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Sundaram Finance has hiked the interest rates on fresh deposits/renewals to 7.75 per cent (7.50 per cent) per annum for 12 and 18 months and to 8 per cent (7.75 per cent) for 24 and 36 months. The revised rates are with effect from October 19.
Interest rate for senior citizens has been increased to 8.25per cent (8 per cent) per annum for 12 and 18 months and to 8.50 per cent (8.25 per cent) a year for 24 and 36 months.
According to a company statement, deposits of the Chennai-headquartered NBFC major have crossed ₹ 2,600 crore. During the previous year, Sundaram Finance had mobilised fresh deposits of ₹ 450.53 crore with renewals clocking almost 80 per cent.
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