scorecardresearchSundaram Home Finance revises interest rates on deposits; get up to 6.55%

Sundaram Home Finance revises interest rates on deposits; get up to 6.55%

Updated: 31 May 2022, 12:29 PM IST
TL;DR.
The company said for trusts, it will pay 6.55 per cent per annum on three year deposits. On deposits with a tenure of two years, the interest rates have been revised to 5.90 per cent, against 5.65 per cent while for deposits of four and five years, the rates has been revised to 6.55 per cent from the earlier 6.30 per cent.
Indian Rupee money stacks and banknotes on the table , closed up shot (Shutterstock)

Indian Rupee money stacks and banknotes on the table , closed up shot (Shutterstock)

Chennai, May 31 (PTI) Sundaram Home Finance has revised the interest rates on its deposits with effect from June 1, for various tenures offered to individuals, trusts and senior citizens.

Accordingly, the rate on two year deposits for individuals has been hiked to 5.90 per cent as against 5.65 per cent earlier while for deposits of three to five years it has been increased to 6.05 per cent per annum as against 5.80 per cent, the company said in a statement on Tuesday.

The company said for trusts, it will pay 6.55 per cent per annum on three year deposits. On deposits with a tenure of two years, the interest rates have been revised to 5.90 per cent, against 5.65 per cent while for deposits of four and five years, the rates has been revised to 6.55 per cent from the earlier 6.30 per cent.

Senior citizens will be offered 6.40 per cent per annum as against 6.15 per cent for two year deposits, and 6.55 per cent per annum from the earlier 6.30 per cent on deposits of three to five years.

On deposits with a tenure of 12 months, the company said it remained unchanged at 5.50 per cent per annum offered to individuals, trusts and 6 per cent for senior citizens.

In FY2022, the company said the deposit base increased to 1,941 crore with a net accretion of 131 crore.

For the year ending March 31, 2022 the company made disbursements of 2,311 crore on a profit of 168 crore, the statement added.

 

Article
NBFCs pay a higher rate of interest on fixed deposits as compared to regular banks.
First Published: 31 May 2022, 12:29 PM IST