Sundaram Finance Adjusts Interest Rates Amid Economic Shifts

Sundaram Finance Ltd revised its deposit interest rates following a repo rate cut by the Reserve Bank of India. The rates for senior citizens now range from 7.2% to 7.5%, while others see rates from 6.7% to 7%. The company also launched a new Digital Deposit facility.

Sundaram Finance Ltd, a leading non-banking finance company, announced a revision in its deposit interest rates, effective immediately. The adjustment responds to the recent reduction in repo rates by the Reserve Bank of India and is part of the company's strategy to adapt to changing economic conditions.

Senior citizens will benefit from increased interest rates of 7.2% for 12-month tenures and 7.5% for both 24 and 36-month tenures. Other investors are offered revised rates of 6.7% for 12-month deposits and 7% for 24 and 36-month deposits. These changes align with the company's approach to reflect current market dynamics.

In addition to rate revisions, Sundaram Finance has introduced a Digital Deposit facility. This new service aims to simplify, secure, and enhance the accessibility of savings, allowing customers to invest and manage deposits through an efficient digital process.

(With inputs from agencies.)