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Shriram City Union Finance Ltd (SCUF), popularly known as Shriram City, belongs to the 3-decade old Shriram Group. The firm was incorporated in 1986, and has produced quality products and services over the years in categories such as car loans, home loans, personal loans, as well as loans against gold. Being a non-banking financial company (NBFC), Shriram City has firmly established its presence in the retail finance segment.
Shriram City offers fixed deposit schemes that are packed with benefits. The deposits are rated as AA+ by CARE, signalling reliable products. The deposit schemes provide flexibility in choosing tenure and amount, and interest is paid out regularly as per deposit rules.
Shriram City currently offers two fixed deposit products – Shriram City fixed deposit scheme and Shriram City Yuva.
Shriram City fixed deposit: This is a general fixed deposit scheme wherein customers receive regular interest payments on their deposit at pre-defined rates. Schemes are available in cumulative and non-cumulative varieties with varying interest rates according to frequency of payments. There are a total of 5 distinct options for choosing tenure including 1 year, 2 years, 3 years, 4 years and 5 years.
Shriram City Yuva: This scheme is meant exclusively for the youth of the country (ages 18-35). Apart from the usual benefits associated with fixed deposits from Shriram City, Yuva account holders also stand to receive redeemable reward points on their deposits as well as 25% discount on loan processing fees, subject to conditions.
Shriram City FD scheme can be availed by Indian citizens falling under the following categories – individuals, Hindu Unified Families (HUF), firms, trusts, corporates, senior citizens and minors. New customers are required to verify their identity by submitting one of the following documents:
Customers are also required to submit a different proof of residence if their present address does not match that on the identity documents as listed above.
SCUF offers both cumulative and non-cumulative fixed deposits.
Cumulative deposits: Interest rates range from 8.65% to 9.34% p.a. at monthly rests for all five deposit tenures. The effective yield ranges from 9.00% to 11.85% p.a.
Non-cumulative deposits: Interest rates range from 8.65% p.a. to 9.75%. Different rates are applicable for monthly, quarterly, half-yearly and annual payment schemes for the tenures listed above.
Senior citizens will generally receive an additional 0.25% rate of interest on any chosen FD product. However, some schemes may provide even higher rate of interest. The current interest rates for senior citizens ranges from 9.11% to 10.25% p.a. for non-cumulative deposits, while the figure lies between 9.50% to 12.58% p.a. at monthly rests for cumulative deposits.
The minimum amount required to open a cumulative account is Rs.5,000, while it is Rs.10,000 for non-cumulative fixed deposit schemes. Shriram City Yuva deposits follow the same criteria as above.
No information is available for the maximum allowable deposit amount. In general, if you are looking for high value deposits worth crores, additional permissions have to be sought from the financial institution.
Shriram City offers fixed deposits for 5 distinct tenures of 12 months, 24 months, 36 months, 48 months and 60 months.
For opening new FD accounts, customers should ensure they meet the eligibility criteria as set by the company. The documents listed in the eligibility section above have to be produced for verification at the time of account opening, along with the completed application form. Online registration is also allowed for new fixed deposit accounts. Customers can fill and submit their online applications through the dedicated portal.
TDS, or Tax Deducted at source, is applicable on interests earned from Shriram City fixed deposit accounts. TDS is applied in two criteria – 20% of overall interest earned for account-holders who have not submitted PAN details, and 10% of interest earned for those who have provided PAN details. TDS is deducted on earnings above Rs.10,000 from interests for both sections of taxpayers as listed above.
Loans are available against SCUF fixed deposits up to a maximum of 75% of the value of the deposit. Loans are provided at the discretion of the company, and the account should have been started not less than 3 months previously. The rate of interest is 2% over the interest rate quoted in the fixed deposit account.
NRIs can also open fixed deposit schemes in Shriram City, provided the amounts in the FD have been transferred from a NRO account. Further, the funds in the NRE account should not be credited from overseas or from NRE/FCNR accounts.
Premature withdrawal is allowed as per the guidelines of the Reserve Bank of India (RBI).