Sundaram BNP Paribas has raised interest rate on fixed deposits
Sundaram BNP Paribas Home Finance is a joint venture between Sundaram Finance and BNP Paribas Personal Finance.
"Sundaram Finance has revised, upwards, the interest rates on deposits effective 1st August 2018. The interest rate on fresh deposits/renewals stand increased to 7.50 per cent (7 per cent ) per annum for 12 and 18 months and to 7.75 per cent (7.25 per cent) for 24 and 36 months," it said in a statement.
"The interest rate for senior citizens has been increased to 8 per cent (7.50 per cent) per annum for 12 and 18 months and to 8.25 per cent (7.75 per cent) p.a for 24 and 36 months," the statement added.
The deposits crossed Rs 2,500 crore this year.
Sundaram Finance has a base of around 2.50 lakh depositors.
Set up in 1954, the Sundaram Finance Group's services include financing for the entire range of commercial vehicles, passenger cars and construction equipment, as well as specially designed working capital products such as fuel finance and tyre finance.
The company is also into home loans, mutual funds, non-life insurance, IT, BPO and distribution of a wide range of financial products and services.
The company has over 600 branches spread across the country.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)