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This fixed deposit, carrying AAA rating for 30 years, revises interest rates; check details
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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withdraw his money by levying a penalty; However, in the event of the death of the depositor, the withdrawal can be withdrawn without penalty.
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