A new class of shape preserving relaxed 5-point n-ary approximating subdivision schemes is presented. Further, the conditions on the initial data assuring monotonicity, convexity and concavity preservation of the limit functions are derived. Furthermore, some significant properties of ternary and quaternary subdivision schemes have been elaborated such as continuity, Hölder exponent, polynomial generation, polynomial reproduction, approximation order, and support of basic limit function. Moreover the visual performance of schemes has also been demonstrated through several examples.