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Tuesday, April 23, 2024

Sundaram Home Finance hikes interest rates of FDs

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Chennai: Sundaram Home Finance today announced increase in the interest rates on Fixed Deposits.

The hike would come into effect from December one, according to company release.

This is the fourth upward revision since June. On deposits for 12months, 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% pa. (7.35%), 7.80% p.a (7.65%) and 8% p.a (7.90%) on 24, 36 and 48months deposits.

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 were increased to 7.15% p.a (7%) and 7.65% p.a (7.55%) on 24 and 48 months deposits.

Commenting on the upward revision in interest rates, Company MD Lakshminarayanan Duraiswamy said “We have had a healthy inflow following the three previous upward revisions effected since June this year of over Rs. 250 crores.

He said 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.1736 crores in the first half of this year.

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