Sundaram Finance Ltd increases deposit interest rates

Sundaram Finance Ltd, a non-banking finance company, has raised deposit interest rates for various tenure periods, effective immediately. The bank raised one-year deposit rates by 30 basis points and increased rates for two-three-year tenures by 25 basis points. The changes apply to both regular and senior citizen depositors. Regular one-year deposit rates have risen from 6.7 percent per annum to 7 percent per annum.

Two-year deposits have increased from 7 percent to 7.25 percent, and three-year deposits from 7.25 percent to 7.50 percent. Senior citizens' one-year deposit rates have increased from 7.20 percent to 7.50 percent, two-year rates from 7.50 percent to 7.75 percent, and three-year rates from 7.75 percent to 8 percent. Sundaram Finance currently holds a deposit base of ₹6,088 crore.