Sundaram Finance FD Rates 2023

Sundaram Finance Fixed Deposit offers numerous schemes with attractive interest rates for a tenure ranging from one to three years. However, the interest rate is subject to change but senior citizens get additional interest rates. The fixed deposit is one of the safest investment opportunities as it acts as an asset. An individual can even get a loan against the Sundaram Finance fixed deposit at a lower interest rate. In this blog, we will guide you through the Sundaram Finance FD rates, the different types, their features and benefits. 

Sundaram Finance Fixed Deposit Rates

Check out the below-mentioned table to get a better understanding of the Sundaram finance FD rates:-

Credit Rating of Sundaram Finance

The below-mentioned table will give you the information about the Credit Rating Agency

Fixed Deposit Rates on Domestic deposits 2023

The below-mentioned table will give you information about Sundaram Finance FD interest rates

1. Non-Cumulative Option

2. Cumulative Option

Types of Sundaram Finance FD Schemes

The types of Sundaram finance fixed deposit schemes are as follows:-

• Regular Fixed Deposits Income Scheme

In this scheme, the deposits can choose from two interest payout options which are paid on a monthly and quarterly basis. The minimum amount for a fixed deposit in this scheme is INR 10,000.

• Cumulative Fixed Deposit Scheme

In this FD scheme, the interest amount is paid once the FD get mature and the minimum amount of deposit is the same as the regular one which is INR 10,000.

Sundaram Finance NRI Fixed Deposit

Sundaram Finance only accepts payments made through an NRO account in India. However, if the individual makes the transfer through an NRE or FCNR account, then it won’t be accepted. The deposits are accepted on a non-repatriable basis. The individuals are not allowed to get a loan against the fixed deposit. 

Features and Benefits of Sundaram Finance Fixed Deposit Schemes

Below-mentioned key points are the features of the Sundaram finance fixed deposit scheme:-

• There are three different types of payment for the interest which are as follows:-

1. NEFT
2. RBI Electronic Clearing Service
3. At Par cheques

• The facility to get a loan against the fixed deposit is available. Individuals can get a loan against the 75% of the deposited amount. Moreover, the interest rate on this type of loan is lower compared to the other type of loans offered by the different banks which are about 2% is the contracted rate same as the TDS is payable. 
• To make the maturity payment, the adjustment of the principal loan amount and interest of the loan is mandatory. In the case of renewal, instructions for the balance amount which is a minimum of INR 10,000 is not received within a week in advance of the maturity date.
• Both the payment of maturity and renewal of the maturity amount is available, which the depositor can opt for. However, the renewal must be made in the multiple of INR 1000 and the minimum deposit balance is INR 10,000. 
• Senior citizen gets an additional 0.50% interest per annum on the fixed deposits.
• The nomination facility is available on Sundaram finance fixed deposits.
• The tenure of investment ranges from 1 and 3 years.
• Individuals can open a joint account with multiple members.
• Individuals can make the premature withdrawal of the fixed deposit.

Premature Withdrawal of Fixed Deposits

Sundaram finance has reserved the right to allow, at its sole discretion, withdrawal of deposit before the maturity date. The deposit is allowed to be withdrawn prematurely. The relative deposit receipt should be discharged by the depositors in case of S/s or A deposit and by the first-named depositor in case of S/s or N deposit.

Note:  

• Premature payment can be made without interest in the case of the depositor’s death.
• The above-mention rates are applicable for Prematurity withdrawal in the case of depositor’s death.
• The NBFC reserves the right to withdraw the premature fixed deposit closure facility for its deposits, according to its discretion.

Documents Required for Sundaram Finance

Check out the below-mentioned list of documents that are required for opening a fixed deposit account in Sundaram finance:-

• Address proof such as a ration card, Aadhaar card, etc
• Document for identification, such as electoral card
• Document of insurance health policy
• Pension card
• Valid driving licence
• PAN card
• Passport
• Higher Secondary Certificate

Sundaram Finance Loan Against FD

Sundaram Finance may grant a loan against the deposited amount provided by the depositor, which has run for at least 3 months. The amount that the borrower can borrow is up to 90% of the deposited amount. The loan is offered to the borrower with an interest rate of 2% over the payable contracted rate on such a deposit. All the loan documents and relative term deposits must be signed by the depositor in case of S/s or N accounts. demand draft and cheque will be drawn in the favour of the first depositor. 

Adjustment of loan’s maturity payment of the principal amount and the interest will be made upon maturity, in case of renewal instruction the balance amount which is the subject to a minimum of INR 10,000 is not received within a week in advance of maturity.

Conclusion

Fixed deposits are one of the safest ways of making a financial investment and they act as an asset. An individual can get a loan against the fixed deposit from Sundaram Finance. Getting a premature withdrawal of the Sundaram Finance fixed deposit is hassle-free as they have reserved the right to allow, at its sole discretion, withdrawal of deposit before the maturity date. In order to make the payment of the amount, Sundaram Finance offers three different modes which are NEFT, RBI Electronic Clearing Service, and At Par cheques.

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