With effect from November 16, Sundaram Financial Ltd — a non-banking finance company — has increased its deposit interest rates. The company raised the interest rates on fixed deposits for all tenors. Rs 10,000 is the minimum deposit per account, and interest rates on ongoing deposits are fixed until maturity. For the past 30 years, ICRA and CRISIL have assigned the highest credit quality rating of AAA (Highest Credit Quality) to the company’s fixed deposits.
The corporation increased the annual interest rate on non-cumulative deposits maturing in 12 to 24 months to 7.15% annually, 6.93% monthly, and 6.97% quarterly. The corporate entity increased the interest rate on non-cumulative FDs expiring in 36 months to 7.30% annually, 7.07% monthly, and 7.11% quarterly. Sundaram Finance Ltd increased the annual interest rate on non-cumulative deposits maturing in 12 to 24 months to 7.50% annually, 7.25% monthly, and 7.30% quarterly for senior citizens.
The enterprise increased the interest rate on non-cumulative FDs maturing in 36 months to 7.80% annually, 7.53% monthly, and 7.58% quarterly for senior citizens. Customers can earn interest on non-cumulative FDs every month or every three months (March, June, September, and December).
On cumulative FDs, the interest and principal are due at maturity. Sundaram Finance Ltd increased the annual interest rate on cumulative deposits maturing in 12 to 24 months to 7.15% annually, and 7.30% annually on deposits maturing in 36 months. The firm increased the annual interest rate on cumulative deposits maturing in 12 to 24 months to 7.50% for senior citizens and 7.80% for deposits of 36 months.
Senior citizens are eligible for an annual increase of 0.5%. A wide range of financial services and products are offered by Sundaram Finance Ltd including mutual funds, mortgage lending, general insurance, information technology, business process outsourcing, and retail distribution.
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