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    Shriram Transport Finance Company Ltd Fixed Deposit

    Shriram Transport Finance Company Ltd Fixed Deposit (FD) is part of the Shriram group and is into various financing services and also accepts deposits from the general public. They offer both cumulative and non-cumulative fixed deposit schemes. All Shriram Transport fixed deposits interest rates are rated ‘MAA+/with Stable Outlook’ by ICRA and ‘FAAA/Stable’ CRISIL, both of which is an indicator of a high level of safety. Shriram is a registered Non-Banking Financial Company and comes under the purview of the Reserve Bank of India (RBI).

    Types of deposit schemes

    Shriram Transport Finance offers the following types of fixed deposits:

    1. Cumulative Fixed Deposits
    2. Non-cumulative Fixed Deposits

    Cumulative Fixed Deposits

    A Shriram cumulative fixed deposit scheme is a type of investment option where the interest is paid along with the principal at the time of maturity. Here, the interest earned is typically reinvested. Given below are the features of cumulative term deposits:

    • Interest is payable only upon completion of the deposit tenure
    • All investments under this scheme will be accepted in multiples of Rs.1,000
    • The minimum amount that needs to be deposited under this type of FD scheme is Rs.5,000
    • Joint account and nomination facility is available
    • Senior citizens are eligible for a higher rate of interest on all tenure ranges

    Non-cumulative Fixed Deposits

    This is a type of fixed deposit account where the interest payment is made at various time intervals depending on what the deposit holder chooses such as monthly, quarterly, half-yearly or yearly. Given below are the features of non-cumulative term deposits:

    • The interest will be credited directly to the bank account of the deposit holder based on the interest paying frequency
    • The minimum amount that needs to be put in to open such a deposit account is Rs.10,000
    • All funds towards opening of the deposit account will only be accepted in multiples of Rs.1,000
    • Those who are 6- years and above will be eligible to get a certain higher rate of interest
    • The interest payment will be made through National Electronic Fund Transfer (NEFT)

    Given below is the schedule of interest payment for Shriram Transport non-cumulative fixed deposits:

    Period Schedule of interest payment
    Monthly End of the month
    Quarterly End of every quarter ending in March, June, September & December
    Half-yearly Paid twice a year at the end of March and September
    Yearly Paid on the last day of March each year


    • There are a range of tenure options to choose from including short-term deposits and medium term deposits
    • The minimum investment period is 12 months, while the maximum duration for which one can hold a term deposit is 60 months

    Eligibility Criteria

    1. Who can open an FD?
    • Indian residents
    • Companies
    • Partnership firms
    • Hindu Undivided Family (HUF) Trust or foundations
    2. Documents required
    • Aadhaar card
    • Application form
    • PAN card
    • 2 photos

    How to open a Shriram Transport fixed deposit

    Depositors can apply for a Shriram Transport fixed deposit online by visiting the website or by filling in an application form. Given below is the process involved in applying for an FD online:

    Step 1:Log on to the website and go to the online service portal

    Step 2:Register under the ‘new user signup’ tab that falls in the ‘Customer Login’ tab

    Step 3:Choose your user ID, key in mobile number, email ID and enter the captcha code and click on ‘Proceed’

    Step 4:Now enter the security code that you receive on your mobile number, answer the secret question and hit the ‘Next’ button

    Step 5:A confirmation email will be sent to you along with your password to your registered email id

    Step 6:Now proceed to login and choose the type of FD you want, fill details and proceed to make a payment online. The following is the pathway that you have to follow: Scheme Details > Personal Details> Bank Details > DEposit amount >Proof details

    FAQs for Shriram Transport fixed deposits

    1. Can NRIs invest in Shriram FDs?

    No. This facility has been discontinued from 2017.

    2. Does RBI offer guarantee for these deposits?

    The deposits are well rated and also come under a systematic framework. However, RBI does not take any responsibility on these deposits.

    3. How can I pay for the deposit?

    The prospective customer can either issue a cheque in the name of ‘ Shriram Transport Finance Company Limited’ or make a payment online.

    4. Can a minor open an FD?

    A minor will be able to open an FD only in the presence of a legal guardian.

    5. In case interest rates are changed at some point of time, will the rates be revised on my existing deposits?

    Unfortunately, this may not be possible. The deposit rates will be same as what was offered at the time of opening the deposit. Depositors will have to open a fresh deposit to avail existing/renewed rates.

    6. Are all fixed deposits subject to tax norms?

    Yes. If the interest earned on the deposit is more than the set limit, TDS will be deducted on the respective deposit every financial year.

    7. When is TDS deducted?

    If the interest that is earned on a fixed deposit is more than Rs.10,000 in a given financial year, TDS will be deducted at the rate of 10%. For senior citizens, if the interest earned is more than Rs.50,000 in any given financial year, then TDS will be deducted at the rate of 10%.

    8. All all senior citizens eligible for a higher rate of return?


    9. Is the fixed deposit a transferable one?

    No, unfortunately not.

    10. What can a depositor do in case there is a legal dispute? How can she/he seek resolution?

    Any such case, it will be resolved by the jurisdiction court in Chennai.

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