Sundaram Finance to hike fixed deposit rates by 25 bps from March 16
2 min read . Updated: 14 Mar 2023, 07:34 PM IST
Premium- Sundaram Finance Ltd., one of the leading non-banking finance companies (NBFC), announced on Tuesday that the interest rates on various term deposits will change as of March 16.
Sundaram Finance Ltd., one of the leading non-banking finance companies (NBFC), announced on Tuesday that the interest rates on various term deposits will change as of March 16.
The general public's interest rate on 12-month deposits has raised by 25 bps from the previous 7.20% to 7.45%. According to a statement from Sundaram Finance, the interest rate on deposits with terms of 24 and 36 months has been increased from the previous 7.50% to 7.75% up by 25 bps. The interest rate on deposits made for up to 12 months by elderly persons has raised from 7.70% to 7.95%. The interest rate on term deposits with terms of 24 and 36 months has increased from 8% to 8.25 percent, according to the company.
Via its cumulative deposit scheme and monthly income scheme, the firm gives customers enticing and secure returns. A fixed deposit account at Sundaram Finance may be opened with deposits in multiples of Rs. 1,000 up to a minimum of Rs. 10,000 per account, and depositors may also take advantage of the "Auto Renewal Facility" in addition to the benefit of creating a joint account.
Sundaram Finance fixed deposits have been rated [ICRA] AAA (Stable) by ICRA & CRISIL AAA/Stable by CRISIL, making it a secure instrument and is an industry benchmark for depositor servicing. With 115 locations spread out over India, Sundaram Finance has a 65-year history and 20 years of experience in home finance. Leading NBFC Sundaram Finance offers fixed deposits in addition to several kinds of loans.
The company reported net revenue from operations of ₹1409.72 Cr in Q3FY23 compared to ₹1286.26 Cr in Q3FY22, representing a growth of 9.60% YoY on a consolidated basis. The company's net profit rose by 15.24% year-on-year, from ₹288.83 Cr in the quarter ended December 2021 to ₹332.84 Cr in the quarter ended December 2022. A YoY growth of 22.46% can be seen in the company's profit before tax (PBT), which climbed from ₹346.94 Cr in the third quarter of FY22 to ₹424.87 Cr in the third quarter of FY23. Sundaram Finance's EPS was ₹30.20 in Q3FY23 as opposed to ₹26.21 in the same quarter last year.