Detailed Guide on Shriram Fixed Deposit for Senior Citizens

Shriram Fixed Deposit provides senior citizens with a safe and easy way of investing their money. Fixed deposits offer assured returns with flexibility for people with low risk appetite.

The Government of India has authorized banks, post offices and non-banking financial companies (NBFCs) to sell fixed deposits. Among these, NBFCs provide a higher rate of interest.

Are you looking for a safe investment option that offers high interest rates in India? Then Shriram Fixed Deposit is the perfect choice for you. Shriram Unnati Fixed Deposit is a popular investment option for senior citizens. This fixed deposit provides interest rates as high as 9.10%* p.a. inclusive of 0.50*% p.a. for senior citizens and 0.10%*p.a. for women depositors.

In this article, we will take a detailed look at Shriram Fixed Deposit and what makes it ideal for senior citizens.

Features of Shriram Fixed Deposit for Senior Citizen

The most appealing feature of Shriram Fixed Deposit is that it offers interest rates as high as 9.10%* p.a. inclusive of 0.50*% p.a. special interest benefit for senior citizens and 0.10*% p.a. for women investors. So, if you are a women investor aged 60 years or more, you can reap the maximum benefits of this plan.

Here is a list of the attractive benefits provided by Shriram Fixed Deposit that makes it an ideal choice for senior citizens.

Guaranteed Returns:

FDs provide a guaranteed return on investment. The interest rate is fixed at the time of investment, and the amount remains unchanged throughout the tenure of the FD. This helps senior citizens plan their finances and meet their regular expenses.

No Market Risks:

Unlike investments in the stock market or mutual funds, FDs do not carry any market risk. Shriram Fixed Deposit has been trusted by 6.7 million customers and is rated “[ICRA]AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research. The returns on your FD investments are fixed, and senior citizens can be assured of the safety of their capital.

Tax Benefits:

Senior citizens can also avail tax benefits on their fixed deposits. Under section 80TTB of the Income Tax Act, senior citizens can claim a deduction of up to ₹50,000 on the interest earned from their fixed deposits.

Flexible Tenure:

Shriram Fixed deposit offers flexible tenure options, ranging from 12 months to 60 months. Senior citizens can choose the tenure that suits their investment goals and liquidity needs.

Easy Access to Funds:

Senior citizens can easily withdraw their funds from Shriram Fixed Deposit Plan in case of any emergency. Banks usually offer premature withdrawal options, although there may be some nominal penalty charges for early withdrawals. To avoid breaking their fixed deposit savings, they can opt for a loan against their Shriram Fixed Deposit.

Overall, fixed deposits offer a safe and secure investment option for senior citizens, with guaranteed returns and flexible tenure.

Let us understand this with the help of an example.

Suppose Asha is a senior citizen woman aged 65 years and want to invest ₹1 lakh in Shriram Fixed Deposit and selected a 5-year term plan, she will be eligible for the maximum interest rate slab.

Asha should submit her age proof (such as Aadhaar Card), which can verify that she is a woman aged 65 years. She can avail both the women depositor additional benefit of 0.10%* p.a. along with a senior citizen interest benefit of 0.50%*p.a.

If she wishes to receive a lump sum payment at the end of maturity after 5 years (on choosing cumulative FD), she will receive a total payment of ₹1,54,900.

Math can be quite confusing make use of the Shriram Fixed Deposit calculator to calculate the returns as per your investment and tenure.


Fixed Deposits are a preferred option by most Indians to invest their hard-earned money. This is because fixed deposits are not subjected to any market fluctuations like stocks and mutual funds. Thus, the fixed rate of interest is valid for the entire tenure of the deposit.

FDs are especially beneficial for senior citizens since they provide them with a chance to grow a sizeable corpus for their life after retirement. The regular payout options offered by Shriram Fixed Deposit will help in paying for monthly expenses without having to break the FD.

So, do not wait any longer and invest now in Shriram Fixed Deposit to watch your savings grow easily.


Q1. What is the maximum period for which I can invest in Shriram Unnati Fixed Deposit?

  1. You can invest in Shriram Fixed Deposit for a tenure ranging from 1 to 5 years.

Q2. How to open a Shriram Senior Citizen Fixed Deposit Account?

  1. You can open FD by following any of the channels:
  • Internet banking
  • Mobile app
  • Visiting the Shriram Finance branch near you

Q3. What are the types of Shriram Fixed Deposit schemes available?

  1. There are two types of Shriram Fixed Deposit schemes:
  • Cumulative: In this type of fixed deposit, the interest is paid out as a lump sum, along with the invested amount, upon maturity. The added advantage of this scheme is that yearly interest earned on the invested amount is added to the principal amount, thus yielding exponential gains in the long term.
  • Non-Cumulative: In this type of fixed deposit, the interest is paid out regularly (monthly, quarterly, semi-annually or annually). This type of FD is beneficial for people who want a fixed income stream to deal with their daily expenses after retirement.

Key Highlights

  • With interest rates as high as 9.10%* p.a. Shriram Fixed Deposit is great for those who want to earn regular income or build a substantial corpus for the future.
  • Senior citizens can avail the special interest benefit of 0.50%*p.a. along with the higher regular interest rate provided by Shriram Fixed Deposit.
  • Senior Citizens can begin their fixed deposit at Shriram Finance with the minimum investment of ₹5000.
  • Shriram Fixed Deposit is rated “[ICRA]AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research. Thus, you can rest assured that your returns are guaranteed.