Established in 1986, Shriram City Union Finance is an NBFC (non-banking financial company) that offers retail financing. With over 1000 branches all over India, SCUF has become a trusted name in the areas of personal, vehicle and small business financing as well as fixed deposits.
The fixed deposit schemes from Shriram City Union Finance can be categorised into two sections. One being the regular fixed deposit scheme and the other is the Shriram City Yuva Deposit. A brief about the schemes available is mentioned in the following sections.
Fixed deposit accounts at Shriram City Union can be opened by either an individual, a minor, a senior citizen, a Hindu Undivided Family, trusts, firms or corporations.
Sums of a minimum of Rs. 5000 for the cumulative and a minimum of Rs. 10,000 for the non-cumulative schemes are required in order to open a fixed deposit account. There is no maximum limit applicable and the deposits are to be made in multiples of Rs. 1000. The cumulative fixed deposit can be renewed for its maturity value.
Fixed deposits with Shriram City Union offer a nomination facility and for payments of deposits, ECS facility is also available.
Shriram City Union offers Fixed Deposits under Cumulative and Non-Cumulative modes.
|Shriram City Union FD Rates for Non- Cumulative Deposit|
|Period (in months)||Yearly(% per annum)||Half Yearly (% per annum)||Quarterly(% per annum)||Senior citizen (yearly)(% per annum)|
The terms for fixed deposits stay the same (from 1 year to 5 years). The rate of returns vary sizably towards the second year onwards. The effective interest percentages per annum at monthly rests under this mode would be 7.49%, 7.58%, 7.72%, 7.86% and 7.95% for the 1 year, 2 years, 3 years, 4 years and 5 years respectively.
Under both the modes of deposits, the additional benefit of 0.25% is applicable for senior citizens aged 60 years or more.
To promote a sense of investing and saving in the youth, Shriram City Union Finance has started a special FD plan known as Shriram City Yuva Deposit. The salient features of this deposit can be mentioned as follows -
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