What are the various modes of payment that I can use to invest in Shriram City?

  • Fixed Deposit
  • 1 Months ago
Various modes of payment in Shriram City
HIGHLIGHTS

  • Things to keep in mind before opening a fixed deposit
  • Advantages of Online fixed deposits over Offline fixed deposits
  • How to make payment of the fixed deposit in Shriram City?


Fixed Deposits have been one of the most popular investment vehicles with investors over ages. The predictability of returns and security offered by Fixed Deposits remains the USP of this investment product. The fixed deposit procedure is convenient and has been simplified over the years. There are two payment modes to open fixed deposits: Offline and Online.

A lot can be done from the comfort of our homes at increased efficacy, thanks to the internet. The internet has waved its magic wand on the banking industry too. Like opening a fixed deposit, many of our banking activities are now conducted online without traveling to a bank branch amidst the city traffic and avoiding long queues.

However, offline procedures continue to be available for people who prefer having the touch and feel experience while investing their hard-earned money. 

Things to keep in mind before opening a fixed deposit

  1. Choose a financial institution with high credit ratings: Fixed Deposits are the first choice for investors looking at the safety of their money. Choosing a financial institute with a good credit quality will give investors a stress-free experience. 
  1. Additional benefits: Many fixed deposit products come with other services like loan/ overdraft or complimentary (free) insurance, even when opening accounts through online mode. 
  1. Opt for a Longer tenure: The fixed deposit interest rate is higher than the tenure and higher interest rate. Thus, if you have surplus money, you can lock in for a more extended period, do avail the benefit of higher interest rates. One can also compare interest rates online and get the best product depending on the need.

Advantages of Online fixed deposits over Offline fixed deposits

  1. Convenience: Online fixed deposits do away with cumbersome paperwork. One can open the fixed deposit account with a few clicks and the necessary details without moving out of the couch. 
  1. Ease Payment Options: Online fixed deposits can be opened easily through RTGS and NEFT fund transfers through Net banking, other digital payment methods like UPI and
  1. Flexibility: Online fixed deposits can be opened for tenures ranging from 1-5 years and for the desired investment amount. However, there may be some minimum investment amounts required by the financial institution.

Fixed Deposit of Shriram City

Shriram City, India's most prominent and trusted asset-based NBFC, offers attractive returns on its online fixed deposits and comes with the highest security. 

Shriram City offers one of the highest Fixed Deposit interest rates, allowing your savings to grow faster. Moreover, it comes with the benefit of monthly compounding of interest, which helps to multiply your savings at a higher rate. Shriram City fixed deposit is available for tenures ranging from 12 to 60 months through online and offline payment modes. Shriram City Fixed Deposit has a high credit quality with a rating of ICRA MAA+/ with a stable outlook. 

The fixed deposit booking procedure is available for both online and offline modes. Online booking of fixed deposits is a quick method and makes booking a fixed deposit a lot less cumbersome. Shriram City allows you to invest in two types of fixed deposits: 

Cumulative: The interest is not payable quarterly, half-yearly, or annually in a cumulative fixed deposit scheme. The due interest is compounded in the chosen frequency and is payable only at the time of maturity along with the principal amount. 

Non-Cumulative: Under this type of fixed deposit, the company shall pay out the interest on a monthly, quarterly, half-yearly, or annual basis. The scheme provides a regular flow of money. However, the interest received shall be taxable at the slab rate of the investor.

How to make payment of the fixed deposit in Shriram City?

Procedure to invest in Shriram City Online Fixed Deposit:

You can open a Shriram City Fixed Deposit online in 4 easy steps: 

  1. Personal Details: Enter all personal details and confirm with OTP Verification 
  1. Choose Scheme: Enter the investment amount, choose your scheme and tenure 
  1. Payment: Transfer funds through Internet Banking, UPI, or Debit/Credit Cards 
  1. Update KYC Details: Provide all KYC, maturity instructions, and nominee details 

The detailed procedure for opening an online fixed deposit account with Shriram City is as follows: 

Step 1:  Go to Shriram City's website (https://www.shriramcity.in/) and click on "Invest Now" in Fixed Deposits. 

Step 2: Enter your Name, Mobile Number, and Email ID and click on "Next"

Step 3: Enter the investment amount and residence pin code. Agree to the Terms and Conditions and the Privacy policy after reading and then click on "Apply Now." 

Step 4: Complete the OTP verification of your details. 

Step 5: Choose whether you are an employee of Shriram Group or a relative of the employee or none of them, choose the type of scheme you wish to invest in and the tenure, and click on "Pay Now." 

Step 6: For opening the online Fixed Deposit, you can use online payment modes like Net banking, UPI, and debit/credit cards 

Step 7: After completing the payment successfully, a fixed deposit account shall be opened, and you will receive an acknowledgment via SMS or email for the same. 

Voila! Your online fixed deposit account procedure is complete.

Procedure to invest in Shriram City Offline Fixed Deposit:

Shriram City allows you to opt for the offline procedure without the need to visit the bank branch. However, this method may not be as hassle-free as the online mode of opening fixed deposits offered by Shriram City. Offline Fixed Deposits can be opened in the following ways:

  1. Call the Customer Service Executive at 1800 103 6369 or send an email to the service centre (customersupport@shriramcity.com) to arrange for a Field Executive to pick up your Cheque/DD and other papers.
  1. You can make the payment using NEFT/RTGS and then share the scanned copy of the payment receipt along with the necessary documents to the Field Executive’s email address. Shriram City RTGS details to make payment for Fixed deposits are as follows:

The detailed procedure for opening an offline fixed deposit account with Shriram City is as follows:

Step 1: The FD Application Form may be downloaded from the website www.Shriramcity.in

Step 2: Take a printout of the FD Application Form and fill it out with the necessary information.

Step 3:  Attach the relevant papers to the FD application form, and send them to the Field Executive's email address to complete the procedure. You shall receive your Receipt within 3 to 5 working days of completing the payment and paperwork process.  

What are the other features of Shriram City Fixed Deposit?

For Senior Citizens: Senior citizens (Completed age 60 years on the date of deposit/renewal) will enjoy an additional interest of 0.40% p.a.

For Renewals: Incremental interest of 0.25% p.a shall be available as a benefit.

For Shriram Group Employees: Additional interest of 0.15% p.a will be available. Their relatives can also avail this benefit.

Deposits: Are accepted in multiples of 1000/- subject to a minimum amount of 5000/-.

Renewal: You can renew cumulative deposits for maturity value.

What are the additional benefits of Shriram City Fixed Deposit?

You can also avail loan against your online Shriram City Union Fixed Deposit up to the maximum of 75% of deposit value after at least three months of opening the fixed deposit account. The rate of interest would be 2% above the interest rate of the fixed deposit scheme.

Is it safe to open an online fixed deposit account with Shriram City?

The online procedure for opening a fixed deposit account is a safe and secure method. Shriram City has a user-friendly interface that allows customers to open an FD in a couple of clicks from the convenience of their homes. In addition, Shriram City has a proven track record for more than 40 years of timely fixed deposit payment.

How can you get assistance for booking your online or offline Fixed Deposit with Shriram City?

You can get in touch with the customer support center by calling on 1800 103 6369. The customer support team can address your queries via email at customersupport@shriramcity.com

Enjoy the perks of a safe investment with Shriram City Fixed Deposit with ease by investing through the online or offline mode. The processes are seamless and easy to understand. 

Invest in Shriram City’s fixed deposit, now