The deposit will only be transitioned to the corresponding bank account as updated in Shriram Finance’s records.

There will be no adjustments to existing deposits because we are required to pay the negotiated rate until maturity under current rules.
The updated rates will only apply to new deposits and renewals placed on or after the date the new rates are effective.

The Reserve Bank of India released the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016, which govern NBFCs’ public fixed deposit schemes.

Nomination is a process in which a depositor designates someone to whom the company must pay the deposit amount in the case of the depositor’s death. When scheduling an FD, a depositor has the option of providing nomination information.

Form 15G/15H is a self-declaration by the depositor that can be received from the company or downloaded [15G (For Depositors Under 60 Years of Age). / 15H (For depositors aged 60 and above) It is a self-declaration that requires no authentication from anyone, with the exception of the Left Hand Thumb impression, which must be attested by a Gazetted Officer or Bank Official. It should be given in duplicate.

To submit your 15G/H form for your current investment with Shriram Finance, please log in to our customer portal or contact us.

If the expected annual interest paid/credited or likely to be paid/credited on the deposit/s exceeds or is likely to exceed 5,000 /- for the fiscal year (i.e. year 2022-23), the tax deductor is required to deduct income tax at source. To avoid such a tax deduction, investors can provide a self-declaration in Form 156/H or submit an exemption certificate from the appropriate Income Tax Authority for each fiscal year prior to the start of that fiscal year.

Tax deduction certificates in the prescribed Form 16A containing details of the tax remitted to the government, among other things, will be sent on a quarterly basis if the deposit is under the quarterly scheme, half-yearly for deposits under the half-yearly scheme, and at the end of the year for yearly and cumulative deposits.
TDS certificates in Form 16A are prepared quarterly using the information supplied in the quarterly TDS statement filed by the tax deductor in TIN (Tax Information Network).

For tax deduction at source, the company will generate a TDS certificate in Form 16A through the TIN central system, which may be obtained from the TIN website with a unique TDS certificate number and authenticated using a digital signature.

To acquire the TDS certificate for your existing investment with Shriram Finance, please login to our Customer Portal.

The interest on a cumulative fixed deposit is compounded over the duration of the deposit and paid out at maturity. On the other hand, depending on the tenure selected, the interest amount in a non-cumulative FD is due monthly, quarterly, half-yearly, or annually. The periodicity of interest payments is where the two differ from one another.

Yes. Fixed deposits from NRIs are accepted starting January 4, 2021 for three years, as Per RBI Rules

Your registered bank account will receive the interest on your FD.

In the tragic case of a depositor’s death, the corporation will return the deposit, regardless of the lock-in term. Upon request, the surviving depositor(s), nominee, or legal heir(s) may collect the deposit on behalf of the deceased depositor by presenting proof of death and other required papers.

Since Shriram Finance provides choices for both auto-renewal and auto-refund, Investcorpus can assist you in obtaining both. The depositor has the option of selecting either auto-renewal or auto-refund when making a fixed deposit reservation. These are the options available to the depositor at maturity if they haven’t selected one of the above.

On the day of maturity, renew your principal.
On the day of maturity, renew your interest rate.
When the fixed deposit matures, close it.

Shriram Finance Limited accepts investments from individuals, companies, partnership firms, Hindu Undivided Family (HUF), trusts and foundations, incorporated associations or bodies of individuals, and NRI.