Fifth upward revision this financial year
Sundaram Home Finance hikes interest rates on FDs
50 basis points increase on two year deposits for Senior Citizens
Chennai January 26, 2023: Sundaram Home Finance has revised upwards interest rates on Fixed Deposits effective February 1. This is the fifth upward revision in the FD interest rates this financial year.
For Senior Citizens
On two year deposits by Senior Citizens, the company has effected a 50 basis points increase in interest rates to 8% p.a (7.50%). On 1 year and 3 year deposits, the interest has been increased to 7.70% p. a (7.50%) and 8% (7.80%) respectively.
For Trusts
For Trusts, the company has increased the rates to 7.20% p.a (7.15%), 7.50% p.a (7.15%) and 8% p.a (7.80%) on 1, 2 and 3 year deposits.
For Individuals
For individuals other than senior citizens, the rates have been increased to 7.20% p.a (7.15%), 7.50% p.a (7.15%) and 7.50% p.a (7.30%) on 1, 2 and 3 year deposits.
The interest rates on 4 and 5 year deposits remain unchanged.
Mr. Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said "Depositors have reacted positively to the over 2% upward revision in our FD interest rate this year with our gross mobilizations havingcrossed Rs. 350 cr."
Sundaram Home Finance registered a net profit of Rs. 97.5crores on disbursements of Rs. 1740 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, is also now into small business loans.
