TRANSPORT FINANCE COMPANY LIMITED Fixed Deposit – FAQs
1. What options are available while
opening a Fixed Deposit ("FD")("FD") account with SHRIRAM TRANSPORT FINANCE
COMPANY LIMITED ("STFC”)?
You have the option of opening/renewing
the fixed deposits under either of the Fixed or cumulative scheme. Under the Fixed
scheme, interest would be paid on quarterly, half yearly/or annual basis depending
on the scheme subscribed to, by you as depositor.
In cumulative deposits, interest is
added to the deposit amount, which again is eligible to earn interest on quarterly
compounding. The principal as well as the accumulated interest is paid to the customer
on maturity or premature withdrawal.
2. Who can open FD account with
SHRIRAM TRANSPORT FINANCE COMPANY LIMITED?
3. Under what regulations,
the fixed deposits accepted by NBFCs are governed?
- Any resident Indian
- Domestic Company
The public fixed deposit schemes of
NBFCs are subject to the directions issued by the Reserve Bank of India under Non
Banking Financial Companies Acceptance of Deposits (Reserve Bank) Directions, 1998
as amended from time to time
4. How to purchase SHRIRAM TRANSPORT
FINANCE COMPANY LIMITED FD online from www.icicidirect.com?
You may logon to
www.icicidirect.com with your login id & password, click on “ Fixed Deposit “
&select SHRIRAM TRANSPORT FINANCE COMPANY LIMITED FD
5. What is the minimum amount required
to place a FD with SHRIRAM TRANSPORT FINANCE COMPANY LIMITED?
The minimum amount required to place
a Fixed Deposit with SHRIRAM TRANSPORT FINANCE COMPANY LIMITED is Rs. 25,000 and
thereafter-in multiples of Rs. 1,000.
6. Will I get the FD receipt?
Yes, SHRIRAM TRANSPORT FINANCE COMPANY
LIMITED will issue FD receipt acknowledging the money deposited by you with us.
7. When will I get the FD receipt?
FD receipt (for customers opting for tax deduction)
will reach the customers within 4 weeks from the date of order placement. FDR for
customers who are not opting for tax deduction, certificates will be despatched
after receipt of 15G/15H
FDR for customers who are opting for nomination facility
will only be despatched after processing of nomination form. Customer will receive
FDR within 3 weeks post this.
8. What is the range of tenure
for which I can open a FD account?
If you are a resident Indian individual/entity,
you can open a FD account with SHRIRAM TRANSPORT FINANCE COMPANY LIMITED for a minimum
tenure of 1 year to maximum tenure of 5years
9. At what frequency will I receive
interest on my FD?
Interest is paid as per the FD income
plan selected by you while depositing money with SHRIRAM TRANSPORT FINANCE COMPANY
LIMITED. For the Fixed scheme, the interest on FD is paid on quarterly/ half yearly
/annual basis based on the option selected by you. For the cumulative scheme, the
interest is Compounded (quarterly compounding) to the deposit amount and the accumulated
interest will be paid on maturity along with deposit amount.
If an investor has opted for TDS deduction,
then the tax that is paid is reduced from accrued interest and then this is added
to the principal amount for further compounding
10.What is compounding in FDs?
In case of deposit with Cumulative
option, interest accrued is added to the existing deposit amount at the end of every
11. What is the start date of interest
Interest would accrue from the date
when the money is debited from your ICICI Bank account. SHRIRAM TRANSPORT FINANCE
COMPANY LIMITED may revise the above policy of interest accrual from time to time,
at its sole discretion.
12. Can different FD accounts be
opened in the name of single depositor?
Yes, single depositor may open several
deposit accounts in the same name.
13. What is 'nomination'?
Through nomination facility, the depositor
may nominate a person to whom SHRIRAM TRANSPORT FINANCE COMPANY LIMITED 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
14. How can the deposits be redeemed?
The deposit receipt duly discharged
with a revenue stamp of requisite value should be surrendered to SHRIRAM TRANSPORT
FINANCE COMPANY LIMITED at least two weeks prior to the maturity date of FD. FDR
to be dispatched along with the maturity form at below mentioned address:
SHRIRAM TRANSPORT FINANCE COMPANY
LIMITED, Office No. 1-7 1st floor, A wing Agarwal Trade Centre, Plot no 62, Sector
11 , CBD Belapur, Navi Mumbai 400 614
15. What is the mode of getting
payment on redemption/interest?
The redemption/interest payment will
be directly credited to your ICICI Bank Limited account
16. Can I redeem my FD before the
original term? If so, are there any conditions applicable to the same?
Yes, FD can be withdrawn before the
original term of the FD in accordance with the directions issued by Reserve Bank
of India under Non -Banking Financial Companies Acceptance of Deposits (Reserve
Bank) Directions, 1998 as amended from time to time on a request being made by a
depositor, Premature withdrawal of the deposit may be allowed subject to the following
17. How is the FD renewed?
- No deposit will be repaid within
three months from the date of its acceptance.
- After three months but before
6 months from date of deposit - No interest
- After six months from date of
deposit but before the date of maturity - The interest payable shall be 2 percent
lower than the interest rate applicable to a public deposit for the period for which
the public deposit has run or if no rate is specified for that period then 3 percent
lower than the minimum rate at which the public deposits are accepted by the company
Subject to the FD scheme being open,
the deposit may be renewed on maturity by submitting a duly filled fresh FD Application
Form within one month from the date of maturity. It is necessary that the fresh
FD Application Form should be submitted along with the duly discharged old FD receipt
with revenue stamp of requisite value. The renewal will be subject to the terms
and conditions of the FD scheme as applicable on the maturity date of the old deposit.
18. Is FD transferable?
No, FD is non- transferable.
19. Can a loan be obtained from
SHRIRAM TRANSPORT FINANCE COMPANY LIMITED against the security of the FD?
Yes, loan facility is available at
the discretion of SHRIRAM TRANSPORT FINANCE COMPANY LIMITED, which can be availed
only after three months from the date of deposits and up to 75% of the deposit amount
subject to certain terms and conditions. Interest on such loans will be 2% above
the deposit rate.
20. How can a depositor change
the address etc. during the term of deposit?
AAn application requesting to update
the address etc. may be submitted to SHRIRAM TRANSPORT FINANCE COMPANY LIMITED (at
the above mentioned address) along with the proof of such change, like new Residence
proof. The account holders should sign the application.
21. What if one loses the FD Receipt.?
In the event of loss of the Fixed
Deposit Receipt, SHRIRAM TRANSPORT FINANCE COMPANY LIMITED should be immediately
informed about the loss of the instrument. SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
may issue a duplicate Fixed Deposit Receipt, subject to non encashment of the original
instrument, upon receipt from the depositor of a 'letter of loss of instrument'
and an indemnity in the prescribed form to its satisfaction and after compliance
with such other formalities as may be required by the SHRIRAM TRANSPORT FINANCE
22. If legal disputes arise, what
is the resolution mechanism?
Disputes, if any, arising in connection
with SHRIRAM TRANSPORT FINANCE COMPANY LIMITED's FDs, will be subject to jurisdiction
of Court at city of Chennai
23. Are public deposits guaranteed
No. Though the fixed deposits of SHRIRAM
TRANSPORT FINANCE COMPANY LIMITED are within its regulatory framework, RBI does
not undertake any responsibility for the repayment of deposits/discharge of liabilities
by SHRIRAM TRANSPORT FINANCE COMPANY LIMITED. The depositor is advised to satisfy
himself about the financial position and all relevant aspects before placing his
24. When do I become liable for
If the aggregate interest income that
you are likely to earn for all your deposits is greater than Rs. 5,000/- in a financial
year, you become liable for TDS, subject to submission of Form 15G for individuals
and 15H for senior citizens((Citizen who is of the age of 65 years or more)
25. When is TDS deducted?
TDS is deducted every time the Company
pays or credits interest during the financial year. In addition, TDS is also deducted
on interest accrued (but not yet paid) at the end of the financial year viz. 31st
26. Where should I submit form
15 G / 15 H ?
You should download applicable form
15 G / 15 H by clicking on the link provided in the order book under Fixed Deposit
section & send it to SHRIRAM TRANSPORT FINANCE COMPANY LIMITED within 7 days of
making the application. Forms need to be sent at below mentioned address:
All communications with regard to
deposits should be addressed to
The Manager (Deposit),
Shriram Value Service,
Office No. 1-7,
Aggarwal Trade Centre, 1st Floor, "A" Wing, Sector-11, CBD Belapur,
Navi Mumbai -400 614. Ph. 022-41574545
This FAQ is only meant to clarify certain basic questions on Fixed Deposit
scheme. The information given is included only for general purpose and the depositors
should be aware that the relevant rules, regulations, or their interpretation might
change. We strongly advise depositors to contact our Call Centre/SHRIRAM TRANSPORT
FINANCE COMPANY LIMITED branches/Registrar for any additional information/clarifications.
Please read the terms & conditions, Financial statements & Declarations available
www.icicidirect.com com before investing
in SHRIRAM TRANSPORT FINANCE COMPANY LIMITED FD. ICICI Securities Ltd. acts as a
referral agent to SHRIRAM TRANSPORT FINANCE COMPANY LIMITED. and the offer is brought
to you by SHRIRAM TRANSPORT FINANCE COMPANY LIMITED subject to fulfillment of eligibility
criteria, terms and conditions etc.