Sundaram Finance to revise interest rates on deposits from November 16

Its loan book stood at Rs 33,783.36 crore in the quarter as against Rs 28,856.48 crore earlier

Non-banking finance company Sundaram Finance on Saturday said the firm would revise interest rates on deposits for the general public and senior citizens with effect from November 16.

For the public, the rate on one-year deposits would be 7.15 per cent against the existing 6.65 per cent; for 24 months it would be 7.15 per cent against 7 per cent; and for deposits of 36 months, it would remain unchanged at 7.30 per cent, a statement from the company said here.

For senior citizens, the rate on deposits of one year would be 7.50 per cent as against 7 per cent; and for deposits up to 24 months, the rate would be 7.50 per cent against 7.35 per cent.

For deposits of 36 months, the interest rates would be 7.80 per cent against 7.65 per cent, the company said.

The current deposit balance as of October 31, 2022 stood at Rs 4,273 crore, the company said.