Sundaram Finance to revise interest rates from October 19

Chennai: City-based non-banking finance company Sundaram Finance Wednesday said there would be a hike in interest rates on its deposits from October 19. The increase would be from 7.50 per cent to 7.75 per cent for deposits and renewals for a tenure of 12 and 18 months, a press release said.

The rates would be increased to eight per cent from 7.75 per cent for deposits of 24 and 36 months, the release said. For senior citizens, the rates would be hiked to 8.25 per cent from eight per cent for 12 and 18 months, it said.

For deposits and renewals, the increase would be from 8.25 per cent to 8.50 per cent for 24 and 36 months, the release said. The deposits in the company crossed Rs 2,600 crore, it said.

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Last year, the non-banking finance company mobilised fresh deposits aggregating Rs 450.53 crore, the release said. The firm finances commercial vehicles, passenger cars and construction equipment, among others, and has over 600 branches across the country, it added.