Sundaram Finance reduces interest rates by 50 basis points

Chennai, Aug 9 (UNI) Sundaram Finance Ltd has announced a downward revision in interest rates by 50 basis points, for deposits of 1.2 years and three years.

The revised rates were nine per cent for one year deposits, 9.50 per cent for two years and 10 per cent for three year deposits, a company release here today said.

The revised rates would be effective from August 16, 2007.

The revision was applicable to fresh deposits made and renewals due on and after August 16.

Interest rates on existing deposits would remain unchanged.

Sundaram Finance had the largest retail base of deposits amongst NBFCs in the country with total deposits aggregating over Rs 712 crore, the release added.

UNI