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Sundaram Home Finance has increased the interest rates on Fixed Deposits effective December 1.
On deposits for 12 months, the company has increased the rates by 50 basis points across the three categories - Trusts and Individuals 7.15 per cent (6.65 per cent earlier) and Senior Citizens 7.50 per cent (7 per cent), according to a statement.
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From December 1, senior citizens will get interest rates of 7.50 per cent per annum (7.35 per cent), 7.80 per cent per annum (7.65 per cent) and 8 per cent per annum (7.90 per cent) on 24, 36 and 48 months deposits.
For Trusts, the interest rates have been increased to 7.15 per cent per annum (7 per cent), 7.80 per cent per annum (7.65 per cent) and 8 per cent per annum (7.90 per cent) on 24, 36 and 48 months deposits.
For individuals other than senior citizens, the rates have been increased to 7.15 per cent per annum (7 per cent) and 7.65 per cent per annum (7.55 per cent) on 24 and 48 months deposits.
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Gold loan companies allege bank branches operating at higher loan-to-value ratio“We have had a healthy inflow following the three previous upward revisions effected since June this year of over Rs.250 crore. Depositors are likely to find this fourth upward revision attractive,” said Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance.
The company posted a net profit of ₹97.5 crore on disbursements of ₹1736 crore during the first half of this fiscal.
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