Sundaram Finance raises interest rates on Fixed Deposits

Chennai, Apr 27 (UNI) Sundaram Finance Ltd., which has more than 2.5 lakh depositers, today announced that it has increased the interest rates by 150 basis points for two and three year Fixed Deposits (FD).

The interest rates on 1 year FDs are up 100 basis points, a company release here said adding the revised interest rates, which would be effective from May one, are 9.5 per cent for one year deposits, 10 per cent for two years and 10.5 per cent for 3 year Fixed Deposits.

Sundaram Finance has the largest retail base of deposits in India with total deposits aggregating over Rs 650 crore. The company has an industry best-in-class deposit renewal rate of more than 60 per cent. Sundaram Finance has over 170 branches in India, the release added.

UNI