Sundaram Finance cuts interest rates on deposits by 50 bps

Image
Press Trust of India Chennai
Last Updated : Jul 24 2015 | 3:57 PM IST
Non-banking finance company Sundaram Finance has announced 50 basis points downward revision in interest rates on deposits with immediate effect.
As per the revised structure, interest rates have been fixed at 8.5 per cent per annum for fixed or cumulative deposits for a period of up to 36 months as compared to earlier nine per cent, the Chennai-based company said in a statement.
For senior citizens, the interest rates have been revised to nine per cent per annum from 9.5 per cent.
Last financial year, the net accretion to public deposits registered the highest ever in the history of the company at Rs 259.15 crore, the statement said.
Shares of the company today closed at Rs 1540.25 apiece on BSE, up by 1.87 per cent.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jul 24 2015 | 3:57 PM IST

Next Story