Sundaram Home Finance to revise interest rates on fixed deposits from Dec 1

Sundaram Home Finance would revise its interest rates on fixed deposits for trusts, individuals and senior citizens with effect from December 1, the company said on Tuesday.

Accordingly, the city-headquartered firm, a wholly owned subsidiary of Sundaram Finance Ltd, would revise the rates by 50 basis points across trusts, individuals 7.15 per cent as against 6.65 per cent, senior citizens 7.50 per cent as against 7 per cent, on deposits for 12 months.

The company, for senior citizens, would revise the interest rates to 7.50 per cent as against 7.35 per cent for tenures of 24 months, 7.80 per cent from 7.65 per cent (36 months) and 8 per cent from 7.90 per cent for 48 months.

For Trusts, the interest rates have been increased to 7.15 per cent for 24 months earlier 7 per cent, 7.80 per cent as against 7.65 per cent for 36 months and 8 per cent for tenures of 48 months as against 7.90 per cent.

The rates, for individuals other than senior citizens, have been increased to 7.15 per cent from 7 per cent, 7.65 per cent from 7.55 per cent on deposits of 24 and 48 months, respectively.

"We have had a healthy inflow following the three previous upward revisions effected since June this year of over Rs 250 crore. Depositors are likely to find this fourth upward revision attractive," company MD Lakshminarayanan Duraiswamy said.

During the six month period ending September 30, 2022 Sundaram Home Finance registered net profit at Rs 97.5 crore on disbursements of Rs 1,736 crore, the company said.