Fixed Deposits (FDs) are one of the most trusted investment options in India, offering guaranteed returns and capital safety. Among the top NBFCs offering attractive FD schemes is Shriram Finance, known for its high-interest rates and flexible tenure options.
In this detailed Shriram Finance FD review, we’ll explore:
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Shriram Finance FD interest rates (2024)
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Key features & benefits
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Eligibility & documentation
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Safety & ratings
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Comparison with other FDs
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Pros & cons
By the end, you’ll have all the information needed to decide if Shriram Finance FD is the right choice for you.
Shriram Finance FD Interest Rates 2024
Shriram Finance offers competitive FD interest rates, making it a preferred choice for risk-averse investors. Here’s the latest rate structure:
| Tenure | Interest Rate (p.a.) |
|---|---|
| 12-23 months | 8.50% – 9.00% |
| 24-35 months | 8.75% – 9.25% |
| 36-60 months | 9.00% – 9.50% |
| Senior Citizens | +0.50% extra |
Key Highlights:
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Higher returns than most bank FDs
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Flexible tenure (12 months to 5 years)
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Quarterly, half-yearly, or annual interest payouts
Features & Benefits of Shriram Finance FD
1. Attractive Interest Rates
Shriram Finance offers up to 9.50% p.a., which is higher than many banks and NBFCs. Senior citizens get an additional 0.50%.
2. Flexible Tenure Options
Investors can choose from 12 months to 5 years, making it suitable for short-term and long-term goals.
3. Loan Against FD
Need liquidity? You can avail of a loan up to 75% of the FD amount at competitive rates.
4. Auto-Renewal Facility
FDs can be auto-renewed upon maturity, ensuring uninterrupted earnings.
5. Nomination Facility
Secure your investment by adding a nominee.
Shriram Finance FD Safety & Ratings
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CRISIL AAA/Stable (Highest Safety Rating)
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ICRA AAA (Stable Outlook)
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Registered with RBI as a Systemically Important NBFC
This ensures that your investment is safe and reliable.
How to Open a Shriram Finance FD?
Eligibility Criteria
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Indian residents (Individuals, HUFs, Companies, Trusts)
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Min. deposit: ₹5,000 (varies by scheme)
Documents Required
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PAN Card
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Aadhaar Card
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Address Proof (Passport, Voter ID, etc.)
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Passport-size photos
Application Process
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Online: Visit Shriram Finance Official Website
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Offline: Visit the nearest branch
Shriram Finance FD vs Competitors
| Feature | Shriram Finance FD | Bajaj Finance FD | SBI FD |
|---|---|---|---|
| Interest Rate | Up to 9.50% | Up to 8.85% | Up to 7.50% |
| Tenure | 12-60 months | 12-60 months | 7 days-10 years |
| Safety Rating | CRISIL AAA | CRISIL AAA | Sovereign Guarantee |
| Min. Deposit | ₹5,000 | ₹15,000 | ₹1,000 |
Verdict: Shriram Finance offers better returns than banks but has a slightly higher minimum deposit than SBI.
Pros & Cons of Shriram Finance FD
Pros ✅
✔ Higher interest rates than banks
✔ Flexible tenure options
✔ Loan against FD facility
✔ Safe & stable (CRISIL AAA-rated)
Cons ❌
✖ Premature withdrawal penalties
✖ Limited online accessibility compared to banks
Final Verdict – Is Shriram Finance FD Worth It?
If you’re looking for higher returns than banks with reasonable safety, Shriram Finance FD is a great choice. It’s ideal for:
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Senior citizens seeking regular income
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Investors wanting better-than-bank FD returns
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Those okay with slightly longer lock-in periods
For the best results, compare with other FDs like Bajaj Finance FD and HDFC Bank FD before investing.
Frequently Asked Questions (FAQs)
1. Is Shriram Finance FD safe?
Yes, it has CRISIL AAA/ICRA AAA ratings, indicating high safety.
2. What is the minimum deposit amount?
₹5,000 for most schemes.
3. Can I withdraw my FD early?
Yes, but a penalty of 1-2% may apply.
4. How is the interest paid?
Monthly, quarterly, half-yearly, or annually.
5. Are there tax benefits?
No, but TDS applies if interest exceeds ₹40,000 (₹50,000 for seniors).
Conclusion
Shriram Finance FD is a high-return, safe investment option for those looking to earn better-than-bank interest rates. With flexible tenures and a strong credit rating, it’s a solid choice for conservative investors.
