Sundaram Finance lowers interest rates on deposits across tenures

Non-Banking Finance Company (NBFC) Sundaram Finance Ltd has revised the interest rates on deposits across various tenures.

From September 1, 2020, the interest rates on fresh deposits/renewals stand revised to 5.75 per cent (6.75 per cent) per annum for 12 months, 6 per cent (7 per cent) per annum for 24 months, and to 6.25 per cent (7 per cent) for 36 months, according to the company's statement.

The interest rate for senior citizens has been revised to 6.25 per cent (7 per cent) per annum for 12 months, 6.50 per cent (7.25 per cent) per annum for 24 months and 6.75 per cent (7.25 per cent) for 36 months.

The deposit base crossed Rs 3,700-crore mark during the quarter ended June 2020. The company has around 600 branches spread across the country.