Frequently Asked Questions About Fixed Deposit

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.

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.

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.

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

To submit your 15G/H form for your current investment with Shriram Finance, please log in to our Customer Portal

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.

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.

To obtain the TDS certificate for your current investment with Shriram Finance, please log in to our Customer Portal

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.

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

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.

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.

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

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.

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.

• Renew your principal amount on the maturity date.
• Renew your interest amount on the maturity date.
• Close your fixed deposit at the maturity date.

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

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.

You need to send valid Address proof along with Address/Contact Change Request Letter in prescribed format [Click here to download Address/Contact Change Request Letter] to FD processing centre. On the receipt of the details, the changes will be updated in our records within 7 working days.

To modify the correspondence address for your current investment with Shriram Finance, please log in to our Customer portal

In the event of loss of the Fixed Deposit Receipt/ Interest warrant, the Company should be immediately informed about the loss. The Company may issue a duplicate Fixed Deposit Receipt / Interest warrant, subject to non-encashment of the original instrument, upon receipt from the depositor a "letter of loss of instrument' and an Indemnity Bond in the prescribed format signed by all Deposit holders- [Click here to download Format of Indemnity] to its satisfaction and after compliance with such other formalities as may be required by the company.

To download the interest certificate for your current investment with Shriram Finance, please log in to our Customer portal.

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

With our FD calculator, you can calculate your returns in no time.
All you need to know is:

• Deposit Amount: The amount you wish to invest
• Interest Payout: The timeframe or tenure that you want to invest

When 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.

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

Deposits may be made in Joint Names of two/three person under "First or Survivor/s" (F or S) or "Anyone or Survivor" (A or S). All Communications will be addressed to First depositor. All Interest payments and repayment of deposits will be made in the name of First depositor.

Loan may be granted against Deposit up to 75% of the deposit amount. Loan will be given to any depositor who has live FD in our company which is more than 3 months old .The FDR will be marked with lien against the release of the loan. However, granting of loan will be at the sole discretion of the company. No loan will be granted against Minor. The Loan interest rate is two percent points above the interest rate payable on the deposit.

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

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

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.

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.

To update the correspondence address for your current investment with Shriram Finance, please log in to our Customer portal.

An attested copy of Death certificate, Term Deposit Receipts, Will or testamentary disposition, if any, or an attested copy of Legal Heirship Certificate issued by a Tahsildar /corporations.

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.

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:

Note: Depositors are requested to refer terms and condition of Deposit application form

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.

To explore the benefits of renewing your current investment with Shriram Finance, please log in to our Customer portal

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

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/.

To submit the 15G/H declaration for your current investment with Shriram Finance, please log in to our Customer portal.

All deposits held in the same name and same PAN, will be clubbed together under one customer folio for the purpose of calculation of income tax.

As per the provisions of income tax, every person receiving any sum or income from which tax would be deducted should furnish his PAN to the person deducting the tax. Please note if PAN is not furnished then form 15G/H or any other Exemption Certificate submitted will be invalid and tax will be deducted at the higher rate as applicable.

In the absence of PAN, no credit of the tax deducted shall be available in Form 26AS on the NSDL website. Also if PAN is not submitted, no TDS certificate will be generated from TIN website for the tax deducted by the company.

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.

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

On Maturity the depositor can opt for:

• Payment of Maturity Amount
• 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.

Under the Indian Income Tax Act, 1961, interest earned on fixed deposits is taxable. You may avoid the deduction in the following circumstances:

• By submitting form 15G if you are under 60 years.
• By submitting form 15H if you are over 60 years (senior citizen).

To obtain the TDS certificate for your existing investment with Shriram Finance, please log in to our Customer portal.

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

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.

Premature payments will be made to the first depositor only.

Yes. The payment can be sent directly to the depositor's bank.

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

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

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.

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

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

• Document showing the name of the person authorised to act on behalf of the entity;
• 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. 
• Permanent Account Number 
• Such information as may be required to collectively establish the legal existence of such an entity/juridical person.

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

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.

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.

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)

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:

• Passport
• Driving License
• Voter ID
• Job card issued by NREGA duly signed by an officer of the State Government
• Aadhaar Card.
• 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 :

• Pension payment orders
• Property or Municipal Tax receipt
• Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies.
• Documents issued by Government departments of foreign jurisdictions and letter issued by Foreign Embassy or Mission in India.
• 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).

Shriram offers cumulative and non-cumulative fixed deposit plans

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

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

TDS certificate will be dispatched on:

• Last week of July
• Last week of October
• Last week of January
• Last week of May

To generate the TDS certificate for your current investment with Shriram Finance, please log in to our Customer portal.

The premature withdrawal of any FD is allowed at the sole discretion of the company. For seeking prematurity withdrawal original deposit receipt duly discharged on 1/- revenue stamp along with a request letter for prematurity withdrawal and a cancelled cheque leaf should be submitted.

FD is non-transferable.

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.

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

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

According to the Direction of the RBI, a deposit receipt cannot be prematurely closed before three months from the date of Deposit/ renewal except in case of death of the depositor. Premature withdrawal can be made after 3 months from the date of deposit/renewal
The prematurity payment norms are as under:
After 3 months but before 6 months - No interest*
After 6 months but before the date of maturity - The interest payable shall be 2% lower than the interest rate applicable to a public deposit for the period for which the public deposit has run or if no rate has been specified for that period, than 3% lower than the minimum rate at which public deposits are accepted by the company*
*The above rates are also applicable for premature repayment in the case of death of a depositor.

Fixed Deposits from NRIs are accepted from 01-04-2021 for maximum period of 3 years.

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

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

• Resolution of the managing body of such Association or Body of Individuals. 
• Power of attorney granted to him to transact on its behalf. 
• Permanent Account Number 
• 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. 
• Such information as may be required to collectively establish the legal existence of such an association or Body of Individuals.