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Sundaram Finance says it raises interest rate on fixed deposits

Sundaram Finance today said it has raised interest rate on fixed deposits of select maturities effective from August 1.


PTI 29 Jul 2018, 11:59 AM India

Sundaram Finance today said it has raised the interest rate on fixed deposits of select maturities effective from August 1.

"Sundaram Finance has revised, upwards, the interest rates on deposits effective 1st August 2018. The interest rate on fresh deposits/renewals stands increased to 7.50 percent (7 percent) per annum for 12 and 18 months and to 7.75 percent (7.25 percent) for 24 and 36 months.

"The interest rate for senior citizens has been increased to 8 percent (7.50 percent) per annum for 12 and 18 months and to 8.25 percent (7.75 percent) p.a for 24 and 36 months," the company said in a statement.

The deposits crossed Rs 2,500 crore this year.

During the previous year, Sundaram Finance mobilized fresh deposits aggregating to Rs 450.53 crores with renewal clocking almost 80 percent.

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 tire 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.)


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