Sundaram Home Finance has revised upwards its interest rates on fixed deposits (FD) effective February 1, 2023. This is the fifth upward revision in the FD interest rates this financial year, according to a statement.
On two-year deposits by Senior Citizens, the company has effected a 50 basis points increase in interest rates to 8 per cent p.a (7.50 per cent). On 1-year and 3-year deposits, the interest has been increased to 7.70 per cent p. A (7.50 per cent) and 8 per cent (7.80 per cent) respectively.
For Trusts, the company has increased the rates to 7.20 per cent p.a (7.15 per cent), 7.50 per cent p.a (7.15 per cent) and 8 per cent p.a (7.80 per cent) on 1, 2, and 3 year deposits.
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For individuals other than senior citizens, the rates have been increased to 7.20 per cent p.a (7.15 per cent), 7.50 per cent p.a (7.15 per cent) and 7.50 per cent p.a (7.30 per cent) on 1, 2 and 3-year deposits.
The interest rates on 4 and 5-year deposits remain unchanged.
“Depositors have reacted positively to the over 2% upward revision in our FD interest rate this year with our gross mobilisations having crossed Rs.350 crore,” said D Lakshminarayanan, MD, Sundaram Home Finance.
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