Money & Banking

Sundaram Finance reduces interest rates on deposits

Our Bureau Chennai | Updated on August 29, 2020

Sundaram Finance has announced a revision of interest rates on deposits from September 1.

The interest rates on fresh deposits/renewals are revised to 5.75 per cent (from 6.75 per cent) per annum for 12 months, 6 per cent (from 7 per cent) per annum for 24months and to 6.25 per cent (7 per cent) for 36 months, according to a statement.

The interest rate for senior citizens has been revised to 6.25 per cent (from 7 per cent) per annum for 12 months, 6.50 per cent (from 7.25 per cent) per annum for 24 months and 6.75 per cent (7.25 per cent) for 36 months.

The deposit base of the company crossed ₹3,700 crore during the quarter ended June 30, 2020.

Published on August 29, 2020

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