Sundaram Home Finance increases interest on deposits

Sundaram Home Finance on Wednesday announced increasing interest rates on deposits, the second such revision within a month.The upward revision is effective July 1, 2022, a company statement here said.On 4 and 5 year deposits, both senior citizens as well as trusts will get 7.50 per cent per annum, as against the earlier 6.55 per cent, while individuals other than senior citizens will get 7 per cent.

Sundaram Home Finance on Wednesday announced increasing interest rates on deposits, the second such revision within a month.

The upward revision is effective July 1, 2022, a company statement here said.

On 4 and 5 year deposits, both senior citizens as well as trusts will get 7.50 per cent per annum, as against the earlier 6.55 per cent, while individuals other than senior citizens will get 7 per cent. On one year deposits, individuals and trusts will get 6 per cent while senior citizens will get 6.50 per cent, it said.

The company announced increasing interest rates for deposits for 24 months as well as for 3 years.

According to the company's managing director Lakshminarayanan Duraiswamy, ''the second upward revision in our deposit rate is in line with the current interest rate scenario. We saw a sizeable inflow in our deposits after our previous rate hike on June 1.'' Further, it said the deposit base increased to Rs 1,941 crore, a net accretion of Rs 131 crore in FY22.

The company also said it achieved 84 per cent rise in its disbursements at Rs 2,311 crore on a profit of Rs 168 crore for the year ended March 31, 2022.