Sundaram Finance Fixed Deposit Offers Attractive Interest Rates
Sundaram Finance Fixed Deposit Offers Attractive Interest Rates
Mar 20, 2024
15 Mins
Introduction
Sundaram Finance, a subsidiary of Royal Sundaram General Insurance, is pleased to offer fixed deposit options with highly competitive interest rates. With a credit rating of AAA (Stable), Sundaram Finance provides a secure investment opportunity for individuals and senior citizens alike. Let's explore the different tenure options and interest rates available.
Interest Rates for 2024
For regular citizens:
- 1 year - 1 year 6 months 5 days: 7.45%
- 1 year 6 months 6 days - 1 year 6 months 6 days: 7.75%
- 1 year 6 months 7 days - 3 years: 7.75%
For senior citizens:
- 1 year - 1 year 6 months 5 days: 7.95%
- 1 year 6 months 6 days - 1 year 6 months 6 days: 8.1%
- 1 year 6 months 7 days - 3 years: 8.25%
Please note that all the mentioned interest rates are applicable as of March 6th, 2024.
About Sundaram Finance FD
Established in 1954, Sundaram Finance has become a prominent financial institution in India. As a subsidiary of Royal Sundaram General Insurance, they provide a wide range of financial services and products, including retail distribution, mutual funds, general insurance, housing finance, IT, and business process outsourcing. The company's headquarters are situated in Chennai, and it boasts an extensive network of branches across the country. As of March 2022, Sundaram Finance has accumulated deposits worth INR 4,103.19 crores, securing its AAA (Stable) credit rating.
Fixed Deposit Options and Benefits
Sundaram Finance offers flexible fixed deposit options to cater to various requirements. Here are the key features:
1. Regular Fixed Deposits:
- Minimum deposit amount: ₹ 10,000
- Interest payment can be received monthly or quarterly
- Investment tenure ranges from 12 months to 36 months
- Interest rates vary from 5.48% to 5.80% based on tenure and interest payout option
- Senior citizens enjoy an additional interest rate of 0.50% over and above the regular rates
2. Cumulative Fixed Deposits:
- Minimum deposit amount: ₹ 10,000
- Investment tenure ranges from 12 months to 36 months
- Interest and principal amount are paid on maturity
- Interest rates vary from 5.48% to 5.80%, with an additional 0.50% for senior citizens
- Loan against the fixed deposit is available, up to 75% of the principal amount, at an interest rate of 2% higher than the FD rates
3. NRI Deposits:
- Acceptance of deposits only from NRO accounts in India
- Principal and interest are credited to the NRO bank account
- Inward remittances from overseas are not eligible for NRI deposits
- NRI deposits are not eligible for loans against fixed deposits
To apply for a Sundaram Finance fixed deposit, interested individuals can visit any branch.
Calculating Potential Returns
Here's a glimpse of the returns one can expect from Sundaram Finance fixed deposits, based on different investment amounts and interest rates:
Investment Amount - Returns for 3 years at 7.75% - Returns for 5 years at 7.75%
₹ 50,000 - ₹ 63,040 - ₹ 73,573
₹ 1 lakh - ₹ 1,26,081 - ₹ 1,47,146
₹ 2 lakh - ₹ 2,52,162 - ₹ 2,94,292
₹ 5 lakh - ₹ 6,30,404 - ₹ 7,35,729
₹ 10 lakh - ₹ 12,60,808 - ₹ 14,71,458
Comparing Sundaram Finance with Other Banks
For those interested in comparing Sundaram Finance fixed deposit rates with other banks, we provide a list of the highest rates offered by top banks:
Utkal Grameen Bank FD - 6.5% - 7%
Punjab and Sind Bank FD - 6% - 6.5%
Saptagiri Grameena Bank FD - 7.5% - 8%
Dakshin Bihar Gramin Bank FD - 5.6% - 5.6%
Karnataka Gramin Bank FD - 6.85% - 7.35%
Kerala Gramin Bank FD - 6.75% - 7.25%
Baroda Gujarat Gramin Bank FD - 6.75% - 7.25%
Yes Bank FD - 7.3% - 8%
Union Bank of India FD - 6.5% - 7%
Dhanlaxmi Bank FD - 6.5% - 7%
Utilize our FD calculator to compare returns based on different investment amounts and durations.
Conclusion
Sundaram Finance fixed deposits offer attractive interest rates for individuals and senior citizens. With flexible tenure options and the option to choose regular or cumulative interest payouts, these fixed deposits provide a secure and convenient investment avenue. To learn more or apply for a Sundaram Finance fixed deposit, visit your nearest branch or contact our customer service team.
Introduction
Sundaram Finance, a subsidiary of Royal Sundaram General Insurance, is pleased to offer fixed deposit options with highly competitive interest rates. With a credit rating of AAA (Stable), Sundaram Finance provides a secure investment opportunity for individuals and senior citizens alike. Let's explore the different tenure options and interest rates available.
Interest Rates for 2024
For regular citizens:
- 1 year - 1 year 6 months 5 days: 7.45%
- 1 year 6 months 6 days - 1 year 6 months 6 days: 7.75%
- 1 year 6 months 7 days - 3 years: 7.75%
For senior citizens:
- 1 year - 1 year 6 months 5 days: 7.95%
- 1 year 6 months 6 days - 1 year 6 months 6 days: 8.1%
- 1 year 6 months 7 days - 3 years: 8.25%
Please note that all the mentioned interest rates are applicable as of March 6th, 2024.
About Sundaram Finance FD
Established in 1954, Sundaram Finance has become a prominent financial institution in India. As a subsidiary of Royal Sundaram General Insurance, they provide a wide range of financial services and products, including retail distribution, mutual funds, general insurance, housing finance, IT, and business process outsourcing. The company's headquarters are situated in Chennai, and it boasts an extensive network of branches across the country. As of March 2022, Sundaram Finance has accumulated deposits worth INR 4,103.19 crores, securing its AAA (Stable) credit rating.
Fixed Deposit Options and Benefits
Sundaram Finance offers flexible fixed deposit options to cater to various requirements. Here are the key features:
1. Regular Fixed Deposits:
- Minimum deposit amount: ₹ 10,000
- Interest payment can be received monthly or quarterly
- Investment tenure ranges from 12 months to 36 months
- Interest rates vary from 5.48% to 5.80% based on tenure and interest payout option
- Senior citizens enjoy an additional interest rate of 0.50% over and above the regular rates
2. Cumulative Fixed Deposits:
- Minimum deposit amount: ₹ 10,000
- Investment tenure ranges from 12 months to 36 months
- Interest and principal amount are paid on maturity
- Interest rates vary from 5.48% to 5.80%, with an additional 0.50% for senior citizens
- Loan against the fixed deposit is available, up to 75% of the principal amount, at an interest rate of 2% higher than the FD rates
3. NRI Deposits:
- Acceptance of deposits only from NRO accounts in India
- Principal and interest are credited to the NRO bank account
- Inward remittances from overseas are not eligible for NRI deposits
- NRI deposits are not eligible for loans against fixed deposits
To apply for a Sundaram Finance fixed deposit, interested individuals can visit any branch.
Calculating Potential Returns
Here's a glimpse of the returns one can expect from Sundaram Finance fixed deposits, based on different investment amounts and interest rates:
Investment Amount - Returns for 3 years at 7.75% - Returns for 5 years at 7.75%
₹ 50,000 - ₹ 63,040 - ₹ 73,573
₹ 1 lakh - ₹ 1,26,081 - ₹ 1,47,146
₹ 2 lakh - ₹ 2,52,162 - ₹ 2,94,292
₹ 5 lakh - ₹ 6,30,404 - ₹ 7,35,729
₹ 10 lakh - ₹ 12,60,808 - ₹ 14,71,458
Comparing Sundaram Finance with Other Banks
For those interested in comparing Sundaram Finance fixed deposit rates with other banks, we provide a list of the highest rates offered by top banks:
Utkal Grameen Bank FD - 6.5% - 7%
Punjab and Sind Bank FD - 6% - 6.5%
Saptagiri Grameena Bank FD - 7.5% - 8%
Dakshin Bihar Gramin Bank FD - 5.6% - 5.6%
Karnataka Gramin Bank FD - 6.85% - 7.35%
Kerala Gramin Bank FD - 6.75% - 7.25%
Baroda Gujarat Gramin Bank FD - 6.75% - 7.25%
Yes Bank FD - 7.3% - 8%
Union Bank of India FD - 6.5% - 7%
Dhanlaxmi Bank FD - 6.5% - 7%
Utilize our FD calculator to compare returns based on different investment amounts and durations.
Conclusion
Sundaram Finance fixed deposits offer attractive interest rates for individuals and senior citizens. With flexible tenure options and the option to choose regular or cumulative interest payouts, these fixed deposits provide a secure and convenient investment avenue. To learn more or apply for a Sundaram Finance fixed deposit, visit your nearest branch or contact our customer service team.
Author
Pluto Team
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