Sundaram Home Finance to revise its interest rates on term deposits

Sundaram Home Finance, the wholly-owned subsidiary of non-banking finance company Sundaram Finance, said it would revise the interest rates on term deposits with effect from Thursday.

As a result, the interest rates for senior citizens on deposits of 12 months would be 7.95 per cent as against the earlier 7.70 per cent.

For deposits of two to five years, the interest rates have been hiked to 8.25 per cent as compared to 8 per cent, Sundaram Home Finance said in a statement here on Wednesday.

''This is the sixth upward revision this year. With positive feedback from depositors, we have been able to generate gross mobilisation of over Rs 430 crore this year,'' Managing Director Lakshminarayanan Duraiswamy said.

For individuals other than senior citizens, the company would revise the interest rates to 7.45 per cent from the earlier 7.20 per cent on deposits of 12 months, 7.75 per cent on deposits of two and three years as compared to 7.50 per cent.

On deposits of four and five years, interest rates have been increased to 7.90 per cent from the earlier 7.65 per cent.

For trusts, the interest rates were increased to 7.45 per cent (from earlier 7.20 per cent) on one year deposits and 7.75 per cent from the current 7.50 per cent on two year deposits.