Sundaram BNP Paribas raises interest rate on fixed deposits on select maturities

Sundaram BNP Paribas Home Finance today said it has raised interest rate on fixed deposits of select maturities effective from August 1.

"Sundaram Finance has revised, upwards, the interest rates on deposits effective 1st August 2018. The interest rate on fresh deposits/renewals stand increased to 7.50 per cent (7 per cent ) per annum for 12 and 18 months and to 7.75 per cent (7.25 per cent) for 24 and 36 months," it said in a statement.

Sundaram BNP Paribas Home Finance is a joint venture between Sundaram Finance and BNP Paribas Personal Finance.

"The interest rate for senior citizens has been increased to 8 per cent (7.50 per cent) per annum for 12 and 18 months and to 8.25 per cent (7.75 per cent) p.a for 24 and 36 months," the statement added.

The deposits crossed Rs 2,500 crore this year.

During the previous year, Sundaram Finance mobilised fresh deposits aggregating to Rs 450.53 crores with renewal clocking almost 80 per cent.

Sundaram Finance has a base of around 2.50 lakh depositors.

Set up in 1954, the Sundaram Finance Group's services include financing for the entire range of commercial vehicles, passenger cars and construction equipment, as well as specially designed working capital products such as fuel finance and tyre finance.

The company is also into home loans, mutual funds, non-life insurance, IT, BPO and distribution of a wide range of financial products and services.

The company has over 600 branches spread across the country.