Sundaram Finance revises interest rates on term deposits

Non-banking finance company Sundaram Finance Ltd has revised the interest rates on term deposits for tenures of one to three years with immediate effect, the company said on Sunday. Accordingly, the interest rates for deposits of up to 12 months has been increased to 6.65 per cent, for 24 months it has been hiked to 7 per cent, the company said in a statement.

For tenures of up to 36 months, the interest rates have been increased to 7.30 per cent.

Senior citizens would get an additional interest of 0.35 per cent for one year at 7 per cent, 7.35 per cent for tenures up to two years and 7.65 per cent for tenures up to three years.

The company said its deposit balance stood at Rs 4,219 crore.