The Sundaram group offers fixed deposits schemes through two of its subsidiaries, namely, Sundaram Finance and Sundaram BNP Paribas Home Finance. Sundaram Finance rated MAAA by ICRA (high safety) offers several attractive fixed deposit schemes for depositors. Sundaram Home Finance Limited rated MAA by ICRA, has over 10,000 depositors.
The updated list of ING Vysya Bank FD Rates, for Regular and Senior Citizen, is listed below:
|Tenure||Regular FD Rate||Senior Citizen FD Rate|
|Upto Amount||Rs. 1 Crore||Rs. 1 Crore|
Sundaram Finance offers a monthly interest rate* of 9.43% for a period ranging from 30 days to 120 days. The quarterly rate of interest is marginally higher at 9.5% for the same period. The monthly and quarterly interest rates are the same for a period ranging from 6 months to one year.
For a period from 1 year to 3 years, the company offers uniform rates of interest at 9.43% and 9.5% for monthly and quarterly rates of interest respectively.
*Interest rates are subject to change. The above table shows the latest figures.
An announcement has been made by the Sundaram Finance group that a downward revision will take place in the rates of interest applicable on deposits. The rates after the revision will be in effect on and from October 16, 2016. From that time, the rate of interest associated with deposits of 12 months or 18 months will go down to 7.50% from 8%.The rate of interest associated with fixed deposits of 24 months or 36 months has been brought down to 7.75% from 8%.
In case of senior citizens, , the rate of interest associated with deposits of 12 months or 18 months will go down to 8% from 8.50%. Also, , the rate of interest associated with deposits of 24 months or 36 months will go down to 8.25% from 8.50%. The deposits for Sundaram Finance exceeded a total amount of Rs.2,000 crore. This happened because they had a depositor base of more than 2.50 lakhs. The renewal rate made by the depositors at Sundaram Finance stands at 80%. This information has been released by the company.
14th October 2016
Sundaram Finance, which is a non-banking finance company (NBFC), has slashed the interest rates of its fixed deposits. With effect from April 01, 2016, the rates on deposits will be revised by 25 basis points. Senior citizens fixed deposits interest rates have also been slashed from 8.75% to 8.50% per annum for all terms.
In a statement, a spokesperson of the company said that interest rates for regular deposits with tenures 12, 18, 24, and 36 months have been reduced from 8.25% to 8% per annum. The company also saw an increase in the company’s deposit balance, which crossed Rs 2,200 crore.
1st April 2016
Sundaram Finance will cut their deposit rate by 25 basis points effective from 16th October 2015. Fixed or Cumulative deposits for tenures for different terms like 12, 18, 24, and 36 months, will now have an interest rate of 8.25% as compared to the 8.5% earlier. The rate of interest for even Senior citizens deposits will be lesser from 9% to 8.75% for all tenures. Sundaram Finance has a deposit balance of Rs. 2,100 crore, and the net accretion of deposits are the highest ever in the company's history amounting to Rs. 259.15 crore.
15th October 2015