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Home Interest Rate

This fixed deposit, carrying AAA rating for 30 years, revises interest rates; check details

by Staff
June 15, 2022
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This fixed deposit, carrying AAA rating for 30 years, revises interest rates; check details
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This fixed deposit carrying AAA rating for 30 years revises interest rates check details

This fixed deposit, carrying AAA rating for 30 years, revises interest rates; check details

Photo : iStock

Sundaram Finance is a reputed player in the non-bank lending space, with over 600 branches across the country. Its fixed deposits are of highest credit quality with AAA rating by ICRA and CRISIL. It has maintained AAA ratings for the past 30 years. The company revised interest rates on its fixed deposit scheme on June 10, 2022, and now offers up to 6.65 per cent return to regular customers and 7.15 per cent return to senior citizens. A deposit of Rs 10,000 per account is mandatory to earn interest at monthly/quarterly intervals by Sundaram Finance.

Sundaram Finance FD rates

It offers fixed deposits with a tenure of 12 to 36 months under the non-cumulative option. The NBFC gives regular customers a monthly interest rate of 5.97 percent to 6.61 percent, and quarterly interest rates of 6.00 percent on 12-month deposits, 6.30 percent on 24-month deposits and 6.65 percent on 36-month deposits. On the other hand, senior citizens will get 6.47 percent, 6.76 percent, 7.11 percent and quarterly interest rates 6.50 percent, 6.80 percent and 7.15 percent monthly on deposits maturing in 12 months, 24 months and 36 months, respectively.

Cumulative deposit

Cumulative option, as the name suggests, pays the accumulated interest along with the principal at maturity. It offers quarterly interest rates of 6.50 percent on 12-month deposits to senior citizens, 6.80 percent on 24-month deposits and 7.15 percent on cumulative fixed deposits of 36 months. Under the cumulative option, the general public will get 6 percent, 6.30 percent and 6.65 percent interest rates on deposits of 12 months, 24 months and 36 months, respectively.

Sundaram Finance offers two options for maturity of the deposit: renewal of deposit or maturity payment. As per company guidelines, customers can renew their deposits from the date of maturity only if the renewal instructions are received within 2 months from the date of maturity, otherwise they can withdraw the maturity amount.

Also, in case of emergency, a depositor can prematurely withdraw his money by levying a penalty; However, in the event of the death of the depositor, the withdrawal can be withdrawn without penalty.

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