Fixed Deposits

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Fixed deposits are the most secure saving options that let your money grow with assured returns. Fixed deposits enable you to invest for a better and secure future by offering guaranteed returns and the safety of the invested amount. Fixed deposits are a contract between you and the Shriram City for the approved interest rate from the date of investment till maturity. ShriramCity comes with 45 years of unchallenged trust in the Indian market, with over 5 million trusted customer base across the length and breadth of the nation.With investment tenure ranging from 12 months to 60 months, ShriramCity's fixed deposits come with a "MAA+/ with Stable Outlook" rating by ICRA (Indicates high credit quality).

Product Features

FD program of Shriram City Union Finance Limited is rated "MAA+/ with Stable Outlook" by ICRA (Indicates high credit quality).

Scheme Options

Non Cumulative Deposits

It is a Deposit where the interest is paid at Monthly/Quarterly/Half Yearly/Yearly intervals. These Deposits are accepted in multiples of Rs.1,000/- subject to a minimum amount of Rs.5,000/- per Deposit.

Interest for Non-Cumulative Deposits will be paid as per below given schedule:-

  • Monthly - Last Day of Every Month
  • Quarterly - Last Day of March/June/September/December
  • Half Yearly - Last Day of March/September
  • Yearly - Last Day of March

Interest Payment Modes:

  • Through ECS/NEFT
  • Post dated interest warrants where ECS/NEFT facility is not available.

Cumulative Deposits

It is a Deposit where the interest is paid at the time of maturity along with the Principal amount. These Deposits are accepted in multiples of Rs. 1,000/- subject to a minimum amount of Rs.5,000/- per Deposit.

Deposit Period/Tenure

Below stated deposit Periods/Tenures available

  • 12 Months
  • 24 Months
  • 36 Months
  • 48 Months
  • 60 Months

Who can apply

  • Resident Individual
  • Company
  • Partnership Firm
  • HUF
  • Unincorporated Association or Body of Individuals
  • Trust* & Foundation (*Please note that Shriram City Union Finance Ltd is not registered U/S 11(5) of Income Tax Act, hence charitable trust may invest in Shriram City Union Finance Ltd Fixed Deposits at their own risk.)

Premature Withdrawal

The company reserves the right to allow, at its absolute discretion, withdrawal of deposit before maturity. Where a deposit is so allowed to be prematurely withdrawn the relative deposit receipt must be discharged by all the depositors in case of A or S/s deposit and by the first named depositor in case of F or S/s deposit. As per the Directions of RBI currently in force, premature repayment:

Up to 3 months from the date of deposit/ renewal (Lock-in-period)

No repayment except in the event of death of the first depositor

After 3 months but before 6 months

No interest*

After 6 months but before the date of maturity

The Interest payable shall be 2 per cent lower than the Interest rate applicable to a deposit for the period for which the deposit has run or if no rate has been specified for that period, then 3 per cent lower than the minimum rate at which deposits are accepted by the Company *

Prematurity repayments will be made only in favor of the first depositor. In the event of death of first depositor the Company shall repay the deposit prematurely, even within the lock-in period, to the surviving depositor/s in the case of joint holding with survivor clause, or to the nominee or the legal heir/s of the deceased depositor, on the request of the surviving depositor/s/nominee/legal heir, and only against submission of proof of death, and other necessary documents to the satisfaction of the Company.

* The above rates are also applicable for premature repayment in the case of death of a depositor.

Auto Renewal/Auto Refund

The Company offers Auto Renewal & Auto Refund options.

While applying for a Fixed deposit, depositor can opt for either Auto Renewal or Auto Refund.

Auto Renewal

Under Auto Renewal the below 2 options are available

  1. Renew Principal only on Maturity
  2. Renew Principal and Interest on Maturity

Based on the option selected by the depositor, the deposit receipt will be renewed on due date either for full amount or only principal.

Auto Refund

If Auto Refund is opted then the maturity proceeds will be credited to the depositors account on the date of maturity. Repayment of deposit falling due on a Sunday or a bank holiday or any day when the company’s head office is not working due to holiday or otherwise will be made on the next working day.

Maturity Process

The depositor has the option of changing the mode from auto renewal to auto refund and vice versa, if necessary instructions are received by the Company atleast 15 days prior to the due date of maturity.

On Maturity the depositor can opt for:

  1. Payment of Maturity Amount
  2. Renewal of Maturity Amount

Payment of Maturity Amount

If the Deposit receipt is held in Physical form and not opted for Auto refund, then receipt duly discharged on a revenue stamp of one rupee must be surrendered to the Company for Repayment. In the case of the Deposit with "F or S/s" clause, the discharge has to be made by the first named depositor only. However in the case of deposit with "A or S/s" clause, any one of the depositor may give the discharge.

The Company shall intimate the details of maturity of the deposit to the depositor at least two months before the date of the maturity of the deposit. Interest will cease on the maturity date of the deposit, if the deposit is not renewed within six months from the date of maturity, or if the deposit is withdrawn after the maturity date.

Redemption payment will be made only by National electronic clearing services (NECS)/ National Electronic Fund Transfer (NEFT) wherever such facility is available and by crossed Account payee cheque for depositors in other locations.

Renewal of Maturity Amount

A deposit can be renewed for a lower multiple of Rs. 1,000/- by giving suitable instructions for repayment of differential amount before due date of maturity.

A deposit can also be renewed for a higher multiple of Rs. 1,000/- by giving the differential amount. Such consolidations can be done only on the due date of maturity only on receipt of differential amount by the Company at least one day before the due date of maturity.

Deposits can be renewed from the date of maturity date if renewal instructions along with deposit receipts except for auto renewal, are received within 6 months from the date of maturity. In such cases the rate prevailing on the date of maturity will be applicable. Otherwise the same will be renewed prospectively and in such cases interest ceases on maturity. Renewal of deposit will be for an amount net of TDS if any.

In the case of A or S/s accounts, renewal retaining one of the depositor(s) as the first depositor are possible. However, renewals to the persons other than the second/third depositors in A or S/s accounts are not possible. Renewal of the deposit by a change in the first named depositor is not possible in the case of F or S/s accounts