Today we are going to discuss all about Shriram Finance FD interest rates 2023 , we will also understand all about benefits of FD as well as the unique features offered by Shriram Finance FD.
Fixed Deposit or FD is a type of bank account where you deposit a certain amount of money for a set period of time, usually ranging from a few months to several years. The bank pays you a fixed interest rate on your deposit during this time. Once the term (or “tenure”) of the fixed deposit is over, you can withdraw the original amount you deposited along with the interest earned.
Fixed deposits are considered relatively safe because they offer a fixed return on your investment, and the money is typically locked in for the agreed-upon term, which means you cannot withdraw it before the tenure ends without incurring penalties.
Fixed deposit accounts are provided by the majority of the country’s main banks, with terms ranging from as short as 7 days to as long as 10 years or more. Customers can select a period that best suits their needs. The interest rate, once set, does not change throughout the period, and upon maturity, the person will get a lump sum amount that covers both the regular investments and the interest gained.
Shriram Finance Fixed Deposits
Shriram Finance is a well-established non-banking financial institution in India known for its Fixed Deposit (FD) offerings. They provide a range of FD options catering to different investor preferences. These include Regular Fixed Deposits, Cumulative Fixed Deposits, Non-Cumulative Fixed Deposits, and Senior Citizen Fixed Deposits. Regular FDs offer periodic interest payouts, Cumulative FDs reinvest the interest for higher returns at maturity, Non-Cumulative FDs offer various interest payout frequencies, and Senior Citizen FDs provide exclusive benefits to senior investors. Shriram Finance’s FDs are known for their competitive interest rates and reliability, making them a popular choice among investors looking for secure and rewarding investment options.
Features of Shriram Finance Fixed Deposit
Some of the features of Shriram Finance FD are as follows:
Shriram Finance Fixed Deposit is a trusted investment option, favored by millions of customers, offering a combination of safety and attractive features:
1. Highest Safety Standards:
- Shriram Finance is trusted by millions of customers for its strong reputation and commitment to financial security.
- It has been rated “[ICRA]AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research, reflecting its high creditworthiness and stability.
2. Competitive Interest Rates:
Investors can grow their savings with attractive interest rates, reaching as high as 9.10%* per annum, ensuring that their investments yield substantial returns.
3. Benefits for Senior Citizens:
Senior citizens enjoy an additional 0.50%* per annum on their investments, making it an ideal choice for retirees looking for steady income.
4. Special Rates for Women:
Women depositors are offered an extra 0.10%* per annum, recognizing their financial independence and encouraging their participation in financial planning.
5. Flexible Tenure Options:
Investors can choose from a range of flexible tenure options, starting from 12 to 60 months, allowing them to align their investments with their financial goals and liquidity needs.
6. Flexible Payout Choices:
Shriram Finance offers various interest payout options, including monthly, quarterly, half-yearly, yearly, or at maturity. This flexibility enables investors to plan their cash flows according to their requirements.
7. Minimum Deposit Amount:
The minimum deposit amount for Shriram finance fixed deposit is Rs. 5,000.
8. Premature Withdrawal:
Premature withdrawal of fixed deposits is allowed but only after completion of 3 months.
Shriram Finance FD Interest Rates 2023 (Below Rs. 2 Crore)
Here’s what the Shriram Finance FD interest rates look like for general public
|Tenure||Rates in %|
|1 year 6 months||9.15|
|2 years 6 months||8.90|
|3 years 6 months||8.69|
|4 years 2 months||8.39|
The above number include additional 0.50% p.a. more for senior citizens and 0.10% p.a. more for women.
Rates are as on w.e.f. 13.09.2023
Benefits of a Fixed Deposit Account
Some of the major advantages of a fixed deposit account are as follows:
Guaranteed Returns: FDs provide fixed and guaranteed returns in the form of interest rates, which are predetermined at the time of investment. This allows investors to know in advance how much interest they will earn on their deposit, making it a predictable investment option.
Capital Preservation: FDs are considered relatively low-risk investments as the principal amount deposited is generally safe and secure, and is not subject to market fluctuations. This makes FDs suitable for conservative investors who prioritize capital preservation.
Flexibility: FDs offer flexibility in terms of tenure, allowing investors to choose a term that suits their financial goals, ranging from short-term to long-term. This makes FDs adaptable to different investment objectives and time horizons.
Regular Income: FDs can provide a regular source of income, especially when interest is paid out at regular intervals (monthly, quarterly, etc.), making it beneficial for individuals seeking regular income, such as retirees or those with fixed financial commitments.
Diversification: FDs can be used as a part of a diversified investment portfolio to balance risk and returns. They can complement other types of investments, such as stocks, mutual funds, or real estate, to create a diversified investment portfolio.
Loan Facility: Many banks allow customers to avail loans against their fixed deposits, providing a convenient source of credit without breaking the deposit prematurely. This can be beneficial in times of emergencies or unexpected expenses.
Nomination Facility: FDs often allow customers to nominate a beneficiary, which can help in smooth transfer of the deposit to the nominee in case of unforeseen events, ensuring that the depositor’s wishes are honored.
Senior Citizen Benefits: Some banks offer higher interest rates for senior citizens on fixed deposits, providing an additional benefit to individuals above a certain age.
It’s important to note that the specific benefits of fixed deposits may vary depending on the terms and conditions of the particular FD and the prevailing market conditions. It’s advisable to carefully review the terms and conditions, interest rates, and other features offered by the bank or financial institution before investing in a fixed deposit.
Fixed Deposits (FD) are a savings option that helps one save for the future. Like with any other type of savings account, the interest rate on FDs varies from bank to bank. For various time periods, interest rates in Indian banks usually range between 6 – 9%. The interest rate for a senior citizen’s FD account is slightly higher than the regular accounts. Most banks give senior citizens an additional rate of between 0.25% and 0.75%.
To compare various FDs based on their interest rates, you can easily use the online FD interest and returns calculator.
Advantages of using an Online Fixed Deposits Interest Calculator
The process of calculating interest on repeated deposits can be difficult and time-consuming. Some of the benefits of using an FD online calculator are as follows:
- Simple to use: Utilizing an FD calculator is quite simple. All that is required is the entry of values for the monthly deposit, the rate of return on investment, and the number of years of investing. The maturity amount is correctly calculated by the FD calculator, you can do the same for RDs through RD Calculator.
- Time-saving: An investor can save time by using an FD calculator. In a matter of seconds, it completes complicated calculations. The investor no longer has to deal with the hassle of manual computations.
- Accuracy: If the inputs are entered correctly, the calculator is extremely accurate and there is no chance of error.
- Future Planning: The calculator provides the precise value of the return on investment, allowing investors to plan their future with extreme precision.
- Comparison: FDs are provided by banks and financial institutions. Investors can quickly compare the maturity values of several FDs using an FD calculator.
- Free to use: The RF calculator can be used numerous times by the investor for free to estimate the returns from FDs with different terms and interest rates.
Checkout other bank fd rates, like SBI FD rates, HDFC FD rates, ICICI FD rates and more.
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