Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance. File
| Photo Credit: Special Arrangement
Sundaram Home Finance would revise its interest rates on fixed deposits for trusts, individuals and senior citizens with effect from December 1, the company said on Tuesday.
Accordingly, the city-headquartered firm, a wholly owned subsidiary of Sundaram Finance Ltd., would revise the rates by 50 basis points across trusts, individuals (7.15% as against 6.65%) and senior citizens (7.50% as against 7%), on deposits for 12 months.
For senior citizens, the company would revise the interest rates to 7.50% against 7.35% for tenures of 24 months, 7.80% from 7.65% (36 months) and 8% from 7.90% for 48 months.
For Trusts, the interest rates have been increased to 7.15% for 24 months against 7%, 7.80% as against 7.65% for 36 months and 8% for tenures of 48 months as against 7.90%.
The rates, for individuals other than senior citizens, have been increased to 7.15% from 7%, 7.65% from 7.55% on deposits of 24 and 48 months, respectively.
“We have had a healthy inflow following the three previous upward revisions effected since June this year of over ₹250 crore. Depositors are likely to find this fourth upward revision attractive,” company MD Lakshminarayanan Duraiswamy said.
During the six month period ending September 30, 2022 Sundaram Home Finance registered net profit at ₹97.5 crore on disbursements of ₹1,736 crore, the company said.
