Sundaram Finance FD Interest Rates (p.a.) Highlights 2022 | |
| Highest slab rate | 6.65% (for 3 years) |
| For 1 year | 6.00% |
| For 2 years | 6.30% |
| For 3 years | 6.65% |
The interest rates are as of 20 August 2022
Credit Rating of Sundaram Finance
| Credit Rating Agency | Rating | Outlook |
| CRISIL | FAAA | Stable |
| ICRA | MAAA | Stable |
Sundaram Finance FD Rates
Fixed Deposit Rates on Domestic deposits w.e.f. June 10 2022
1. Non-Cumulative Option
| Tenure | Interest Rates (% p.a.) | |||
| Regular Citizens | Senior Citizens | |||
| Monthly | Quarterly | Monthly | Quarterly | |
| 12 months | 5.97 | 6.00 | 6.47 | 6.50 |
| 24 months | 6.27 | 6.30 | 6.76 | 6.80 |
| 36 months | 6.61 | 6.65 | 7.11 | 7.15 |
2. Cumulative Option
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens (at Quarterly rests) | Senior Citizens (at Quarterly rests) | |
| 12 months | 6.00 | 6.50 |
| 24 months | 6.30 | 6.80 |
| 36 months | 6.65 | 7.15 |
Types of Sundaram Finance FD Schemes
Fixed Deposits (Regular Income Scheme)
- Depositors have an option to either opt for monthly or quarterly interest payout option
- Minimum deposit amount: Rs 10,000
Cumulative Deposits
- The principal and the interest amount is paid at the time of maturity
- Minimum deposit amount: Rs 10,000
NRI Deposits
- The deposits will be accepted only through payments made from NRO account in India.
- The deposits transferred from NRE or FCNR(B) accounts will not be accepted
- NRI deposits are accepted on a non-repatriable basis
- Loan against facility is not available
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Features of Sundaram Finance FD Schemes
- Methods of Interest Credit:
- Interest payment through RBI Electronic Clearing Service
- NEFT
- Interest payment by way of ‘at par’ cheques
- Loan against Fixed Deposits
- Loan facility is available against 75% of the deposit amount.
- The depositor need to pay interest at 2% above the contracted rate (compounded at the same rate as of the TDR) payable on such deposits.
- Cheque/DD for loans will be drawn only in favour of the first depositor
- Maturity payment will be made on maturity, after adjustment of loan principal and loan interest, if renewal instructions for the balance amount (minimum Rs. 10,000) are not received within 1 week in advance of the maturity
- Maturity Options: The depositor can opt for:
- Payment of maturity amount
- Renewal of maturity amount
- Renewal for multiples of Rs 1000 (minimum deposit balance Rs. 10,000/- in the deposit account)
- Nomination facility is available
- Additional 0.50% p.a. interest rates are offered to senior citizen FD depositors
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Premature Withdrawal of Fixed Deposits
| PMP before expiry of 3 months | No Payment ** |
| PMP after 3 months but before 6 months | No Interest * |
| PMP after 6 months but before 12 months | 3% lower than the 1 year rate at the time of deposit |
| PMP after 12 months but before 24 months | 2% lower than the 1 year rate at the time of deposit |
| PMP after 24 months but before 36 months | 2% lower than the 2 years rate at the time of deposit |
** Premature payment can be made without interest in the case of the death of a depositor
* The above rates are also applicable for Prematurity payment (PMP) in the case of a death of depositor.
Note: The NBFC reserves the right to withdraw premature FD closure facility for its deposits, as per its discretion.
Useful Article: All you need to know Premature withdrawal of fixed deposit
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Sundaram Finance FD Calculator
An FD calculator might prove quite helpful when deciding which Sundaram Finance FD to invest in by providing customers with the closest maturity amount. Paisabazaar provides this tool for free and it can be used for multiple times to check and compare various FDs. Inputs like deposit amount, tenure and prevailing Sundaram Finance FD rates are required to use this tool post which a maturity amount shall be displayed on the screen.
FAQs
Q. What is the age to apply for Sundaram Finance fixed deposits as senior citizens?
A. To avail preferential Sundaram Finance FD rates for senior citizens, one must have completed 60 years of age at the time of application or renewal.
Q. What is the mode of interest payment opted by Sundaram Finance?
A. Interest can be credited to the investor’s account via NEFT, RBI Electronic Clearing Service or cheque.
Q. What is the difference between Form 15G and 15H?
A. Both these forms are self-declarations that investors can submit if their total income is not taxable (i.e. falls within Rs. 2.5 lakh). Form 15G or 15H shall help in avoidance of TDS so that one does not have to file ITR for their non-taxable income. While Form 15H is for senior citizens (above 60 years of age), 15G is to be filled by eligible non-senior citizens.
Q. What is the highest fixed deposit rate provided by Sundaram Finance?
A. Highest Sundaram Finance FD rate for domestic deposits is 6.05% for 3 years, at quarterly rests. This is for the cumulative option. 0.50% extra for senior citizens.