AAA FD hikes: Sundaram Finance Ltd, a non-banking finance firm with headquarters in Chennai, raised its deposit interest rates commencing on November 16, 2022. The company increased the interest rates on fixed deposits across all tenors as a result of the modification. The minimum deposit per account is Rs. 10,000, and the interest rates on ongoing deposits stay fixed till maturity. ICRA and CRISIL have given the company’s fixed deposits the highest credit quality rating of “AAA” (Highest Credit Quality) for the past 30 years.
Sundaram Finance FD Rates
On non-cumulative deposits maturing in 12 to 24 months, the company has hiked the annual interest rate to 7.15% yearly, 6.93% monthly, and 6.97% quarterly. On non-cumulative FD maturing in 36 months, the company has hiked the interest rate to 7.30% yearly, 7.07% monthly and 7.11% quarterly. On non-cumulative deposits maturing in 12 to 24 months, the company has hiked the annual interest rate to 7.50% yearly, 7.25% monthly, and 7.30% quarterly for senior citizens. On non-cumulative FD maturing in 36 months, the company has hiked the interest rate to 7.80% yearly, 7.53% monthly and 7.58% quarterly for senior citizens. On non-cumulative FDs, the customers can earn interest at monthly/quarterly (March, June, September, December) intervals.
Sundaram Finance Cumulative FD Rates
On cumulative FD the interest is payable on maturity along with the principal. On cumulative deposits maturing in 12 to 24 months, the company has hiked the annual interest rate to 7.15% yearly, 7.30% on those maturing in 36 months. On cumulative deposits maturing in 12 to 24 months, the company has hiked the annual interest rate to 7.50% for senior citizens and 7.80% for deposits of 36 months.
Senior persons are entitled to an additional 0.5% annually. The company has a diverse presence in a variety of financial services and products, including mutual funds, housing finance, general insurance, information technology, business process outsourcing, and retail distribution. Sundaram Finance Limited has mentioned on its website that “The long-term borrowings are currently rated “AAA” (Highest Degree of Safety), with a “Stable outlook” by ICRA and CRISIL and AA+ (High Degree of Safety), with a “Stable outlook” by India Ratings. The short-term borrowings (including commercial paper) are rated “A1+”/P1+ (very strong degree of safety).”
