Sundaram Finance hikes deposits rates to 7.75% for a year, 8% for 2-3 yrs

Sundaram Finance has increased the interest rates on deposits effective October 19, 2018. The interest rate on fresh deposits/renewals stands increased to 7.75% (7.50%) per annum for 12 and 18 months and to 8% (7.75%) for 24 and 36 months.

The interest rate for Senior Citizens has been increased to 8.25% (8%) per annum for 12 and 18 months and to 8.50 % (8.25%) p.a for 24 and 36 months.

Deposits have crossed Rs 26 billion. During the previous year, Sundaram Finance mobilised fresh deposits aggregating to Rs 4.51 billion with renewal clocking almost 80%.