Sundaram Finance Fixed Deposit

Sundaram Finance FD offers regular, cumulative, and NRI fixed deposits. The tenure ranges from 12 months to 36 months for its depositors. You can apply for the FD by visiting a branch. 

Features of Sundaram Finance FD Rates

Eligibility- Individuals, Private Limited Company, Partnership Firms, Trust and Foundations. 

Loan on FD– An overdraft is available for up to 75% of the principal amount. It is at the discretion of the company to provide the loan facility to a depositor. An NRI is not eligible for a loan. In the case of A or S/s accounts, both/all depositors must sign the deposit receipt. In the case of N or S/s accounts, the first depositor must sign the loan paperwork. For loans, only the first depositor’s cheque/DD will be drawn. If renewal instructions for the balance amount (subject to a minimum of Rs. 10,000) are not received one week before the maturity, the loan principal and interest will be adjusted and the loan will be paid on maturity.

Maturity of Deposits- The Maturity Intimation letter is sent 15 days before the maturity date, together with the renewal application form. On maturity, the principal amount along with interest earned is credited to the linked savings bank account.

Renewal of Deposits- the depositor must give the Original Deposit Receipt and the renewal form. To renew the deposit, the applicant must file the request within 2 months from the date of maturity. Otherwise, the contract will be renewed in the future. It is not feasible to renew with a loan. On the maturity date, the loan must be adjusted against the deposit value.

Nominee- After submitting the necessary documentation, depositors can name one person (for a Deposit Account) as a nominee. The nominee will receive the refund of the deposit in the event of the Depositor’s death.

Premature Withdrawal- The company reserves the right to allow deposits to be withdrawn before maturity at its sole discretion. When a deposit is allowed to be withdrawn early, the related deposit receipt must be signed by all depositors in the event of an A or S/s deposit, and the first-named depositor in the case of an N or S/s deposit. On a premature withdrawal, the depositor will have to pay a penalty. This means that he or she will receive less than the applicable interest rate effectively. If the FD is withdrawn after 3 months and before 6 months no penalty will be levied. On withdrawal of FD after 6 months and before 12 months, a penalty of 3% lower than the One year rate at the time of deposit. On withdrawal of FD after 12 months and before 24 months, a penalty of 2% is lower than the one year rate at the time of deposit. If the FD is withdrawn after 3 months and before 24 months and before 36 months then 2% lower than the two-year rate at the time of deposit is applicable as a penalty.

Types of Fixed Deposits

• Regular Fixed Deposits
• Cumulative Fixed Deposits
• NRI Deposits

Regular Fixed Deposits

• A minimum deposit amount of Rs 10,000.
• Interest is paid at monthly or quarterly intervals. The quarterly intervals are March, June, September, and December.
• Investment tenure ranges from 12 months to 36 months
• Sundaram Finance FD Rates range from 5.48% to 5.80% depending on the tenure and interest payout option
• An additional interest rate of 0.50% over and above the Sundaram Finance FD Rates for senior citizens
• A deposit can be made in a Minor’s name as long as he or she is represented by a Natural or Legal Guardian.
• On behalf of the Minor, the Natural/Legal Guardian must sign the Deposits Application Form.
• A joint Deposit account payable to A or S (Anyone or Survivor) or N or S (Anyone or Survivor) can be opened by a maximum of three people.
• On maturity, any of the depositors can discharge the Deposit receipt for A or S deposits. A Premature Payment or Loan, on the other hand, requires the signatures of all Depositors. The first Depositor must discharge the Deposit receipt for N or S deposits.
• no withdrawal of deposit is permitted within three months from the date of Deposit/renewal of Deposit.
• A loan of up to 75% of the deposit amount may be provided against the deposit. A depositor can avail of a loan after  three months from the date of deposit or renewal date are eligible for a loan.
• The Term Deposit Receipt (TDR) will be held as a lien and retained. 
• An additional 2% interest on the loan is charged over and above the Sundaram Finance FD rates
• The Renewal Application Form must be sent to us 15 days prior to the Term Deposit Receipt’s maturity date. The form must be sent along with the Term Deposit Receipt showing the Depositor’s signature on the reverse

Cumulative Fixed Deposits

• The major difference between a regular and cumulative fixed deposit is the interest payout option. The regular fixed deposit pays the interest on the deposit either monthly or quarterly. Whereas the cumulative fixed deposit pays interest on maturity along with the principal amount.
• A minimum deposit amount of Rs 10,000.
• Investment tenure ranges from 12 months to 36 months
• Sundaram Finance FD Rates range from 5.48% to 5.80% depending on the tenure and interest payout option
• An additional interest rate of 0.50% over and above the Sundaram Finance FD Rates for senior citizens
• A loan against FD is available for up to 75% of the principal amount. An additional interest rate of 2% is applicable for the loan or advance.
• An existing depositor can renew their deposit for either the Principal amount (interest accrued will be repaid) or alternatively the principal amount plus interest.

NRI Deposits

• NRI deposits will only be accepted if they are paid from the depositor’s NRO account in India. If deposits are made with funds transferred from NRE or FCNR(B) accounts would be rejected.
• The depositor must provide his NRO bank account number, as both the principal and interest will be credited to his NRO bank account.
• NRI Deposits shall not be accepted by any inward remittances from overseas.
• These deposits are not eligible for a loan against fixed deposits

Documents Required For Application

Individual The applicant must submit any of the following documents along with application or renewal forms, as applicable.	PAN Card Aadhaar card Passport Higher Secondary Certificate Driving Licence Pension Card LIC Policy Health Insurance Policy Election Identity Card Ration Card Any other Government Certified Proof.
Private Limited Company	Name of the company Principal place of business   Mailing address of the company   Telephone or Fax Number Certificate of incorporation and Memorandum & Articles of Association  Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account  Power of Attorney granted to its managers, officers or employees to transact business on its behalf  Copy of PAN allotment letter  Copy of the telephone bill
Partnership Firm	Legal name   Address   Names of all partners and their addresses   Telephone numbers of the firm and partners  Registration certificate, if registered Partnership deed  Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf  Any officially valid document identifying the partners and the persons holding the Power of Attorney and their addresses Telephone bill in the name of firm or partners.
Trust and Foundation	Names of trustees, settlers, beneficiaries and signatories Names and addresses of the founder, the managers or directors and the beneficiaries   Telephone or fax numbers Certificate of registration, if registered  Power of Attorney granted to transact business on its behalf Any officially valid document to identify the trustees, settlors, beneficiaries and those holding Power of Attorney, founders or managers or directors and their addresses Resolution of the managing body of the foundation or association Telephone bill

Frequently Asked Questions