Sundaram Finance Fixed Deposit
Sundaram Finance is a leading automotive financier in the country and offers an array of products, one of them being fixed deposit schemes. It offers fixed deposit having interest rates between 7.45% and 7.75% per annum for the general public, and between 7.95% and 8.25% per annum for senior citizens, on tenures spanning 1 to 3 years.
Types of fixed deposit schemes offered by Sundaram Finance:
The types of fixed deposit schemes offered by Sundaram Finance are as follows:
- Fixed Deposit: In this type of fixed deposit, the minimum deposit amount is Rs.10,000 and the depositors can choose to receive interest payouts either on a monthly or quarterly basis.
- Cumulative Fixed Deposit: In this type of fixed deposit, the minimum deposit amount is Rs.10,000 and the depositor receives interest and principal amount at the time of maturity.
- NRI Deposits: In this type of scheme, deposits are accepted only through payments from an NRO account within India, while transfers from NRE or FCNR(B) accounts are not permitted. NRI deposits are accepted only on a non-repatriable basis, and no loan facilities are available against these deposits.
Features and Benefits of fixed deposits offered by Sundaram Finance:
The features and benefits of fixed deposits offered by Sundaram Finance are as follows:
- A loan facility is available for up to 75% of the deposit amount, with an interest rate 2% higher than the contracted rate.
- Loan cheques or DDs are issued in favor of the first depositor.
- Maturity payment occurs upon maturity, adjusted for loan principal and interest, unless renewal instructions are given one week prior to maturity.
- Maturity options include full payment of maturity amount, renewal of full maturity amount, or partial renewal in multiples of Rs. 1,000 (minimum balance Rs. 10,000).
- You can also avail yourself of the nomination facility for Sundaram Finance fixed deposit.
- Senior citizen applicants receive an additional 0.50% p.a. on interest rates.
Sundaram Finance Fixed Deposit Interest Rates:
The interest rates for Sundaram Finance fixed deposits are as follows:
| Rates for Senior Citizens | Rates for General Public | ||||
Tenor in Months | Annual Interest Rates (%p.a.) | Monthly Interest Rate (%p.a.) | Quarterly Interest Rate (%p.a.) | Annual Interest Rates (%p.a.) | Monthly Interest Rate (% p.a.) | Quarterly Interest Rate (% p.a.) |
12 | 7.95 | 7.67 | 7.72 | 7.45 | 7.21 | 7.25 |
24 | 8.25 | 7.95 | 8.01 | 7.75 | 7.49 | 7.53 |
36 | 8.25 | 7.95 | 8.01 | 7.75 | 7.49 | 7.53 |
Sundaram Finance Cumulative Deposit Interest Rates:
The interest rates for Sundaram Finance cumulative deposits are as follows:
| Rates for Senior Citizens | Rates for General Public | ||||
Tenor in Months | Annual Interest Rates (%p.a.) | Maturity value for Rs.1000 | Effective Yield (%p.a.) | Annual Interest Rates (%p.a.) | Maturity value for Rs.1000 | Effective Yield (%p.a.) |
12 | 7.95 | 1,080 | 7.95 | 7.45 | 1,075 | 7.45 |
24 | 8.25 | 1,172 | 8.60 | 7.75 | 1,161 | 8.05 |
36 | 8.25 | 1,268 | 8.93 | 7.75 | 1,251 | 8.37 |
What is the procedure to open a fixed deposit account with Sundaram Finance?
You must approach a branch of the company and fill out an application form, or apply online and a representative will get in touch with you regarding the same. To open the account, you will require:
For individuals - Fresh application form, account payee cheque/demand draft/pay order favouring Sundaram Finance Limited and a photo ID with address proof (like a valid passport, driver's license, PAN card, etc.)
For companies - Certificate of incorporation and memorandum and articles of association. A resolution from the board of directors to open the account and identification of those with authority to operate the account. Power of attorney granted to an individual to transact on its behalf. Copy of PAN allotment letter and telephone bill.
For partnership firms - Registration certificate, partnership deed, power of attorney granted to an individual to transact on its behalf, documents identifying partners and power of attorney with addresses and telephone bill.
For trusts and foundations - Certificate of registration, power of attorney granted to an individual to transact on its behalf, documents identifying trustees and power of attorney with addresses, resolution document and telephone bill.
Sundaram Finance fixed deposit renewal option:
The renewal options for Sundaram Finance fixed deposit are as follows:
On maturity, you can opt for:
- Pay-out of the maturity amount plus interest.
- Renewal of maturity amount.
- Renewal for a lower multiple of Rs.1,000 (subject to a minimum balance of Rs.10,000 in the depositor account).
- Renewal for a higher multiple of Rs.1,000 by submitting a cheque for the differential amount.
FAQs on Sundaram Finance Fixed Deposit
- What is the minimum deposit amount of Sundaram Finance Fixed Deposit (FD)?
The minimum deposit amount of Sundaram FD is Rs.10,000. Having said that, there is no limit on the maximum deposit amount in Sundaram Finance Fixed Deposit.
- What are the available tenures of fixed deposit in Sundaram Finance?
The available tenures of fixed deposit in Sundaram Finance ranges from 11 months 30 days to two years 11 months 30 days.
- How to check the fixed deposit balance in Sundaram Finance?
Customers can check Sundaram Finance FD balance both online as well as offline. To check balance online, simply login to the Sundaram Finance net banking portal. Alternatively, in case of offline mode, you can visit your nearest branch of Sundaram Finance bank to update your passbook for FD balance enquiry.
- How many fixed deposits can I open in Sundaram Finance?
There is no such limitation on the number of fixed deposits you can open with Sundaram Finance.
- Does Sundaram Finance offer a premature withdrawal facility?
Yes. Fixed deposit holders of Sundaram Finance can withdraw their deposits after three months from the date of deposit and renewal. Having said that, premature withdrawals are subject to reductions as well as changes in interest rates.
- Is a loan facility available on Sundaram Finance fixed deposit?
Yes, Sundaram Finance FD account holders can borrow loans of 75 percent of the FD amount at two percent higher than the contracted rate of interest. Having said that, customers can only apply for loans against FD if it runs for three months. However, there is no loan facility available against Non-Resident Indian (NRI) deposits.
- Are loans provided against fixed deposits from Sundaram Finance?
The company can provide loans against deposits provided the deposit had run for a minimum period of 3 years, up to 75% of the deposit amount, carrying an interest of 2% above the contracted rate.
- Does Sundaram Finance allow premature withdrawal?
The company reserves the right to allow withdrawal of deposit before maturity. In this case, the relative deposit receipt must be discharged by all the depositors or the first named depositor (as the case may be). Before 3 months from the date of deposit/renewal - No repayment (can be paid without interest in case of death of depositor). Between 3 and 6 months - No interest. Between 6 months and the maturity date - interest payable at 2% less than the interest rate applicable. If no rate has been specified, interest is payable at 3% lower than the minimum rate at which deposits are accepted.
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