Sundaram Home Finance revises interest rates

Sundaram Home Finance, a wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd, has revised interest rates on fixed deposits with immediate effect, the city-based company has said.

This is the fifth upward revision undertaken in fixed deposits during this financial year.

Interest rates have been raised to 8 per cent for senior citizens on deposits of two years (from 7.50 per cent), while it has increased to 7.70 per cent on one-year deposit (7.50 per cent) and 8 per cent for three-year deposits (from 7.80 per cent).

For trusts, the company has hiked the rates to 7.20 per cent for one-year deposits, 7.50 per cent for two-year deposits and 8 per cent for three-year deposits, a press release said.

Interest rates for individuals increased by 7.20 per cent for one-year deposits, while it remains 7.50 per cent for deposits of two and three years.

The company clarified that the interest rates on term deposits with a tenure of four and five years remain unchanged.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)