Cumulative as well as Fixed (Regular Income Scheme) Deposits are available.

For Fixed Deposits, the interest is payable on either a monthly or quarterly basis.

For Cumulative Deposits, the interest is payable at the time of maturity together with the principal amount invested.

The minimum deposit for both the Fixed and Cumulative deposit schemes is Rs.10,000/-.

The amount can be placed by Cheque/ Demand Draft / RTGS / NEFT.

Cheques and Demand Drafts may be issued favouring “Sundaram Finance Limited.

For RTGS and NEFT please contact 044-28521301-04 to ascertain the relevant Bank details.

Deposit Application Forms are available at all our Branches or click here

Yes. A deposit can be placed in the name of a Minor provided He / She is represented by His / Her Natural or Legal Guardian.

The Deposits Application Form must be signed by the Natural/ Legal Guardian on behalf of the Minor.

All communication in relation to the deposit shall be addressed to the Guardian.

Yes, on receipt and verification of the Power Of Attorney by the Company as to its validity in this context.

Yes, Senior citizens are eligible for an additional 0.50% per annum.

Yes, a maximum of three people can open a joint Deposit account payable to A or S (Anyone or Survivor) or N or S (Number One or Survivor).

For A or S deposits, the Deposit receipt can be discharged by anyone of the depositors on maturity. However, all the Depositors` signatures are required for a Premature Payment or Loan.

For N or S deposits, the Deposit receipt must be discharged by the first Depositor.

There will be no change. The Company will pay the contracted rate till the maturity of the Deposit Receipt as per the current rules.

It is mandatory for the Company to deduct Tax at Source if the estimated annual interest paid /credited on the Deposit exceeds Rs.5000/- during the financial year.

However, those Depositors who are not assessed to Income Tax may furnish a self-declaration in Form 15G or 15H (for Senior Citizens) so that tax is not deducted at source.

Form 15G and Form 15H (for Senior Citizens) are self- declarations given by those Depositors who are not assessed to Income Tax.

These forms may be obtained from our branches or downloaded by clicking here

Form 15G and Form 15H are self-declarations.

Should the Depositor not be able to sign the Form their left-hand thumb impression will suffice.

The left hand thumb impression must be attested by a Gazetted Officer or Bank Official.

Declaration in Form 15G can be made by an Individual or a person (not a Company or Partnership / Proprietorship Firm).

A Company or Firm cannot submit declaration in Form 15G or Form 15H. Form 15G is for Resident Individuals below 60 years of age. Form 15H is for Resident Individuals who are Senior Citizens i.e. over 60 years of age

Form 15G: The total income during the financial year should not exceed the basic exemption limit as per Income Tax rules i.e. Rs.2, 50,000/-. If the total income during the financial year exceeds or is likely to exceed Rs. 2, 50,000/- Form 15G cannot be submitted.

Form 15H: f the individual is 60 years but less than 80 years of age, then the total income during the financial year should not exceed the basic exemption limit as per income tax i.e. Rs. 3,00,000/-

If the individual is 80 years of age or more, then the total income during the financial year should not exceed the basic exemption limit as per the income tax i.e. Rs.5,00,000/-.

15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Persons if the total income during the financial year does not exceed the basic exemption limit as per the income tax i.e. Rs.2, 50,000/-.

For the Tax deducted at source, Tax deduction certificates in the prescribed form 16A, giving details of the interest remitted to Income Tax Department will be sent on a quarterly basis if the interest on the deposit is paid quarterly.

For the Tax deducted at source (TDS) certificate Form 16A will be generated by the Company through the Tax Information Network (TIN) central system.

No. As salaried persons are also assesses form 15G/15H cannot be furnished.

No. All deposits held in the same name, or in the same order of names (in case of joint deposits) are required to be clubbed together for the purpose of Income Tax computation.

No. Since there may be changes in the Income Tax Laws, Form 15G/H MUST be furnished during renewal of every deposit as also whenever an additional deposit is made during the financial year.

As per Reserve Bank of India directions, no withdrawal of deposit is permitted within three months from the date of Deposit/renewal of Deposit.

Yes. Premature withdrawal can be made after 3 months from the date of deposit/renewal as per the Directions of Reserve Bank of India and the terms and conditions of the Company.

No. Premature payments will be effected favouring the first depositor only.

Yes. The payment can be sent directly to the Depositor ' s designated bank account available in our records.

Loan may be granted against the deposit up to 75% of the deposit amount. Loan can be availed for deposits made within three months from the date of Deposit/Renewal.

The Term Deposit Receipt (TDR) will be under lien and retained by the Company.

However, granting of the loan is at the sole discretion of the Company.

No loan will be granted against Non-Resident Deposits.

The loan interest will be charged @ 2% per annum above the contracted rate shown on the Term Deposit Receipt (TDR)

We accept deposits from NRIs on a non-repatriation basis. Deposits by NRIs are accepted only when the funds originate from their respective NRO Account.

NRI depositors must also submit the following declaration:

The amount deposited with Sundaram Finance Ltd. represents amount transferred from NRO account. Further this amount does not represent inward remittance from overseas to NRO account or transfer of fund from NRE/FCNR(B) account to NRO account.

The depositor has to furnish his NRO bank account number, as both the principal and the interest will be credited to the depositor's NRO bank account. Tax will be deducted at the rates prescribed by the Income Tax rules in force from time to time from the interest amount irrespective of the quantum of interest.

Details of TDS with respect to Non-Resident Deposits

The limit of Rs.5000/-on interest for the purpose of tax is not applicable. Tax rate will be 31.2% as per the current Income Tax rules (Effective 01/04/2018).

Declaration in Form 15G/H for non -deduction of tax at source is not applicable. FATCA (Foreign Account Tax Compliance Act) form must be furnished by the NRI depositor.

The form is available in the Deposit Application Form or downloaded by clicking here

The Renewal Application Form (available at all our Branches) together with the Term Deposit Receipt must be sent to us 15 days prior to the maturity of the Term Deposit Receipt bearing the Depositor's signature on the reverse.

An existing depositor can renew their deposit for either the Principal amount (interest accrued will be repaid) or alternatively the principal amount plus interest.