A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered by Shriram City Union Finance Ltd. Recurring deposits enable you make regular deposits and earn best in segment returns on the investment. Due to the regular deposit factor and an interest component, it often provides flexibility and ease of investments to investors. Similar to Fixed deposits, Recurring Deposits are also a contract between you and the Shriram City for the approved interest rate from the date of investment till maturity.

However, unlike Fixed Deposit in Recurring Deposits you invest amount on regular intervals unlike one-time investment in Fixed Deposit. Shriram City comes with about 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, Shriram City's RecurringDeposits come with a "MAA+/ with Stable Outlook" rating by ICRA (Indicates high credit quality). However, it is essential to know that Shriram City Recurring Deposits are different from Shriram City Fixed Deposits. RDs are flexible in most aspects. An RD account holder can choose to invest a fixed amount each month while earning decent interest on the amount similar to SIP’s (Systematic Investment Plans). RDs are an ideal saving-cum-investment instrument which encourages wealth building habits to individuals.

Features of Recurring Deposits Scheme

High Returns on Recurring Deposits

Shriram City offers a lucrative 8.50%* interest rate on Recurring Deposits. With a high-interest rate and stable return, it becomes easy for you to build your wealth and plan a financially secured future inculcating the saving habits to individuals. Shriram City has been certified with stability, and our recurring deposits are one of the best investment options to build wealth for the future.

Flexible Tenure

Shriram City's Recurring Deposits scheme offers flexible tenure options starting from 12 months to 60 months. You can choose the duration and the regular monthly investment amount based on your needs and financial goals. If you have a big event planned in five years, then you can select the 60-months recurring deposit tenure for financing the event.

Flexible Pay-outs

Shriram City offers flexible payouts to all its valued customers. At the time of booking Recurring Deposit RD customers can opt for Auto Refund & Conversion to Fixed deposit options.


Documents Required for Recurring Deposit


Usually, the required documents to invest in shriram city recurring deposit are:

Self Attested ID Proof
Self Attested Address Proof
Cancelled Cheque Leaf

Recurring Deposit Interest Rates

Shriram City Recurring Deposit Scheme
Period (months)Rate % (p.a. at Monthly rests)Maturity value for
Monthly installment of Rs. 500/-
[Investment through online mode- Shriram City Website] (w.e.f. 1st May 2020)
Non-Cumulative Deposit
Period (months) Monthly % P A Quarterly % P A Half-yearly % P A Yearly % PA
157.767.817.89 8.05
247.767.817.89 8.05
308.138.19 8.278.45
368.138.19 8.278.45
[Investment through online mode- Shriram City Website] (w.e.f. 1st May 2020)
Non-Cumulative Deposit
Period (months) Monthly % P A Quarterly % P A Half-yearly % P A Yearly % PA
157.767.817.89 8.05
247.767.817.89 8.05
308.138.19 8.278.45
368.138.19 8.278.45
[Investment through online mode- Shriram City Website] (w.e.f. 1st May 2020)
Non-Cumulative Deposit
Period (months) Monthly % P A Quarterly % P A Half-yearly % P A Yearly % PA
157.767.817.89 8.05
247.767.817.89 8.05
308.138.19 8.278.45
368.138.19 8.278.45

Recurring Deposit Maturity Instructions

While applying for a Recurring deposit, depositor can opt for either Auto Refund or Conversion to Fixed Deposit.

Auto Refund-icon
Auto Refund

This refund option enables customers to withdraw the matured recurring deposit amount to the depositor’s bank account on the date of maturity. This option is excellent option in case you have a planned event or big expense occurring like marriage or child’s education fees. Repayment of recurring 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.

Conversion to Fixed Deposit-icon
Conversion to Fixed Deposit

This is best suited for the investors who does not have funds requirement and would like to gain additional benefit of Shriram City high interest rates Fixed Deposits.Here, based maturity instruction on Recurring Deposit application:

  • The deposit will continue to be auto renewed as per the instructions specified on the application form (Under maturity instruction) till such time instructions contrary are received.
  • The company will generate Fixed Deposit E-Receipt to the registered email id of the first applicant on conversion. Based on the option selected by the depositor, the Recurring deposit receipt will be renewed on due date for full amount (net of TDS, if any)

Premature Withdrawal

The Shriram City Recurring Deposit Premature Withdrawal Norms are as follows:

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

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

After 3 months but before 6 months

No Interest*

After 6 months but before the date of maturity

The interest at 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 Shriram City*

The company reserves the right to allow, at its absolute discretion, withdrawal of recurring deposit before maturity. Where a recurring deposit is so allowed to be prematurely withdrawn the relative recurring 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

How to Open / Invest RD Online in Shriram City Finance?

Opening a recurring deposit in Shriram can now be done from the comfort of your couch. Currently investors have to contact the nearest branch till online facility is enabled.

Why recurring deposit is the best investment?

While the market has too many high-return systematic investment options, recurring deposits have its own unique place in the basket of investments. RD’s have a plethora of benefits that make it the best investment which inculcate the habit of investments.

Guaranteed returns

One of the most advantageous points of recurring deposit is that it offers guaranteed returns. Unlike other investments that are dependent on the market cycle, recurring deposits provide a steady guaranteed returns on the invested amount. RD’s are must to have investment option for an investor of any age group as returns are not linked to market conditions which ensures good returns on the invested amount.

Flexible Timeline

With an investment period of 12-60 months, Shriram City's recurring deposit schemes will help you achieve your financial goals through its systematic investment nature. We also offer a higher rate of interest to make your earnings better. This lock-in period and regular monthly investments will ensure that you keep your investing for your future goals and even earn interest for the same.

Higher Interest Rates

When compared to the standard savings account, RD's generally offer a higher rate of interest. For instance, Shriram City offers up to 8.50%* p.a. for recurring deposits. The RD interest rates will vary according to your chosen tenure.

Mitigates Risk

RD's are a safe investment that gives ample time to build your investment amount with Shriram City & we offer generous interest which helps you to beat the inflation rate. This feature makes it a favored option among individuals who want to build funds for the brighter future.

Recurring Deposit Calculator

Monthly Investment

Maturity Date


Total Investment


Maturity Value

Important Information
Consumer Education Series

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Frequently Asked Question About Recurring Deposit

What is the minimum deposit amount for RD scheme?

Recurring deposit will be accepted in multiples of ₹ 500/- subject to a minimum amount of ₹ 500/- per installment

We have Monthly – option for payment of installment, which will be auto debited from the depositor’s bank account mentioned on the application during investment

Interest will be computed on each installment amount from the respective deposit date until March 31st. Interest for the subsequent year/s would be computed on the accumulated balance (principal and interest [net of TDS, if any]) as of March 31st until the next March 31st or maturity date whichever is earlier. Interest [net of TDS, if any] will be credited to the depositor ledger on 31st March of each year.

You can open a recurring deposit with the Company for a minimum tenure of 12 months to maximum tenure of 60 months.

The amount can be tendered by means of A/c payee, Cheque/DD issues in favor of SHRIRAM CITY UNION FINANCE. Also, you can book your Recurring Deposit online in just few simple steps. To book RD online please click here.

The recurring deposit schemes of NBFCs are subject to the directions issued by the Reserve Bank of India under Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016.

We accept investments from Individuals, and Hindu Undivided Family (HUF).

Power Of Attorney (POA) holder can sign the recurring deposit application form

Yes. You can make a recurring deposit in the name of minor, provided such minor is represented by his natural or legal guardian and the Application Form for the recurring deposit is signed by the natural/Legal Guardian, on behalf of the minor. All communication in relation to the deposit shall be addressed to the guardian.

Recurring deposits may be made in Joint Names of two/three person under “First or Survivor/s” (F or S) or “Anyone or Survivor” (A or S). All Communications will be addressed to First depositor. All Interest payments and repayment of deposits will be made in the name of First depositor.

Through nomination facility, the depositor may nominate a person to whom the Company has to pay the deposit amount in case of death of the depositor. For availing this facility, you should fill the nomination details in the appropriate space provided in the application form.

You need to send valid Address proof along with Address/Contact Change Request Letter in prescribed format [Click here to download Address/Contact Change Request Letter] to FD processing centre. On the receipt of the details, the changes will be updated in our records within 7 working days.

Depositor’s would need to submit the bank details in prescribed format [Click here to download Bank Details/Tax Status change Request Letter]. He also needs to submit a valid ID proof copy along with a personalized cancelled cheque (with his name printed), if not personalized, then bank statement of the same account is needed.


There will be absolutely no changes for the existing recurring deposits as we are obliged to pay the contracted rate till its maturity as per the current rules.

The revised rates will apply only to fresh recurring deposits and renewals made on or after the date from which the new rates are applicable.

If the estimated annual interest paid/credited or likely to be credited/paid on the deposit/s (Fixed deposits and recurring deposits together) exceeds or is likely to exceed Rs. 5,000 /- during the financial year (i.e. year 2020-21), it is obligatory on the part of the deductor of tax to deduct income tax at source. However, to avoid such deduction of Tax, the investors can furnish self-declaration in Form 15G/H or by submitting the Exemption certificate from the respective Income Tax Authority for every financial year before beginning of that financial year.

Form 15G/15H is a self declaration by the depositor which can be obtained from the company or to download [15G (For Depositors below 60 years of age). / 15H (For Depositors whose age is 60 years and above).] It is a self declaration which needs no attestation by anybody except in the case of Left Hand Thumb impression which needs to be attested by a Gazette Officer/Bank Official. It should be furnished in Duplicate

Declaration in the Form 15G can be made by an individual or a person (not being a company or firm).. Form 15G is meant for Resident Individual who is below 60 years of age. 15H is meant for Senior Citizens/super senior citizens i.e. Resident Individual who is of 60 years of age or more at the time of placing the deposit.

Form 15G:

Eligibility for 15G in case of individuals:-

The Individual should be less than 60 years of age at the time of furnishing the declaration. The total income during the financial year (i.e. year 2020-21) should not exceed the basic exemption limit as per income tax i.e. 250,000/-. If the total income during the financial year exceeds or is likely to exceed 250,000/- then the individual cannot submit Form 15G.

Eligibility for 15G if in case of persons other than Individuals:-

15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Persons, if the total income during the financial year (i.e. year 2020-21) does not exceed the basic exemption limit as per the income tax i.e. 250,000/-.

No. Since there may be changes in the Income Tax Laws, the Form 15G/H is required at the beginning of each financial year or at the time of deposit (Fixed deposit & Recurring deposit), wherever applicable.

TDS certificate is issued in consolidated form for both recurring deposit and fixed deposit. For the tax deducted at source, Tax deduction certificates in the prescribed Form 16A giving details of the tax remitted to the Govt. etc. will be sent on quarterly basis if the deposit is under quarterly scheme, half -yearly basis for deposit under half yearly scheme and at the end of the year in case of Yearly scheme and cumulative deposits.

TDS certificate in Form 16A are generated quarterly on the basis of details provided in the quarterly TDS statement filed by the deductor of Tax in TIN (Tax Information Network). For deduction of tax at source, TDS certificate in Form 16A will be generated by the company through TIN central system and which is downloaded from TIN website with a unique TDS certificate number and shall be authenticated by using the digital signature.

The address printed on the TDS certificate will be the address registered with Income Tax Department at the time when you had made an application for PAN. If your current communication address is different from the address given for PAN card application then please change the address through NSDL or UTIITSL.

TDS certificate will be dispatched on:

  • Q1- Last week of July
  • Q2- Last week of October
  • Q3- Last week of January
  • Q4- Last week of May
  • All deposits (fixed deposit & recurring deposit) held in the same name and same PAN, will be clubbed together under one customer folio for the purpose of calculation of income tax.

    According to the Direction of the RBI, a recurring deposit receipt cannot be prematurely closed before three months from the date of Deposit/ renewal except in case of death of the depositor. Premature withdrawal can be made after 3 months from the date of deposit

    The prematurity payment norms are as under:

    After 3 months but before 6 monthsNo interest*
    After 6 months but before the date of maturityThe interest payable shall be 2% lower than the interest rate applicable to a public deposit for the period for which the public recurring deposit has run or if no rate has been specified for that period, than 3% lower than the minimum rate at which public deposits are accepted by the company*
    *The above rates are also applicable for premature repayment in the case of death of a depositor.

    The premature withdrawal of any RD is allowed at the sole discretion of the company. For seeking prematurity withdrawal a request letter for prematurity withdrawal / an email from the registered email id should be submitted, based on which the amount will be credited to the bank account registered with us.

    Premature payments will be made to the first depositor only.

    As per the provisions of income tax, every person receiving any sum or income from which tax would be deducted should furnish his PAN to the person deducting the tax. Please note if PAN is not furnished then form 15G/H or any other Exemption Certificate submitted will be invalid and tax will be deducted at the higher rate as applicable.

    In the absence of PAN, no credit of the tax deducted shall be available in Form 26AS on the NSDL website. Also if PAN is not submitted, no TDS certificate will be generated from TIN website for the tax deducted by the company.

    Recurring deposit will be paid back only to the corresponding bank account updated in the records of SCUF.

    Yes. The payment can be sent directly to the depositor’s bank.

    The recurring deposit on maturity can be converted to fixed deposit by submitting a duly filled fresh FD Application Form. It is necessary that the fresh FD Application Form should be submitted along with the duly discharged old RD account statement. The renewal will be subject to the terms and conditions of the FD scheme as applicable on the maturity date of the recurring deposit.

    RD is non-transferable.

    There will not be any loan on RD

    No physical certificate is issued for RD. Hence the loss of RD receipt does not arise. Also no interest warrant is being issued.

    Disputes, if any, arising in connection with SCUF RDs, will be subject to jurisdiction of Court at city of Chennai.

    No. Though the recurring deposits of the Company are within its regulatory framework, RBI does not undertake any responsibility for the repayment of deposits/discharge of liabilities by the company. The depositor is advised to satisfy himself about the financial position and all relevant aspects before placing his deposit.

    An attested copy of Death certificate, Will or testamentary disposition, if any, or an attested copy of Legal Heirship Certificate issued by a Tahsildar /corporations.

    Recurring Deposits from NRI’s are not accepted.

    Yes, you can open recurring deposit online in just few simple steps. To open your recurring deposit online just click here.

    No, currently we do not provide any extra benefit for senior citizens.