Plan your dream wedding with Shriram Fixed Deposit
Using a Fixed Deposit for Wedding Expenses
Weddings are moments of celebration and joy for creating lasting memories, but they also come with many expenses. When you are preparing for a wedding, there are expenses related to food and decor arrangements, hosting, and invitations. To handle these costs without stress, a wise option is to use Fixed Deposits (FDs) for wedding expenses.
Using an FD for wedding expenses can help you save steadily and grow your money with steady returns, making it easier to plan your special day within a budget. An FD is a reliable investment tool for your wedding expenses. It lets you stay on track financially while bringing your wedding dreams to life.
By investing in Shriram FD, you can build a fund over time to cover wedding expenses without financial stress. Our FD offers 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.
What are the Benefits of Fixed Deposits for Wedding Expenses?
A fixed deposit is an excellent source to fund a wedding. Here are some of the advantages of the FDs for wedding expenses:
Unlike market-linked investments, FDs offer a fixed interest rate, ensuring you know how much you will accumulate for your wedding.
FDs are a low-risk investment option. Your principal amount is locked in, and you earn interest steadily.
Choose a tenure that aligns with your wedding timeline. Shriram FD offers tenure options ranging from 12 to 60 months. Pick a loan tenure that fits your requirements.
FDs act as a financial buffer. You can cover unforeseen wedding expenses while staying within budget.
At Shriram Finance, you can book an FD through the website or the Shriram One app, making it easier and quicker to book an FD.
Factors to Consider When Choosing Fixed Deposits for Wedding Expenses
Here's what to consider when using fixed deposits to cover your wedding costs:
Interest Rates
Check for interest rates offered by your chosen financial institution. Shriram Unnati Fixed Deposit offers interest rates that go up to 8.15%* p.a. (inclusive of 0.50%* p.a. for senior citizens and 0.05%* p.a. for women depositors).
Tenure Options
Select a tenure that aligns with your needs. It is a good practice to choose shorter tenures if your wedding is in the immediate future, and longer tenures if you have more time to save. For Shriram Unnati Fixed Deposit, the minimum tenure is 12 months and the maximum tenure is 60 months.
Premature Withdrawal Penalties
Understand the charges associated with withdrawing your FD before maturity. Factor in cases of emergencies.
Minimum Deposit Amount
Check the minimum deposit amount required to open an FD account. At Shriram Finance, you can open an FD with a minimum amount of ₹5,000.
How to Invest in a Fixed Deposit for Wedding Expenses?
Investing in a fixed deposit for wedding expenses is a straightforward process. Here are the steps to invest in an FD for wedding expenses through our website or 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.
To understand your returns from an FD for wedding expenses, you may use our FD Calculator. The FD calculator also comes handy while planning your budget and expenses.
How to Withdraw the Matured Amount from a Wedding Expenses FD?
Withdrawing the matured FD amount is a straightforward process, and it can typically be done via the Shriram One app, or the website or by visiting the branch. Here’s a step-by-step guide to help you through the process:
- During your FD booking journey, you will be asked to choose how you want your FD handled at maturity.
- You can either choose to receive the matured amount directly into your linked bank account or auto-renew the FD amount for another term.
- To receive your matured FD amount automatically to your linked bank account, choose the option "Refund on Maturity."
- This ensures a seamless and automatic transfer of the funds on the due date.
- It is important to remember that if you want to withdraw your FD investment early, a penalty fee will be charged.
- Try to keep your FD investment locked-in to maximise your returns on maturity.
FAQs
What exactly is a fixed deposit for wedding expenses?
A fixed deposit for wedding expenses is a reliable savings option offering higher interest rates than regular accounts. It allows flexible tenure choices and can be opened online. This FD ensures stability with a fixed interest rate for a chosen period, offering benefits like minimum deposits, flexible interest payout options (cumulative or non-cumulative), and the ability to withdraw funds prematurely with adjusted interest rates.
How can I open an FD for meeting my wedding expenses account?
To open an FD for wedding expenses, choose an FD with competitive interest rates, and select a flexible tenure suitable for your needs. Next, apply online with a minimum deposit and opt for cumulative or non-cumulative interest options.
Can I make partial withdrawals from my FD for my wedding expenses?
Generally, fixed deposits are not designed for partial withdrawals. However, if there is a premature withdrawal requirement, you can break your FD before its maturity to access the entire amount. However, this incurs a penalty.
Are there any age restrictions for opening an FD for wedding expenses?
No, there are typically no age restrictions for opening an FD for wedding expenses.
Can I nominate someone for my FD for wedding expenses account?
Yes, you can nominate someone for your fixed deposit account designated for wedding expenses. Nominating someone allows them to receive the funds in case of unforeseen circumstances. This ensures that your investment passes on to the designated person and is used as intended.
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.
