- Fourth upward revision since June
- 50 basis points hike on 12 month deposits
Sundaram Home Finance has increased the interest rates on Fixed Deposits effective this Thursday December 1.
On deposits for 12 months, the company has increased the rates by 50 basis points across the three categories – Trusts and Individuals 7.15% p.a. (6.65%) and Senior Citizens 7.50% p.a. (7%).
Senior Citizens will get 7.50% p.a. (7.35%), 7.80% p.a. (7.65%) and 8% p.a. (7.90%) on 24, 36 and 48 months deposits from December 1.
For Trusts, the interest rates have been increased to 7.15% p.a. (7%), 7.80% p.a. (7.65%) and 8% p.a. (7.90%) on 24, 36 and 48 months deposits.
For individuals other than senior citizens, the rates have been increased to 7.15% p.a. (7%) and 7.65% p.a. (7.55%) on 24 and 48 months deposits.
Commenting on the upward rate revision, Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance, said: “We have had a healthy inflow following the three previous upward revisions effected since June this year of over Rs. 250 crores. Depositors are likely to find this fourth upward revision attractive.”
Sundaram Home Finance registered net profit of Rs. 97.5 crores on disbursements of Rs. 1,736 crores in the first half of this year.
Sundaram Home Finance, a wholly owned subsidiary of Sundaram Finance Ltd., is a leading player in the housing finance sector offering home loans, plot loans, home improvement & extension loans and loans against property. The company, which has around 110 branches, recently forayed into small business loans.