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.
Senior citizens
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.
Trusts
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.
Also read: Indian Bank doubles its Q3 net profit, NPAs report a big drop
Individuals
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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.