Shriram Finance is a rapidly emerging non-banking finance company (NBFC) that offers a wide range of banking and investment products to residents and NRI customers. The company has been rated AA+ by ICRA and Indian Rating research, which indicates high degree of safety and stability. NRI and OCI customers can earn up to 8% p.a. interest on NRI FD by Shriram Transport Finance. Non-resident Indians can park their income earned in India such as rent, dividends, pension, or savings they had before attaining NRI status.
NRIs can invest in Shriram Finance FDs from their NRO bank account on non-repatriable basis. Funds representing a transfer from NRE/ FCNR (B) accounts or inward remittance into the NRO account are not accepted. Fixed deposit tenure for NRIs can be for a maximum of 3 years.
Shriram Transport Finance is a corporate partner of SBNRI. NRIs can easily book an NRI FD by clicking on the button below.
Shriram Transport Finance NRI FD rates 2022
Shriram Finance fixed deposit rates are one of the highest in the market. Listed below are Shriram Transport Finance NRO FD interest rates for different tenure:
|Fixed Deposit Tenure||Interest Rate||Interest Rate for Senior Citizens|
- FD interest rates are subject to periodic changes
- Senior citizen rates don’t apply to NRIs
Notable features of Shriram Transport Finance NRI FD
- Shriram Transport Finance NRI FD rates are one of the highest in the market, up to 8%.
- NRIs can invest from their non-resident ordinary (NRO) account on non-repatriation basis.
- NRO fixed deposits can be accepted for a maximum period of 3 years.
- Minimum deposit amount INR 5,000.
- Investor lock-in period – 3 months.
- The company offers auto renewal and refund options.
- The interest earned on funds deposited in this account is taxable under the Income Tax Act of 1961.
Eligibility for NRO FD by Shriram Transport Finance
- Non-resident Indians can open a fixed deposit account on non-repatriation basis.
- Overseas citizens of India (OCIs) and persons of Indian origin (PIOs) are also eligible for NRO FD.
Documents for NRIs
- Filled fixed deposit application form for NRIs and KYC form
- A photocopy of PAN card
- NRI undertaking cum FATCA/CRS Form
- Address Proof (In India)
- Address Proof (Overseas)
- PIO/ OCI Card (if it is a foreign passport)
- Tax Residency Certificate (TRC) for the Income Tax Dept. of the country of which the investor is resident to get DTAA benefit
- Overseas Employment letter
- Passport with valid Visa Page
- DTAA declaration
NRI FD calculator
You can use Shriram Transport Finance NRI FD calculator to find out maturity amount and interest payout. Following are steps to calculate the maturity amount:
- Open the NRI FD calculator and enter the FD amount and tenure.
- Click on the calculate button.
- The maturity returns for cumulative schemes along with the accumulated interest will be displayed on the screen.
- You can also calculate the periodic interest payouts and interest for the chosen tenure for investment in non-cumulative schemes.
The FD calculator will help NRIs to calculate the returns of FD investment based on the amount and interest rate offered. It is easy to use and also helps in financial planning as you can calculate the periodic interest payouts. You can use it as many times as you want to find out returns on different periods and for different amounts.
Due to a lengthy process and lots of documents required to apply for NRO FD accounts, NRIs living away from India may face several challenges. At SBNRI, we understand this struggle. You can download SBNRI App to apply for an NRO Fixed Deposit account with nominal documentation with a smooth procedure.
Schemes available are:
– Cumulative schemes
– Non-cumulative schemes
In case of a cumulative deposit scheme, the interest is payable when an FD matures along with the principal. In a non-cumulative scheme, the interest is paid on a periodic basis – monthly or quarterly.
STFC NRO fixed deposits can be accepted for a maximum period of 3 years.
Yes, deposits from NRIs are accepted from 01-04-2021 for a maximum period of 3 years.
Yes, you can apply for an NRO FD online on the official website of Shriram Transport Finance Company Limited.