Sundaram BNP hikes FD rates

Sundaram BNP Paribas Home Finance, the housing finance subsidiary of Sundaram Finance Ltd, has introduced fixed and cumulative deposits with four- and five-year maturity. Sundaram Home has also hiked the interest rates for individuals and trusts.

The new rates for individuals are 8 per cent (previously 7.50%) on 1year, 8.25 per cent (8%) on 2 year and 8.50 per cent (existing 8.50% on 3 year) on 3-5 year deposits.

The new rates for trusts are 8 per cent (7.50%), 8.25 per cent (8%) and 9 per cent on 3-5year deposits (existing 8.5 per cent for 3year deposits).

The company has also introduced deposits for senior citizens. For senior citizens, the rates are 8.25 per cent (1year), 8.50 per cent (2 years) and 9 per cent (3-5years).

The effective yield per annum on 5 year deposits for senior citizens and trusts is 11.22 per cent.

The new rates are effective November 8, 2010. The minimum amount of deposit is Rs 10,000, according to a company release.