Question 1

What are the types of Commercial Vehicle Loans available with Shriram?

Accepted Answer

At Shriram, we provide finance for Commercial Goods Vehicles, Farm Vehicles, Construction Vehicles and Heavy Vehicles such as tempo, buses, cargo vans, and trucks, including small, light, and heavy trucks. You can avail finance for new as well as for second-hand vehicles. Shriram also provides loans for new and used equipment.

Question 2

How do I pay my EMIs every month?

Accepted Answer

Repaying Your Loan Online:
We offer customer-friendly online platforms to help you repay your loan on time. You can use our website to make your loan EMI payments more seamless and quicker. All you need to provide is your loan details and pay it through online mode
Repaying Your Loan Offline:
You can visit our nearest branch, pay your monthly loan EMIs directly, and get the receipt for the EMI payment. Locate the nearest branch to find your nearest Shriram branch.

Question 3

What are the benefits of applying for a Vehicle Loan online?

Accepted Answer

You can apply for a Vehicle Loan online, anywhere and anytime without travelling to our branches. It saves a lot of time. Once your application is accepted, our representation will reach out to you quickly.

Question 4

Are there any foreclosure charges?

Accepted Answer

Yes, foreclosure charges are applicable. You can foreclose your loan after the payment of 6 EMIs. Please visit our branch with a prepayment request form with supporting documents

Question 5

Is the rate of interest fixed or floating?

Accepted Answer

Shriram Commercial Vehicle Loan is offered at a fixed rate of interest, i.e. the interest rate remains unchanged for the tenure of the loan.

Question 6

How to apply for a Commercial Vehicle Loan with Shriram?

Accepted Answer

Applying for a Commercial Vehicle Loan online with Shriram is simple process:&bull; Register your phone number - Fill in your contact details on our website&bull; Receive a call from us - Tell us what vehicle you are after, and we will give you a detailed information&bull; Complete your verification - We will take you through a quick application process&bull; Get your money quickly - Your loan amount will be directly transferred to your bank account

Question 7

Why should I choose Shriram Commercial Vehicle Loan?

Accepted Answer

Shriram Commercial Vehicle Loan offers you the following advantages &bull; Best vehicle loan for different vehicle options&bull; Finance for both new and second-hand commercial vehicles&bull; Flexible repayment tenures&bull; Customised financing options for individual requirements&bull; Simple documentation and easy processing

Question 8

What is the mode of interest payment?

Accepted Answer

The interest earned on your fixed deposit will be directly credited to the bank account linked with your FD.

Question 9

Is there a fee to open a Fixed Deposit?

Accepted Answer

No fees are associated with opening or maintaining a fixed deposit.

Question 10

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

Accepted Answer

The company reserves the right to allow, at its absolute discretion, withdrawal of deposit before maturity. Where a deposit is so allowed to be prematurely withdrawn the relative deposit receipt must be discharged by all the depositors in case of A or S/s deposit and by the first named depositor in case of F or S/s deposit
As per the Directions of RBI currently in force, premature repayment:
 
1.  Up to 3 months from the date of deposit/renewal (Lock-in-period)
     No Repayment (Not applicable in case of premature repayment in the event of death of the depositor)
2.  After 3 months but before 6 months
     No interest*
3.  After 6 months but before the date of maturity
     The Interest payable shall be 2 per cent lower than the Interest rate applicable to a deposit for the period for which the deposit has run or if no rate has been specified for that period, then 3 per cent lower than the minimum rate at which deposits are accepted by the Company
 
*The above rates are also applicable for premature repayment in the case of death of a depositor. Premature repayments will be made only in favor of the first depositor
 
** In the event of death of a depositor, the Company shall repay the deposit prematurely, even within the lock-in period, to the surviving depositor/s in the case of joint holding with survivor clause, or to the nominee or the legal heir/s of the deceased depositor, on the request of the surviving depositor/s/nominee/legal heir, and only against submission of proof of death, and other necessary documents to the satisfaction of the Company.

Question 11

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

Accepted Answer

The Company offers Auto Renewal & Auto Refund options.
While applying for a Fixed deposit, depositor can opt for either Auto Renewal or Auto Refund.
 

Auto Renewal

Under Auto Renewal the below 2 options are available
1) Renew Principal only on Maturity
2) Renew Principal and Interest on Maturity
Based on the option selected by the depositor, the deposit receipt will be renewed on the due date either for full amount or only principal.
 

Auto Refund

If Auto Refund is opted, then the maturity proceeds will be credited to the depositors account on the date of maturity. Repayment of deposit falling due on a Sunday or a bank holiday or any day when the company's head office is not working due to holiday or otherwise will be made on the next working day.

Question 12

What happens at maturity of Fixed Deposit?

Accepted Answer

On Maturity the depositor can opt for:
1) Payment of Maturity Amount
2) Renewal of Maturity Amount
 
If the deposit receipt is held in Physical form and not opted for auto refund, then the receipt duly discharged on a revenue stamp of one rupee must be surrendered to the Company for Repayment. In the case of the Deposit with "F or S/s" clause, the discharge must only be made by the first named depositor only. However, in the case of a deposit with "A or S/s" clause, any one of the depositor may give the discharge. The Company shall intimate the details of maturity of the deposit to the depositor at least two months before the date of the maturity of the deposit. Interest will cease on the maturity date of the deposit, if the deposit is not renewed within six months from the date of maturity or if the deposit is withdrawn after the maturity date.
 
Redemption payment will be made only by National electronic clearing services (NECS)/ National Electronic Fund Transfer (NEFT) wherever such facility is available and by crossed Account payee cheque for depositors in other locations.

Question 13

How can I renew fixed deposit maturity amount?

Accepted Answer

Deposits can be renewed from the date of maturity date if renewal instructions along with deposit receipts except for auto-renewal, are received within 6 months from the date of maturity. In such cases, the rate prevailing on the maturity date will be applicable. Otherwise, the same will be renewed prospectively and in such cases interest ceases on maturity. Renewal of deposit will be for an amount net of TDS if any. In the case of A or S/s accounts, renewal retaining one of the depositor(s) as the first depositor are possible. However, renewals to the persons other than the second/third depositors in A or S/s accounts are not possible. Renewal of the deposit by a change in the first named depositor is not possible in the case of F or S/s accounts.

Question 14

How do I calculate the interest on my Fixed Deposit?

Accepted Answer

With our FD calculator, you can calculate your returns in no time.All you need to know is: &bull; Deposit Amount: The amount you wish to invest &bull;Interest Payout: The timeframe or tenure that you want to investWhen choosing the above two fundamentals, the FD calculator displays the interest rates applicable for cumulative and non-cumulative FD. Get hands-on with our easy-to-use online FD calculator and calculate your returns.

Question 15

What is a nomination?

Accepted Answer

Nomination is a process where the depositor assigns a person to whom the company must pay the deposit amount in the event of the depositor's death. A depositor can fill in nomination details when booking an FD.

Question 16

How do l tender the amount for the deposit? Is there a prescribed form for making deposit?

Accepted Answer

The amount can be tendered by means of A/c payee Cheque/DD issued in favor of SHRIRAM FINANCE LIMITED. An application for the deposit should be made on the prescribed form. [Click here  to download form]

Question 17

How is the FD renewed?

Accepted Answer

Subject to the FD scheme being open, the deposit may be renewed on maturity by submitting a duly filled fresh FD Application Form. It is necessary that the fresh FD Application Form should be submitted along with the duly discharged old FD receipt with revenue stamp of requisite value. The renewal will be subject to the terms and conditions of the FD scheme as applicable on the maturity date of the old deposit.

Question 18

Can I apply online?

Accepted Answer

Yes, you can invest online by logging on to https://www.shriramfinance.in/fixed-deposit

Question 19

How do I change my Bank Account details?

Accepted Answer

Customer would need to submit the bank details in prescribed format [Click here to download Bank Details/Tax Status change Request Letter]. He also needs to submit a valid ID proof copy along with a personalized cancelled cheque (with his name printed), if not personalized, then bank statement of the same account is needed. In case of corporate a Board resolution for change in bank account details also is to be submitted.

Question 20

Can an NRI book a Fixed Deposit?

Accepted Answer

Yes. Fixed deposits from NRIs are accepted from 01-04-2021 for three years

Question 21

What are the documents required for Company?

Accepted Answer

a) Certificate of incorporation.
b) Memorandum and Articles of Association.
c) A resolution from the Board of Directors and power of attorney granted to its Managers, Officers or employees to transact on its behalf.
d) PAN copy of the company
e) Proof of identity and address (as per KYC documents mentioned for individuals) of the authorised signatory of the company signing the application

Question 22

What are the documents required for HUF?

Accepted Answer

a) HUF PAN card
b) HUF Declaration
c) Proof of ldentity and Address (As per KYC documents mentioned for Individual) of the Karta.

Question 23

What are the documents required for Trust & Foundations?

Accepted Answer

a) Registration certificate
b) Trust deed
c) Permanent Account Number.
d) Proof of identity and address (as per KYC mentioned for individuals) of the authorised signatory of the trust/institution signing the application.

Question 24

What are the documents required for Unincorporated Association or Body of Individuals?

Accepted Answer

a) Resolution of the managing body of such Association or Body of Individuals. 


b) Power of attorney granted to him to transact on its behalf. 


c) Permanent Account Number 


d) Proof of identity and address (as per KYC documents mentioned for individuals) of the person who is holding the power of attorney to transact the business on behalf of the Unincorporated association or Body of Individuals. 


e) Such information as may be required to collectively establish the legal existence of such an association or Body of Individuals.

Question 25

What are the documents required for Juridical persons (societies, universities and local bodies like village panchayats)?

Accepted Answer

a) Document showing the name of the person authorised to act on behalf of the entity; 


b) Proof of identity and address (as per KYC documents mentioned for individuals) of the person who is holding the power of attorney to transact on its behalf and. 


c) Permanent Account Number 


d) Such information as may be required to collectively establish the legal existence of such an entity/juridical person.

Question 26

What are the documents required for NRI?

Accepted Answer

1.PAN Copy 


2. NRI undertaking cum FATCA/CRS Form 


3. Address Proof (of India) 


4. Address Proof (of Overseas) 


5. PIO Card (if it is a foreign passport) 


6. Tax Residency Certificate (TRC) for the IT Dept. of the country of which the investor is resident to 


avail DTAA benefit. 


7.Overseas Employment letter (Optional for confirmation of residential status and overseas address) 


8. Passport with valid Visa Page 


9. DTAA declaration

Question 27

What is a TDS? Why do I require it?

Accepted Answer

Under the Indian Income Tax Act, 1961, interest earned on fixed deposits is taxable. You may avoid the deduction in the following circumstances: &bull; By submitting form 15Gif you are under 60 years. &bull; By submitting form 15H  if you are over 60 years (senior citizen).

Question 28

What happens at maturity?

Accepted Answer

Shriram Finance offers auto-renewal and auto refund options. When booking a fixed deposit, the depositor can choose the auto-renewal or auto refund option.If the depositor has not opted for either, here are the options to choose from at maturity.&bull; Renew your principal amount on the maturity date&bull; Renew your interest amount on the maturity date&bull; Close your fixed deposit at the maturity date

Question 29

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

Accepted Answer

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.

Question 30

Can a Trust/Company invest in FD?

Accepted Answer

Yes, a Trust may invest in our deposits.
If the trust is not registered OR not willing to be registered in future, a letter duly signed by Authorized Signatories stating the Trust is not registered & not willing to be registered in future is required.
Please note Shriram Finance Limited is not registered U/S 11(5) of income tax act, hence Charitable Trust may invest in the FD of the Company at THEIR OWN RISK. Please also note that all Trust investments are not exempted under the Indian Income Tax Act, 1961. There are different types of Trusts. Private trusts shall be treated like any individual for accepting deposits in our Company.
Some Trusts get specific tax exemption/lower tax rate on investments applicable to our Company, so such specific exemption letter from the Income Tax Department is needed along with the investment.
However, Charitable Trusts are those which have to register themselves u/s -12AA of the Income tax Act 1961. The income of such trusts is completely exempt from income tax provided that they strictly comply with the provisions of Sections 11 to 13 of the Income tax Act. One of the conditions prescribed by the Act is in respect of the forms and modes of investing or depositing the funds as per Sec.11 (5).
Deposits and debentures of Shriram Finance Limited do not come under the various avenues of investment mentioned in Sec.11 (5). Any charitable trust which does not invest the funds in any form and mode mentioned in that Section will lose the exemption granted to them.

Question 31

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

Accepted Answer

There will be absolutely no changes for the existing deposits as we are obliged to pay the contracted rate till its maturity as per the current rules.
The revised rates will apply only to fresh deposits and renewals made on or after the date from which the new rates are applicable.

Question 32

What is Form 15G and Form 15H and where do I get it from?

Accepted Answer

Form 15G/15H is a self declaration by the depositor which can be obtained from the company or to download [15G (For Depositors below 60 years of age). / 15H (For Depositors whose age is 60 years and above It is a self declaration which needs no attestation by anybody except in the case of Left Hand Thumb impression which needs to be attested by a Gazetted Officer/Bank Official. It should be furnished in Duplicate

Question 33

What is the difference between Form 15G and the Form 15H?

Accepted Answer

Declaration in the Form 15G can be made by an individual or a person (not being a company or firm). Hence, a company or Firm cannot submit declaration in the Form 15G or in the Form 15H. Form 15G is meant for Resident Individual who is below 60 years of age. 15H is meant for Senior Citizens i.e. Resident Individual who is of 60 years of age or more at the time of placing the deposit.

Form 15G:
Eligibility for 15G in case of individuals:

The Individual should be less than 60 years of age at the time of furnishing the declaration. The total income during the financial year (i.e. year 2022-23) should not exceed the basic exemption limit as per income tax i.e. 250,000/-. If the total income during the financial year exceeds or is likely to exceed 250,000/- then the individual cannot submit Form 15G.

Eligibility for 15G if in case of persons other than Individuals:

15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Persons, if the total income during the financial year (i.e. year 2022-23) does not exceed the basic exemption limit as per the income tax i.e. 250,000/.

Question 34

When is Income Tax deducted at source from interest?

Accepted Answer

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

Question 35

Is it not enough to furnish the Form only once at the time of placing the deposit?

Accepted Answer

No. Since there may be changes in the Income Tax Laws, the Form 156/H is required at the beginning of each financial year or at the time of deposit, wherever applicable.

Question 36

What type of certificate do you get for the Tax deducted at source and how is the certificate generated?

Accepted Answer

For the tax deducted at source, Tax deduction certificates in the prescribed Form 16A giving details of the tax remitted to the Govt. etc. will be sent on quarterly basis if the deposit is under quarterly scheme, half-yearly basis for deposit under half yearly scheme and at the end of the year in case of Yearly scheme and cumulative deposits.
TDS certificate in Form 16A are generated quarterly on the basis of details provided in the quarterly TDS statement filed by the deductor of Tax in TIN (Tax Information Network). For deduction of tax at source, TDS certificate in Form 16A will be generated by the company through TIN central system and which is downloaded from TIN website with a unique TDS certificate number and shall be authenticated by using the digital signature.

Question 37

What will be the address printed on the TDS Certificates?

Accepted Answer

The address printed on the TDS certificate will be the address registered with Income Tax Department at the time when you had made an application for PAN. If your current communication address is different from the address given for PAN card application then please change the address through NSDL or UTIITSL

Question 38

When will the TDS certificate be dispatched?

Accepted Answer

TDS certificate will be dispatched on:

01-Last week of July
02-Last week of October
03-Last week of January
04- Last week of May

Question 39

If legal disputes arise, what is the resolution mechanism?

Accepted Answer

Disputes, if any, arising in connection with Shriram Finance Limited FDs, will be subject to jurisdiction of Court at city of Chennai.

Question 40

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

Accepted Answer

While the minimum tenure of a fixed deposit is 12 months, the maximum tenure is up to 60 months.

Question 41

How will I receive the interest amount?

Accepted Answer

The interest on FD will be credited to your registered bank account

Question 42

Are there any special rates for senior citizens?

Accepted Answer

Yes, Shriram offers special interest rates for senior citizens at an additional 0.50% p.a.* on fixed deposits

Question 43

What are the different types of fixed deposit plans available with Shriram?

Accepted Answer

Shriram offers cumulative and non-cumulative fixed deposit plans.

Question 44

What is a maturity date?

Accepted Answer

A maturity date is when all funds due are paid into your nominated account

Question 45

Can I add funds to my Fixed Deposit?

Accepted Answer

No, funds cannot be added at any time of the tenure once your FD is booked

Question 46

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

Accepted Answer

The minimum tenure of a fixed deposit is 12 months and the maximum tenure is up to 60 months

Question 47

What are the payout intervals available with Shriram?

Accepted Answer

Shriram provides monthly, quarterly, half-yearly, and annual interest payout options. You can choose the payout option that suits you best when booking your FD

Question 48

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

Accepted Answer

The interest in a non-cumulative FD is credited as below:
- 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 will be paid on the last day of the following month on which the FD is processed. For example, if your FD was initiated on 20th March, assuming that you have opted for monthly interest, the same will be paid at the end of the following month, i.e. 30th April.

Question 49

What is the difference between a cumulative and non-cumulative deposit?

Accepted Answer

In a cumulative FD, the interest amount is compounded over the deposit term and paid at maturity. Whereas, in a non-cumulative FD, the interest amount is payable on a monthly, quarterly, half-yearly, or yearly based on the tenure chosen. The point of differentiation between the two is the periodicity of interest payments.

Question 50

Is a minor eligible to make a Fixed Deposit?

Accepted Answer

Yes, a minor can open a fixed deposit in their name, provided their parent or guardian represents the minor. The application form for a fixed deposit should be signed by the parent/guardian on behalf of the child.

Question 51

What are the documents required for Resident Individuals?

Accepted Answer

Permanent Account Number or Form No. 60 as defined in Income-tax Rules, 1962 (Please refer point 9(b)).
Photograph needs to be submitted at the time of placing of fresh deposit/renewal, if not submitted earlier.
Copy of any OVD (Officially Valid Document) containing details of his identity and address

 

List of OVD documents:
a) Passport
b) Driving License
c) Voter ID
d) Job card issued by NREGA duly signed by an officer of the State Government
e) Aadhaar Card.
f) Letter issued by the National Population Register containing details of name and address.


 
Where the OVD mentioned above does not have updated address, the following additional documents can be submitted for the limited purpose of proof of address (The Depositor shall submit OVD with current address within a period of :
1. Pension payment orders
2. Property or Municipal Tax receipt
3. Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies.
4. Documents issued by Government departments of foreign jurisdictions and letter issued by Foreign Embassy or Mission in India.
5. Latest Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill).

Question 52

What are the documents required for Partnership Firm?

Accepted Answer

a) Registration certificate
b) Partnership deed
c) Permanent Account Number of the partnership firm.
d) Proof of identity and address (as per KYC documents mentioned for individuals) of the authorised signatories.

Question 53

Are there any special rates for women depositors?

Accepted Answer

Yes, Shriram offers special interest rates for women at an additional 0.10% p.a.* on fixed deposits

Question 54

Will the deposit be paid back in cash?

Accepted Answer

The deposit will be transferred only to the corresponding bank account updated in the records of Shriram Finance.

Question 55

What are the schemes available for deposits?

Accepted Answer

Cumulative as well as Non-Cumulative schemes are available for deposits

Question 56

What is the difference between a Non-Cumulative deposit and a Cumulative deposit?

Accepted Answer

In a 'Non- Cumulative scheme' the interest is payable on periodic basis. In 'Cumulative deposit scheme', the interest is payable at the time of maturity along with the principal.

Question 57

What is the minimum deposit amount for Cumulative deposit & Non Cumulative deposit schemes?

Accepted Answer

Deposit will be accepted in multiples of 1,000/- subject to a minimum amount of T 5,000/- for both Cumulative deposit and non-cumulative deposit

Question 58

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

Accepted Answer

We have Monthly/Quarterly/Half Yearly and Yearly option for payment of interest. The interest is directly credited to the bank account via NEFT (National Electronic Fund Transfer)

Question 59

When will the interest be credited in Non-Cumulative scheme?

Accepted Answer

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.

Question 60

What is the range of tenure available for Fixed Deposits?

Accepted Answer

You can open a fixed deposit with the Company for a minimum tenure of 12 months to maximum tenure of 60 months

Question 61

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 62

Who can invest in fixed deposits with Shriram Finance Limited?

Accepted Answer

We accept investments from Individuals, Company, Partnership Firms, Hindu Undivided Family (HUF), Trust and Foundations, incorporated Associations or Body of Individuals, NRI

Question 63

Can a Power Of the Attorney (POA) holder sign the deposit application form?

Accepted Answer

Power Of Attorney (POA) holder can sign the deposit application form

Question 64

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

Accepted Answer

Yes. You can make a deposit in the name of minor, provided such minor is represented by his natural or legal guardian and the Application Form for the deposit is signed by the natural/Legal Guardian, on behalf of the minor. All communication in relation to the deposit shall be addressed to the guardian.

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