The Sundaram BNP Paribas Home Finance today announced a cut in its interest rates on deposits by 50 basis points with effect from December 16.
Interest rates for individuals other than senior citizens has been revised to 7.25 per cent on two and three year deposits from existing 7.75 per cent, a company release said.
For senior citizens, interest rates have been revised to 7.75 per cent from the existing 8.25 per cent for deposits which has two and three year tenure.
On deposits of 12 months and 18 months, interest rates for individuals have been revised to 6.75 per cent from existing 7.25 per cent and for senior citizens it has been revised to 7.25 per cent from current 7.75 per cent.
Sundaram BNP Paribas, a 50.1 per cent and 49.9 per cent joint venture between city-based Sundaram Finance and BNP Paribas, France, crossed the Rs 1,000 crore deposit portfolio in March 2016, the release said.