records.

This centralised profile helps you to

• Manage all your deposits in a single place
• Avoid repeated onboarding when you want to open new FDs
• Track interest payouts and maturity proceeds of each FD

When you open an additional FD, you need not fill in all your customer information again since it falls under the same profile. You can just fill in specific information related to that FD, like tenure, deposit, FD payout bank account, preference, and nomination.

How Shriram Finance Makes Managing Multiple FD Accounts Easier

Shriram FDs offer the following features to help you manage multiple FDs easily.

• Web and Mobile Access: You don't have to visit the branch to open FDs. You can use both the official Shriram Finance website and the Shriram One mobile app to open FDs online.
• One-time Onboarding: If you have an FD already, you don't need to repeat onboarding to open additional FDs.
• Single-view Access: Once you log in, you can view all your active, matured, and renewed FDs in a single view.
• FD-level Flexibility: You can choose FD payout bank account, payout preference, tenure, deposit, and nomination details for every FD individually.
• Digital Documentation: Once you book your FD, confirmations and FD advice are issued electronically, reducing paperwork and follow-ups.
• Customisable Maturity Handling: You can provide FD-wise maturity instructions, such as opting for auto-renewal or crediting proceeds to the linked bank account.

Customer Checklist: What You Should Check Before Applying

Once you have decided to have multiple FD accounts and start the FD process, please review the Shriram FD rules and FD-specific terms. To reiterate, although new FDs will be under the same profile, there are FD level information that you should decide and select accordingly.

• KYC status: Confirm that your KYC is still valid. If it is not, redo KYC before opening a new FD.

• Minimum Investment Amount: You should invest a minimum of ₹5000, and the deposit amount should be in multiples of 1000. Decide the deposit amount keeping this in mind.

• Interest Payout Structure: Shriram FDs offer both cumulative and non-cumulative payouts. Choose the payout structure that will help you meet your goals.

  • If you want the interest to be credited regularly, choose non-cumulative FDs. Select also the frequency (monthly, quarterly, half-yearly, or annually) to receive payouts.
  • If you wish the interest to be paid along with the maturity amount, choose cumulative FDs.

• Interest rates: Check the current interest rate. See if you are eligible for special interest, such as additional interest offered for women and senior citizens.

• Tenure options: Choose the required tenure. You can pick from 12 to 60 months. There is also a special 15-month digital FD option.

• Maturity Instructions: When an FD matures, you can either renew it or have the maturity amount credited to your bank account. Decide what you need when your FD matures.

• Nomination Details: Make sure you have added or updated a nominee for each FD so your investment is passed on smoothly, if needed.

Conclusion

If you already have an FD with Shriram Finance, opening another one is straightforward. All your deposits sit under the same customer profile, but you can link each FD to a different bank account. Before your opening next FD, check the tenure, payout instructions, and what should happen at maturity.

Visit the Shriram Finance website to open a new FD and manage your deposits easily.

FAQs

1. Does Shriram Finance allow linking different bank accounts for each FD?

Yes. You can link a different bank account for each FD.

2. What should I check before applying for a second FD?

Check the tenure, interest rate, payout option, and the bank account linked to the FD.

3. Can I modify the bank account after opening an FD?

Yes, you can update the bank account when the FD is still active.

4. Are there extra steps for verification?

Only if your KYC or bank details are new or updated.

5. How does Shriram Finance process multiple FD accounts?

All FDs are linked to one customer profile, but each FD is treated as a separate deposit with its own payout account.