Sundaram Finance FD rates: Latest Interest Rates, Schemes and Document Required

Sundaram Finance FD rates

Starting with the primary objective of financing the purchase of various commercial vehicles, the company is today one of India's most trusted financial services groups. It has a country-wide presence of nearly 640 branches, with over two lakh depositors and three lakh commercial vehicle and car finance customers. 

Sundaram Finance Limited has a diversified service in Mutual Funds, Housing Finance, General Insurance, Business Process Outsourcing, IT, and Retail Distribution of a wide array of financial investment services and products. The company's fixed deposits are rated "AAA" (Highest Credit Quality) by CRISIL and ICRA.

What is a Fixed Deposit (FD)?

A fixed deposit (FD) is an investment instrument offered by various banks and non-banking financial companies (NBFC) to their customers. People may invest a specific sum of money for a fixed tenure at a predetermined interest rate through an FD. The interest rate varies from one financial organization to another, although it is relatively higher than the interest offered on the savings accounts.

Interest rates of Sundaram Finance FD 

• Investment tenure: 12 months (1 year), 24 months (2 years), 36 months (3 years)
• Customer types: General customers, Senior citizens
• Minimum Deposit: Rs. 10,000 per account
• w.e.f. 8th August 2021

Interest rates for Cumulative Deposits

·   Minimum Deposit: Rs. 10,000 per account

·   w.e.f. 8th August 2021

Documents required to open an FD account 

Following documents are required for opening an FD account with Sundaram Finance Limited:

1. PAN Card 

2. Aadhaar card 

3. Passport 

4. Higher Secondary Certificate 

5. Driving Licence 

6. Pension Card 

7. LIC Policy 

8. Health Insurance Policy 

9. Election Identity Card 

10. Ration Card 

11. Any other Government Certified Proof

KYC Documents for Non-individual account

1. Certificate of incorporation with Memorandum & Articles of Association
2. Resolution of the Board of Directors to open an account and identification of those people who have authority to operate the account
3. Power of Attorney granted to the managers, officers, or employees for transacting business on its behalf.
4. PAN allotment letter copy
5. Telephone bill copy

KYC Documents for Partnership firms

1. Registration certificate (if registered)
2. Partnership deed
3. Power of Attorney granted to a partner or an employee of the firm for transacting business on its behalf.
4. Any officially valid document which identifies the partners and the persons holding the Power of Attorney along with their addresses
5. Telephone bill in the name of either firm or partners

Methods of Crediting Interest

You can make a deposit and earn interest as per the rates at Monthly/Quarterly intervals. Following are the methods of Interest Credit:

• Interest payment via RBI Electronic Clearing Service (ECS)
• NEFT
• Interest payment by way of 'at par' cheques

Frequently Asked Questions (FAQs)

1. What is a Fixed deposit account?

A fixed deposit (FD) account offers an investment option to the customers in various banks and non-banking financial companies (NBFC). Through an FD account, you may invest a specific amount for a fixed tenure at a pre-known interest rate. 

2. Can a FD account be opened in the name of a Minor?

Yes, you may open an FD account in the name of a Minor. In this case, the minor must be represented by his legal guardian. Only they are authorized to fill and sign the application form on behalf of the minor.

3. Can a joint FD account be opened with Sundaram Finance Limited?

Yes, a maximum of three people jointly can open a joint Deposit account payable to Anyone or Survivor; or Number One or Survivor.