Sundaram Finance increases interest rates on deposits

CHENNAI: Chennai-headquartered NBFC Sundaram Finance has revised upwards, the interest rates on deposits. The interest rate on fresh deposits / renewals stand increased to 7.75% (7.50%) per annum for 12 and 18 months and to 8% (7.75%) for 24 and 36 months. The revised rates are with effect from October 19.

The interest rate for Senior Citizens has been increased to 8.25% (8%) per annum for 12 and 18 months and to 8.50 % (8.25%) p.a for 24 and 36 months.

According to the company, deposits have crossed Rs 2600crores. During the previous year, Sundaram Finance said it had mobilised fresh deposits aggregating to Rs. 450.53 crores with renewal clocking almost 80%.


Set up in 1954, the Sundaram Finance Group’s services include financing for commercial vehicles, passenger cars and construction equipments, as well as fuel finance and tyre finance. The company is also into home loans, mutual funds, non-life insurance, IT, BPO and distribution of other financial products and services.