Fixed Deposit Eligibility Criteria
Shriram Finance provides a reliable option for investors to grow their savings through Fixed Deposits (FDs) with clear eligibility criteria. For individuals and corporate entities, Shriram Unnati FD offers attractive interest rates up to 8.15%* p.a. (inclusive of 0.50%* p.a. for Senior Citizens and 0.05%* p.a. for Women Depositors), making it an ideal choice to meet diverse financial objectives.
The following categories of individuals and organizations are eligible to open a fixed deposit account with Shriram Finance:
Indian Resident
Hindu Undivided Families (HUFs)
Partnership Firms
Unincorporated Association or Body of Individuals
Public or Private Companies
Trusts and Foundations [Deposits do not qualify as eligible investment for charitable institutes registered under section 12A of the Income Tax Act]
All adults are eligible to open Shriram FD account. Minors, under the supervision of their legal guardians, can also open FD accounts with Shriram Finance.
Shriram Fixed Deposits require a minimum investment of ₹5,000, with flexible tenures ranging from 12 to 60 months to suit your specific financial goals. Shriram Unnati FD is accredited with “Rated "CARE AAA; STABLE" By CARE Ratings Limited, "Crisil AA+/Watch Positive" by CRISIL Ratings Limited, and "[ICRA]AA+; Watch Positive" by ICRA." by India Ratings and Research.
Documents Required for Fixed Deposit
Following are the documents required to invest in the Shriram Unnati Fixed Deposit:
-
Document
- Passport-sized Photographs
- Identity Proof
- Address Proof
-
Description
- Recent, clear and coloured photographs,
- Driving License, PAN card, Aadhaar, Passport, Voter ID
- Driving License, Aadhaar, Passport, Voter ID, Utility Bills, Rental Agreement, Property Deed
Opening a Fixed Deposit (FD) is a quick process for our existing customers. Since your KYC details are already verified, you don’t need to submit extra documents. Simply initiate your FD online or at any branch.
If updating KYC details is necessary, CKYC, OKYC, and DigiLocker are convenient options. This efficient process ensures a hassle-free FD application experience.
If your public or private limited company intends to open a Shriram Unnati Fixed Deposit account, gather these essential documents:
a) Certificate of incorporation
b) Registration certificate
c) Memorandum and Articles of Association (MOA & AOA)
d) A resolution from the Board of Directors and power of attorney granted to its Managers, Officers or employees to transact on its behalf
e) Permanent Account Number of the company
f) Proof of identity and address (as per KYC documents mentioned for individuals) of the beneficial owner, authorised signatory of the company as the case may be signing the application
g) The names of the relevant persons holding senior management position
h) The registered office and the principal place of its business, if it is different
i) Certificate of Incorporation (COI)
j) Latest board resolution with authorised signatory with mode of operation and designation permitting investment, opening a deposit and claiming maturity
k) List of Directors with Director Identification Number
l) Signed personalised cancelled cheque leaf in the name of the Company and with seal
m) Beneficial Ownership Declaration
n) Application form duly filled and signed by Authorised signatories with Company seal.
o) FATCA Declaration
HUFs are required to submit the following documents to open Shriram Unnati Fixed Deposit account:
a) HUF PAN Card
b) Deed of declaration of HUF
c) Proof of identity and address (as per KYC documents mentioned for individuals) of the Karta.
d) Signed personalised cancelled cheque leaf in the name of HUF
e) Declaration with Karta seal and signature along with signatures of all coparceners
f) Application form duly filled and signed with HUF seal
g) Form 15 G (if tax not to be deducted)
h) Email ID mandatory for e-receipt
i) FATCA Declaration
Trusts and Foundations intending to open Shriram Unnati Fixed Deposit must submit the following documents:
a) Registration certificate
b) Trust deed
c) Trust Declaration Form
d) Signed personalised cancelled cheque leaf in the name of Trust and with seal
e) Permanent Account Number or Form No. 60 as defined in Income-tax Rules, 1962 of the trust (attested with seal and signature)
f) Proof of identity and address (as per KYC mentioned for individuals) of the beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on behalf of the trust.
g) Document specifying the names of the beneficiaries, trustees, settlor and authors of the trust
h) The address of the registered office of the trust
i) List of trustees and Proof of identity and address (as per KYC mentioned for individuals), for those discharging role as trustee and authorised to transact on behalf of the trust.
j) Beneficial Ownership Declaration
k) Form 15 (if tax not to be deducted)
l) Latest resolution of Trust with authorised signatory and mode of operation permitting investment, opening and claiming maturity
m) FATCA Declaration
Factors that Affect Fixed Deposit Eligibility
When considering a Fixed Deposit (FD), several factors determine who is eligible to invest:
Residential Status
Both residents and Non-Resident Indians (NRIs) can invest in FDs. While residents can apply both online and offline, NRIs must apply offline only.
Type of Investor
Various types of investors can open a Fixed Deposit, including:
Individuals
Resident individuals can apply online or offline.
Partnership Firms
Only offline applications are accepted for partnership firms.
Companies
Companies looking to invest in FDs need to apply offline.
Hindu Undivided Families (HUFs)
Both residents and HUFs can apply, with HUFs being limited to offline applications.
Trusts and Foundations
These entities can invest in FDs, but applications are limited to offline channels.
Unincorporated Associations or Bodies of Individuals
Such entities can only apply offline.
Application Mode
While some investors, such as resident individuals, can choose between online and offline applications, other types like NRIs, partnership firms, companies, and HUFs must adhere to offline procedures.
Understanding these factors can help streamline your FD application process with Shriram Finance.
FAQs
• Document showing name of the person authorised to act on behalf of the entity
• Power of attorney granted to transact on its behalf
• Copy of PAN
Such information as may be required to collectively establish the legal existence of such an entity/juridical person.
For details regarding the required document list, kindly refer to the Terms and Conditions*
Disclaimer
With regards to deposit taking activity of Shriram Finance Limited (’SFL’), Viewers may refer to detailed information and T&C provided in our application form available at FD form downloadThe Company is having a valid Certificate of Registration dated 31st January 2023 issued by the Bank under section 45-IA of the RBI Act. However, the Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.