Sundaram BNP Paribas revises interest rates

Sundaram BNP Paribas Home Finance today announced revision of deposit rates by 25 basis points.
Interest rate for fixed, cumulative deposits for period of 12, 18, 48 and 60 months has been revised to 8 per cent compared to existing 8.25 per cent, the Chennai-based company said in a statement.
For deposits of 24 and 36 months, the interest rate has been reduced to 8.25 per cent from the earlier 8.50 per cent.
For senior citizens, the interest rates has been revised by 0.50 per cent above the rate applicable to non-senior citizens.
Sundaram BNP Paribas Home Finance accepts longer term deposits up to five years including from trusts.

The interest rates for Trust deposits for 12 and 18 month deposits was reduced to 8 per cent as against 8.25 per cent.

For 24 month deposits, the interest rates has been revised to 8.25 per cent from 8.50 per cent, for 36 month deposits it has been revised to 8.75 per cent from 9 per cent and for 48 and 60 month deposits, it has been revised to 8.50 per cent from 8.75 per cent, respectively.
"Deposits continue to be an important component of our fund raising plans and currently constitutes around 15 per cent of total borrowings.", Sundaram Home Finance, Managing Director, Srinivas Acharya said.

"Our deposit bases is closing in on the Rs 1,000 crore milestone and stood at Rs 958 crore at the end of September 30, 2015", he said.
Early this month, Sundaram Home Finance had reduced its prime lending rates (PLR) on home loans by 25 basis points.
Sundaram BNP Paribas Home Finance is a 50.1 per cent and 49.9 per cent joint venture between Sundaram Finance and BNP Paribas, it said.