Invest in Shriram FD Today
Fixed Deposit for Monthly Income
A fixed deposit (FD) for monthly income can be a great option if you are looking to maximise your returns while also earning a steady income every month. Choosing the monthly payout scheme from Shriram Finance while booking an FD offers the dual advantage of attractive interest rates and regular monthly payouts, allowing you to enjoy a reliable income source.
From retirees to homemakers, an FD for monthly income is suitable for anyone seeking predictable cash flow. It combines the benefit of having a monthly income with financial growth, ensuring your money works harder for you.
With the non-cumulative option in Shriram FD, you can choose to receive interest payout at regular intervals, ensuring a steady flow of monthly income. Our FD provides one of the highest FD interest rates of up to 8.15%* p.a., inclusive of 0.50%* p.a. for senior citizens and 0.05%* p.a. for women depositors.
Interest Rate for Fixed Deposit for Monthly Income Scheme - Non Cumulative
| Period (months) | Monthly % p.a |
|---|---|
| 12 | 6.79 |
| 15 | 7.02 |
| 18 - 23 | 6.93 |
| 24 - 35 | 7.02 |
| 36 - 60 | 7.35 |
Benefits of a Monthly Income from your Fixed Deposit
Some of the benefits of investing in an FD for monthly income are:
Steady Income
Investing in an FD for monthly income lets you enjoy a regular flow of income, making it an ideal choice for people close to retirement or those seeking alternative income.
Fixed Returns
Since FDs are booked at a fixed interest rate, the returns are predictable and provide financial stability.
Flexible Tenure
Fixed deposits for monthly income come with a wide range of tenure options, enabling you to choose a tenure that suits your financial goals. Shriram Finance offers a range of tenure options on its FD, ranging from 12 to 60 months, ensuring you can choose a tenure that aligns with your financial goals.
Senior Citizen Benefits
Senior citizens can enjoy an additional interest rate on monthly income FDs, making them an excellent approach for securing post-retirement financial independence. Shriram FD offers additional interest rates of 0.50%* p.a. to ensure senior citizens can maximise their returns and enjoy a better monthly income, especially in their retirement years.
Benefits for Women Depositors
An FD for women provides additional interest rate benefits for women, enabling them to grow their savings. Shriram FD offers an additional interest rate of 0.05%* p.a., ensuring women can enjoy financial stability every month while earning higher returns.
Low Risk Investment
A fixed deposit for monthly income is a low-risk investment that protects investors’ capital while also yielding consistent returns.
Eligibility Criteria for FDs for Monthly Income
To avail of the fixed deposit for monthly income from Shriram Finance, here are the eligibility criteria that you would need to meet:
Eligibility Criteria
- 18 years and above
- Minors can invest through a guardian
Age
- Indian resident (NRIs must apply offline only)
Citizenship
Documents Required for FDs for Monthly Income
Here are the documents required for a fixed deposit for monthly income:
Required Documents
Proof of AgePAN Card, Passport
Identity ProofAadhaar Card and PAN card
Address ProofUtility bills, Aadhaar Card, Passport, Driving Licence
Bank Account DetailsCopy of the passbook or personalised cancelled cheque
How to Invest in a Fixed Deposit Scheme for Monthly Income
Follow these steps to invest in a fixed deposit for monthly income through our website or the Shriram One app:
- Step 1Register using your mobile number, pin code, and residency status. Click 'Invest Now'.
- Step 2Choose your desired deposit amount and select your tenure and payout option based on your preferences.
- Step 3Enter your PAN and Aadhaar details, verify via OTP and complete KYC with a quick selfie.
- Step 4Provide occupation details and add your bank details for maturity credit, nominee information and set the maturity instructions.
- Step 5Complete declarations and make payment via net banking, UPI or debit card.
- Step 6Receive instant confirmation via SMS/email and get your digital FD certificate within 7 working days.
How to Receive Interest on a Monthly Basis From a Fixed Deposit
Withdrawing the monthly amount from your fixed deposit monthly income scheme is straightforward process:
- While making your FD investment, you will be prompted to choose your payout frequency.
- The payout options available for Shriram Unnati Fixed Deposit are monthly, quarterly, half-yearly and yearly.
- Choose the “Monthly” option to receive the interest from your FD investment every month to your linked bank account.
- This helps with smooth and automatic transfer of the funds on the chosen date.
- It is important to remember that if you want to withdraw your FD investment early, a penalty fee will apply. Please note, there is a lock-in period of 3 months before you can withdraw your FD prematurely.
- Try to keep your FD investment locked-in to maximise your returns on maturity.
FAQs
How can I earn monthly income from an FD?
To earn monthly income from your FD investment, choose the monthly payout option at the time of booking the FD.
How do I determine my fixed deposit balance monthly?
You can check your fixed deposit monthly balance by logging in to your account on our website or by using the Shriram One app. Alternatively, you can also visit a Shriram Finance branch nearest to you to check your FD balance.
How does FD monthly income plan work?
In an FD monthly income plan, you invest a lump sum amount of money for a fixed tenure and choose “monthly” as your payout option. Shriram Finance will calculate the interest on this amount and payout to you monthly, with your principal investment remaining intact.
How will I receive the monthly interest amount from my FD?
The monthly interest amount is usually credited directly to your savings account linked to the FD. You can withdraw the funds through your bank account like you normally would.
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 https://www.shriramfinance.in/downloads. The 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.
