How to Open a Fixed Deposit Account Online with Shriram

  • Deposit
  • 3 Months ago

Written by - Shriram

Fixed deposits are one of the predominant ways to invest your money. Several banks and non-banking finance companies (NBFCs) offer convenient FD schemes. However, at Shriram, you get the best interest rate in the market. 

A fixed deposit (FD) beats everything in an age with several investment options. With its high yielding interest rate, an FD is preferred by many to save and secure their money. Now, what is better than being able to create a fixed deposit account in the comfort of your home? Be smart and invest without risking with Shriram Fixed Deposit.

What are the various modes of opening an FD account?

There are two modes to open an FD account: online and offline.

In the online mode, register and apply on the bank's or non-banking finance companies (NBFCs) official website.

Opting for the online method allows you to create your FD account conveniently. Almost all financial institutions offer an online facility to open an FD account. Although the process of account creation varies for each financial institution, the following points discuss the general idea about the online account creation for an FD:

  • Before initiating the process, it is advised to perform brief research on the market and the various interest rates offered by different financial institutions.
  • Once you have decided on a bank/scheme, go to their official fixed deposit webpage.
  • Log in with your credentials or register yourself if it is your first time.
  • Fill out the application form, which asks for details such as the amount, tenure, nominee, etc.
  • Proceed further to submit all the necessary documents for verification purposes.
  • Read through the Terms & Conditions carefully and acknowledge your consent.
  • Complete the process after a final check of the details entered.
  • Note down the transaction details of your fixed deposit for future reference.

In the offline mode, you can connect with a representative in person at the bank's nearest branch or NBFC.

How to open an online FD account with Shriram?

Thank you for choosing to open your fixed deposit account with us! Learn more about how to open your Shriram FD account from the steps as follows:

  • On the homepage of Shriram, click on 'Deposit' and click on 'Invest Now.'
  • Read through the features, information about interest and charges and the documents required to process your FD application.
  • Enter details such as name, email address, contact number and investment amount in the fill-in form and click "Invest now."
  • You will receive a one-time password (OTP) will be sent to your registered phone number. Verify the same by entering the OTP.
  • Complete the application process by providing all the necessary details.
  • For verification purposes, documents of ID proof, address proof, photos, cancelled cheque, and more are required to complete the application process. 
  • After that, link your KYC information and bank account details for easy data collection.
  • Finally, submit these forms; just like that, your FD account is ready within minutes!

Why open an FD account with Shriram?

When you start your journey to create a fixed deposit account, you will come across many options and schemes available in the market. Many companies offer and claim to provide attractive interest rates. However, with Shriram's fixed deposit scheme, you get the best interest rate in the market and swift, hassle-free processing during account creation.

Read further to understand the benefits you can avail by choosing Shriram for your fixed deposit account:

  • Higher interest rate: Shriram fixed deposit offers a spectacular interest rate of up to 8.40% p.a., including 0.50% p.a. for senior citizens.
  • High credit quality: The investment information and credit rating agency ICRA has given Shriram fixed deposit the highest credit rating, the "MAA+/ with Stable Outlook" rating. In addition, another credit rating agency CRISIL has rated "FAAA/Stable," which qualifies Shriram fixed deposit's security standards.
  • Compounding: The unique feature of compounding the interest every month makes FD with Shriram convenient for its users.
  • Flexible tenure: The tenure of your FD can be planned with ease as Shriram offers flexible tenure options. The scheme's tenure options start from 12 months to 60 months. Therefore, choose an amount and tenure as per your needs.
  • Types of term deposits: Shriram fixed deposit comes in two types: cumulative and non-cumulative deposit. Each has its own perks.
  1. Cumulative FD: the interest is compounded monthly along with the principal amount. 
  2. Non-cumulative FD: the interest is calculated periodically and earned monthly/quarterly/half-yearly/yearly instalments.
  • FD calculator: While performing your research, it is wise to use an FD interest calculator. Shriram has its own FD calculator.

Invest today with Shriram

Among several investment means, including stocks, mutual funds and cryptocurrency, a fixed deposit is the safest and most profitable method to pick if you do not wish to risk your capital. Shriram offers its customers who avail of the fixed deposit schemes to earn impressive interest on the amount invested. With the high interest of 8.40% p.a. (superior to other schemes in the market), Shriram FD assures its customers to enjoy returns seamlessly and securely. Do not delay any further and invest now.

Frequently Asked Questions:

How can I open a fixed deposit account?

You can create a fixed deposit account online or offline. For the offline method, visit the nearest branch of the bank/NBFC. For the online mode, visit the official website, click the "Fixed Deposit" option and fill out the FD application form.

Which fixed deposit is the best?

Several banks and NBFCs offer FD facilities and have an online presence to create an FD account. You can thoroughly check the product features, interest rates, application process and more before deciding what's best for you.

Which company has the best FD scheme? 

Corporate FD is provided by non-banking finance companies (NBFCs), offering customers the FD account features. Credit rating agencies such as ICRA, CRISIL, CARE, and so on evaluate the quality and credibility of a corporate FD. Shriram FD has "MAA+" and "FAAA," the highest credit rating. Shriram provides one of the best-fixed deposit investment options.

How many years will it take for an FD will double?

The maturity amount depends on the following factors: the principal amount, tenure and interest rate. In addition, the type of an FD also influences the maturity amount. You can easily check your maturity amount and interest rate using Shriram FD Calculator.