Competitive interest rates for your smart savings
Fixed Deposit Interest Rates
Fixed Deposit interest rates play a crucial role in determining the returns on your investment, making them an essential factor to consider when planning your financial future. Whether you're a seasoned investor or just beginning to explore your options, understanding how these rates work can help you maximize your earnings. With the stability and predictable returns that Fixed Deposits offer, securing a competitive interest rate ensures that your savings grow steadily over time.
Shriram Finance offers one of the highest fixed deposit interest rates to help you grow your investment securely. Get up to 9.40%* p.a. on your Shriram FD, (including an additional benefit of 0.50%* p.a. for senior citizens and 0.10%* p.a. for women depositors) - Choose from a variety of tenures, pay out frequency, and preferred investment amount to suit your financial goals.
Quick Facts
Fixed Deposit (FD) interest rates are a crucial factor to consider when investing in a secure and reliable savings option. The table below outlines the current and up-to-date Shriram FD interest rates interest offered on Fixed Deposits across various investment tenures, helping you make an informed decision, making it easy for you to compare and choose the best option for your investment goals.
Shriram Finance has revised its interest rates for all fixed deposits w.e.f. 9th April 2024, incl. FD rates for senior citizens and women.
The new FD rates are given below:
Shriram Unnati Fixed Deposit Interest Rate for Cumulative Fixed Deposit Scheme (w.e.f. 9th April 2024)
| Period (Months) | Rate % (monthly) | Effective Yield % p.a. | Maturity value for Rs. ₹ 5000/- |
|---|---|---|---|
| 12 | 7.59 | 7.85 | 5,392 |
| (Digital Only)15 | 7.87 | 8.24 | 5,515 |
| 18 | 7.73 | 8.16 | 5,612 |
| 24 | 7.87 | 8.49 | 5,849 |
| 30 | 8.05 | 8.88 | 6,110 |
| 36 | 8.38 | 9.49 | 6,423 |
| 42 | 8.42 | 9.75 | 6,706 |
| 50 (JUBILEE) | 8.47 | 10.10 | 7,107 |
| 60 | 8.47 | 10.50 | 7,625 |
Shriram Unnati Fixed Deposit Interest Rate for Non-Cumulative Fixed Deposit Scheme (w.e.f. 9th April 2024)
| Period (Months) | Rate % (monthly) | Quarterly % | Half-Yearly % | Yearly % p.a. |
|---|---|---|---|---|
| 12 | 7.59 | 7.63 | 7.71 | 7.85 |
| (Digital Only)15 | 7.87 | 7.92 | 8.00 | 8.15 |
| 18 | 7.73 | 7.77 | 7.85 | 8.00 |
| 24 | 7.87 | 7.92 | 8.00 | 8.15 |
| 30 | 8.05 | 8.10 | 8.18 | 8.35 |
| 36 | 8.38 | 8.43 | 8.52 | 8.70 |
| 42 | 8.42 | 8.47 | 8.56 | 8.75 |
| 50 (JUBILEE) | 8.47 | 8.52 | 8.62 | 8.80 |
| 60 | 8.47 | 8.52 | 8.62 | 8.80 |
Understanding these rates is key to maximizing your returns while ensuring the safety of your capital. Whether you're a conservative investor or looking for stable growth, Fixed Deposits offer a predictable income stream. Explore the rates in the table below to find the most suitable FD option that aligns with your financial objectives.
Shriram Unnati Fixed Deposit: Additional Interest Rates for Senior Citizen and Women
- For Senior Citizens: Get an additional 0.50%* p.a. on your FD rates if you are 60 years and above.
- For Women: Get an additional 0.10%* p.a. additional interest rate over and above the existing FD rates.
- Renewal: Receive an additional 0.25%* p.a. on fixed deposit renewal (at maturity)
- Flexible Investment Tenures: Choose from a wide range of investment tenures ranging from 12 to 60 months (about 5 years).
- Minimum Investment Amount: Start as low as ₹5,000 and in multiples of ₹1,000.
Shriram Finance Fixed Deposit offers better interest rates for senior citizens. Choose a suitable tenure and earn attractive interest rates up to 9.40%*p.a. which is inclusive of a special interest benefit of 0.50%*p.a. for senior citizens and 0.10%*p.a. for women depositors.
Fixed Deposit for Senior Citizens
Shriram Unnati Fixed Deposit Cumulative and Non Cumulative Interest Rate For Senior Citizen (w.e.f. 9th April 2024)
| DEPOSIT SENIOR CITIZEN SCHEME (0.50% additional) | |||||||
|---|---|---|---|---|---|---|---|
| Non cumulative Deposits | Cumulative Deposit | ||||||
| Period (Months) | Monthly % p.a. | Quarterly % p.a. | Half-Yearly % p.a. | Yearly % p.a. | Effective yield % p.a. | Maturity value for Rs 5000/- | |
| 12 | 8.09 | 8.14 | 8.22 | 8.39 | 8.39 | 5,419 | |
| (Digital Only)15 | 8.37 | 8.42 | 8.51 | 8.69 | 8.79 | 5,549 | |
| 18 | 8.23 | 8.28 | 8.37 | 8.54 | 8.72 | 5,654 | |
| 24 | 8.37 | 8.42 | 8.51 | 8.69 | 9.07 | 5,907 | |
| 30 | 8.55 | 8.61 | 8.70 | 8.89 | 9.49 | 6,186 | |
| 36 | 8.88 | 8.94 | 9.04 | 9.25 | 10.13 | 6,519 | |
| 42 | 8.92 | 8.98 | 9.08 | 9.29 | 10.42 | 6,824 | |
| 50 | 8.97 | 9.03 | 9.13 | 9.34 | 10.81 | 7,255 | |
| 60 | 8.97 | 9.03 | 9.13 | 9.34 | 11.26 | 7,816 | |
Note: Eligible for individuals aged 60 and above on the date of deposit/renewal.
Cumulative and Non-Cumulative Fixed Deposit Interest Rates
A cumulative FD interest rate is one in which the accrued interest amount is disbursed along with the principal amount at the time of maturity, whereas a non-cumulative FD interest rate is one in which the accrued interest amount is disbursed as payouts on regular intervals like monthly, quarterly, half-yearly or yearly, depending upon your convenience and requirement.
A cumulative Fixed Deposit (FD) scheme is an attractive investment option for individuals seeking to grow their savings over time without the need for regular interest payouts. In this scheme, the interest earned on the principal amount is not paid out periodically but instead is reinvested, allowing the interest to compound over the deposit tenure. This compounding effect results in higher returns at maturity compared to non-cumulative FDs. Ideal for long-term financial goals, a cumulative FD provides investors with the benefit of disciplined savings while maximizing returns through the power of compounding, making it a popular choice for those aiming to build substantial wealth over time.
Below is a detailed comparison between cumulative fixed deposit interest rate and non-cumulative fixed deposit scheme interest rates:
| Feature | Cumulative FD Interest Rates | Non-Cumulative FD Interest Rates |
|---|---|---|
| Interest Compounding | Cumulative FD Interest Rate is compounded over the investment period. | Non-Cumulative FD Interest Rate is not compounded; the interest is paid at regular intervals. |
| Interest Payment | Paid along with the principal at maturity. | Paid monthly, quarterly, half-yearly, or yearly. |
| Suitable For | Investors with long-term savings goals who do not need regular income. | Investors needing regular income. |
| Investment Horizon | Ideal for long-term investors. | Suitable for medium to long-term investments. |
| Tax Implications | Interest is taxable at maturity. | Interest is taxable at the time of payout. |
Why Choose Shriram Finance for FD?
Investments made in fixed deposits are secure as they are unaffected by market fluctuations. They are risk-free and considered one of the safest investment options.
To enjoy one of the highest FD interest rate benefits, you should thoroughly compare interest rates on fixed deposits offered by different financial institutions. Shriram Finance FD interest rates are slightly higher than other NBFC FD rates. Some reasons why you should invest in Shriram Finance fixed deposit are as follows:
Higher Interest Rate
Shriram Finance offers one of the maximum interest rates on FD of up to 9.40%*p.a., which includes benefits of 0.50%* p.a. for senior citizens and 0.10%* p.a. for women depositors, yielding one of the highest returns on FD.
Flexible tenure
Choose from investment periods ranging from 12 to 60 months.
Safe & Secure
Rated "[ICRA]AA+ (Stable)" by ICRA and "IND AA+/Stable" by India Ratings and Research.
Low Minimum Investment
Start building your wealth with a minimum deposit amount of ₹ 5,000.
Compounding Benefits
Reap the rewards of compound interest as your investment multiplies faster.
Quick Application Process
Simple online FD application process with reduced documentation.
Fixed Deposit Interest Calculator
A Fixed Deposit Interest Calculator is designed to simplify your financial planning, providing precise interest projections based on your deposit amount, tenure, and rates. With just a few inputs, it shows how your investment will grow over time, making it easier to plan for future goals.
Our FD interest calculator offers a detailed breakdown of your total earnings and the Fixed Deposit Rate of Return, helping you understand the impact of different FD interest payout options on your final amount at maturity. Use our FD calculator to determine monthly interest and plan your investments effectively.
Frequently Asked Questions (FAQs)
How to calculate fixed deposit interest rate?
The FD annual interest rate is calculated by considering factors such as investment amount, period of investment, the payout option and the type of deposit scheme you choose to invest in. You can use the FD interest calculator to find the interest earned.
What is cumulative fixed deposit interest rate?
In a cumulative fixed deposit, interest is compounded over the investment period and paid at maturity. This approach maximises your returns by earning interest on previously accrued interest.
What are the FD interest frequencies available and modes by which the interest is paid?
Shriram Fixed Deposit offers various interest payout options such as monthly, quarterly or yearly for non-cumulative deposits. Cumulative deposits pay interest at maturity.
When will the interest be credited in the Non-Cumulative FD scheme?
In a Non-Cumulative FD with Shriram Finance, interest is credited at the chosen intervals— yearly, monthly, quarterly, based on your selection.
What is the highest Shriram FD rate today?
Shriram Finance offers Fixed Deposit rates up to 9.40%* p.a., inclusive of 0.50%* p.a. for senior citizens and 0.10%* p.a. for women depositors.
What are the Fixed Deposit Interest Rates in 2024?
You can check for the latest fixed deposit interest rates in 2024 online. For instance, Shriram Finance has revised the interest rates in 2024 for its fixed deposit schemes. As per the revised rates you can earn up to 9.40%* p.a. interest on your deposits, inclusive of 0.50%* p.a. for senior citizens and 0.10%* p.a. for women depositors.
When can I receive my FD interest payouts at Shriram Finance?
The investor chooses the FD interest payout terms at the account opening. If the scheme is a cumulative fixed deposit interest rate scheme, you will receive interest payout at the end of the term. If it is a non-cumulative fixed deposit interest rate scheme, you will receive interest payout as per the decided payout frequency.
Can FD depositors get interest on a monthly basis?
You can choose to receive interest payout every month by selecting the payout mode as monthly at the time of opening the non-cumulative fixed deposit account.
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 download
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.
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