This AAA-rated fixed deposit revises interest rates

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Sundaram Home Finance Limited provides its customers with the opportunity to make secure investments that yield desirable returns through a deposit scheme. ICRA has not only given the deposit scheme the highest possible rating of AAA (Stable), but it also offers guaranteed returns. Investors can ensure the safety of their wealth by participating in the scheme, which provides them with the Regular Income Scheme and the Cumulative Deposit Scheme. The fixed deposit plan offered by Sundaram Home Finance accepts deposits in increments of 1,000 rupees, with a ten thousand rupee minimum required for each account. With the auto-renewal facility, arrangements can be opened collectively or individually by the user. With an effective date of July 1, 2022, the organisation has modified the interest rates that apply to this deposit plan.

The current monthly interest rate offered by the company for deposits with 36 months, 48 months, and 60 months is 6.61 per cent under the regular income scheme, 6.96 per cent for deposits with terms of 48 months, and 6.96 per cent for deposits with times of 60 months. The interest rate on promises made for a period of 12 months is 6.00%, the interest rate on deposits made for a period of 24 months is 6.30%, the interest rate on promises made for a period of 36 months is 6.65%, and the interest rate on deposits made for a period of 48 to 60 months is 7.00%. A fixed deposit with a maturity of 12 months is eligible for an interest rate of 6%, and a deposit with a maturity of 24 months is suitable for an interest rate of 6.30%. A deposit with a maturity of 36 months is eligible for an interest rate of 6.65%. A deposit with a maturity of 48 to 60 months is suitable for an interest rate of 7% under the cumulative scheme.

The company offers a monthly interest rate of 7.11 per cent under the regular income plan on deposits made for 36 months and a monthly interest rate of 7.45 per cent on deposits made for 48 to 60 months. Both rates apply to promises made for the same period. The regular income plan provides for senior citizens to receive a quarterly interest rate that ranges from 6.50 per cent on deposits made for a period of 12 months to 6.80 per cent on promises made for a period of 24 months, 7.15 per cent on deposits made for a period of 36 months, and 7.50 per cent on deposits made for a period of 48 to 60 months. The cumulative plan stipulates that senior citizens living in the area will receive interest rates of 6.50 per cent on deposits for a period of 12 months, 6.80 per cent on deposits for a period of 24 months, 7.15 per cent on promises for a period of 36 months, and 7.50 per cent on deposits for a period of 48 to 60 months.

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