Sundaram Finance to revise interest rates on deposits

Non-banking finance company Sundaram Finance Ltd has announced a revision in interest rates on its deposits with effect from August 8.

According to a company press release, the interest rate on fresh deposits and renewals stand revised to 5.50% per annum as against 5.75% earlier, for deposits with a tenure of 12 months. Interest rates have been revised to 5.65% per annum as compared to the earlier 6%, for deposits with tenure up to 24 months.

For deposits up to 36 months, the interest rates have been revised to 5.80% as against 6.25% earlier, a company statement said.

For senior citizens, the interest rate on deposits has been revised to 6% per annum as compared to 6.25% for deposits of up to 12 months, 6.15% per annum for deposits up to 24 months as compared to the earlier 6.50%.

For deposits up to 36 months, the interest rates have been revised to 6.30% as compared to 6.75% earlier.