Sundaram Finance cuts deposit rates by 25 bps

Chennai-based NBFC Sundaram Finance Ltd has announced a 25 basis points downward revision in interest rates on deposits effective October 16, 2015.

Fixed or cumulative deposits for 12, 18, 24 and 36 months will fetch interest at 8.25% per annum rate (previously 8.5%).

Similarly, interest rate for Senior Citizens stands reduced to 8.75% (earlier 9%) for all tenors.

Recently, the deposit balance of the company has crossed Rs 2,100 crore.

Last year, net accretion to public deposits was highest ever in the history of the company at Rs 259.15 crore.