Interest will be available on fixed deposits from today, this finance company has increased interest rates

The interest rate on two-year deposits has been increased from 5.65 per cent earlier to 5.90 per cent. At the same time, the rates on deposits of four and five years have been increased from 6.30 per cent earlier to 6.55 per cent.

Sundaram Home Finance (Sundaram Home Finance) on deposits of different tenures interest rates have been extended which will be effective from June 1. These rates have been increased on deposits made by senior citizens, trusts and other individuals. The company recently said in a statement that the interest rate on individual deposits made for two years has been increased from 5.65 per cent earlier to 5.90 per cent per annum, while on deposits of three to five years it has been increased from 5.80 per cent to 6.05 per cent. has been done annually. repo rate (Repo Rate) interest rates on deposits have been increased.

The annual interest rate on three-year deposits for the trust has been made 6.55 percent. The interest rate on two-year deposits has been increased from 5.65 per cent earlier to 5.90 per cent. At the same time, the rates on deposits of four and five years have been increased from 6.30 per cent earlier to 6.55 per cent. Senior citizens will now be given 6.40 percent annual interest on two-year deposits, which was 6.15 percent earlier. At the same time, on deposits of three to five years, now interest will be given annually at the rate of 6.55 percent, which was 6.30 percent earlier.

how much interest will you get

The company said that for deposits of 12 months, individuals and trusts will get the same interest rate of 5.50 per cent per annum as earlier and it will be six per cent for senior citizens. In FY 2022, the company said that the deposit base increased to Rs 1,941 crore, In which the net increase was Rs 131 crore. For the year ended March 31, 2022, the company distributed Rs 2,311 crore to its customers on a profit of Rs 168 crore.

Which scheme benefits the most

Sundaram Home Finance Company runs two types of fixed deposit schemes. Cumulative Deposit Scheme and Regular Income Scheme. In a cumulative scheme, the interest is compounded every quarter and the entire amount is paid on maturity. In the end, a lump sum amount is available as the money gets added over time. Cumulative scheme is considered the best for those who want to earn big money by adding money.

In the regular income scheme, interest is calculated on the last day of every month and returns are given accordingly. This scheme is better than the regular savings scheme as it gives higher returns than the bank. This scheme is considered best for pensioners as they need regular income from their savings.

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what is the law of deposit

Money can be deposited in both the schemes in multiples of Rs 1,000 and the minimum deposit amount will be Rs 10,000. Money can be deposited in the joint name account of two or three people. However, only one will be named as Survivor. You can use the auto renewal facility to deposit money. Deposits in this will automatically get renewed for the same tenure at the prevailing rate of interest on the date of maturity.