Sundaram Home Finance (SHF) has revised upwards the interest rates on deposits with effect from July 1. This is the second such revision in a month.
Senior citizens and trusts would now get an interest of 7.50% per annum on four- and five-year deposits against 6.55% paid earlier, while individuals, other than senior citizens, would get 7% (6.05%), SHF said in a statement.
For one-year deposits, individuals and trusts would receive 6% p.a (5.50%) while senior citizens would get 6.50% (6%).
On deposits for 24 months, individuals and trusts would get 6.30% p.a (5.90%) while senior citizens would get 6.80% (6.40%).
On three-year deposits, senior citizens and trusts would receive 7.15% p.a (6.55%), while individuals would receive 6.55% p.a (6.05%).
“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,” said Lakshminarayanan Duraiswamy, MD.
During FY22, deposit base increased to ₹1,941 crore, a net accretion of ₹131 crore. Disbursements grew by 84% to ₹2,311 crore. The company recorded a profit of ₹168 crore.
