This AAA Rated NBFC Has Recently Revised FD Rates, Now Offering Highest 7.15% To Senior Citizens

In the current environment of bank's low-interest rates on fixed deposits compared to Non-Banking Financial Companies (NBFCs) or corporate deposits, fixed depositors are searching for the best or greatest available returns on their accounts. As mentioned NBFCs offer fixed deposit accounts similar to banks, where you can put your money for a set length of time and earn a set interest rate. These NBFCs offer better interest rates on term Deposits compared to the Banks. However, Corporate fixed deposits, unlike bank deposits, are not protected by the Deposit Insurance and Credit Guarantee Corporation. Instead, they are assessed by multiple rating agencies depending on the company's credit quality, which ensures deposit safety. It is recommended that investors invest in "AAA" rated corporate fixed deposits, which reduce but do not eliminate your deposit risk.

Sundaram Finance FD Rates

Sundaram Financial, a non-banking finance provider, has recently raised its Fixed deposit interest rates. The Fixed Deposit is rated "AAA" for the past 30 years by the ICRA and CRISIL. Effective from June 10, 2022, Sundaram Finance offers the highest up to 6.65% interest rates to normal clients and 7.15% interest rates to senior citizens. Investment in these deposits starts with a Minimum Deposit of Rs. 10,000/- per account.

Fixed Deposits - Interest Rates (w.e.f June 10, 2022)

Term (Months)	Senior Citizen		Others
	Monthly Interest Rate %p.a (FD)	Rate (% p.a at Quarterly rests for FD)	Monthly Interest Rate %p.a (FD)	Rate (% p.a at Quarterly rests for FD)
12	6.47	6.5	5.97	6
24	6.76	6.8	6.27	6.3
36	7.11	7.15	6.61	6.65

 

Cumulative Deposits (w.e.f June 10, 2022)

Term (Months)	Senior Citizen		Others
	Rate (p.a at Quarterly rests)	Effective Yield % p.a	Rate (p.a at Quarterly rests)	Effective Yield % p.a
12	6.50%	6.7	6.00%	6.1
24	6.80%	7.2	6.30%	6.65
36	7.15%	7.9	6.65%	7.3

Source - sundaramfinance.in