Sundaram Finance to revise interest rate on deposits

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CHENNAI: Sundaram Finance, which crossed Rs 2,000 crore in deposits last year, said on Thursday that it would be revising interest rates on deposits as on October 16, 2016.

Sundaram Finance, which has a customer base of more than 2.50 lakh depositors, said for deposits of 12 months and 18 months, interest rates have been reduced to 7.50% from 8%. For deposits that are 24 and 36 month tenures, interest rates have been reduced to 7.75% from 8%.

For senior citizens, Sundaram Finance has reduced interest rates to 8% from 8.50% for 12 and 18 months and to 8.25% from 8.50% for 24 and 36 months. Deposit renewals at Sundaram Finance was above 80%, said the non-banking finance company.