Sundaram Home Finance has announced its second upward revision of interest rates on deposits in a month.
The revised rates will be effective from July 1, according to a statement.
On four and five-year deposits, both senior citizens and trusts, will now get 7.50 per cent per annum (6.55 per cent), while individuals other than senior citizens will get 7 per cent (6.05 per cent).
On one-year deposits, individuals and trusts will get 6 per cent p.a (5.50 per cent); while senior citizens will get 6.50 per cent (6 per cent). On deposits for 24 months, individuals and trusts will get 6.30 per cent p.a (5.90 per cent); while senior citizens will get 6.80 per cent (6.40 per cent).
On three-year deposits, senior citizens and trusts will get 7.15 per cent p.a (6.55 per cent), while individuals will get 6.55 per cent p.a (6.05 per cent).
“The second upward revision in our deposit rate is in line with the current interest rate scenario. We saw a sizeable inflow in our deposits after our previous rate hike on June 1,” Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance, said.
In FY22, the company’s deposit base increased to ₹1,941 crore, a net accretion of ₹131 crore during the year.