Product Features | STFC

Deposits

Product Features

Shriram Transport Finance Company FD rated “FAAA/Stable” by CRISIL (indicates a high degree of Safety) and “MAA+/ with Stable Outlook” by ICRA (Indicates high credit quality)

Non-Cumulative Deposits 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 through National Electronic Fund Transfer (NEFT) 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
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.

Below stated deposit Periods/Tenures available

12 Months

24 Months

36 Months

48 Months

60 Months

Resident Individual

Company

Partnership Firm

HUF

Unincorporated Association or Body of Individuals

Trust* & Foundation (*Please note that Shriram Transport Finance Company Ltd is not registered U/S 11(5) of Income Tax Act, hence charitable trust may invest in Shriram Transport Finance Company Ltd. Fixed Deposits at their own risk.)

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 Where a deposit is so allowed to be prematurely withdrawn the relative deposit receipt must be discharged by all the depositors in case of A or S/s deposit and by the first named depositor in case of F or S/s deposit.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 (Not applicable in case of premature repayment in the event of death of the 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

** In the event of death of a 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.

Prematurity repayments will be made only in favor of the first depositor

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.

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

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.