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 Money & Banking - Fixed Deposits
Sundaram Fin hikes deposit rates

Chennai, Sept 30

Sundaram Finance has announced a 0.5 per cent hike in interest rates on fixed and cumulative deposits with effect from October1. The company will be paying 10.50 per cent per annum on fixed deposits of 12 months, 11 per cent on 2 year and 3 year deposits. The previous interest rates were 10 per cent for 1 year and 10.50 per cent for 2 and 3 year deposits.

The revision is applicable to fresh deposits and renewals made from October 1. Interest rates on existing deposits remain unchanged. Sundaram Finance has the largest retail base of deposits amongst non-banking finance companies in India with total deposits aggregating over Rs 800 crore and around 2.5 lakh depositors. - Our Burea

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