Sundaram Finance to revise interest rate on term deposits from Jan 1

The rate on 12-month deposit would be increased to 7.20%, 7.50% for a tenure of 24 months and for 36 months it would be 7.50%

Non-banking finance company Sundaram Finance would revise interest rate on its term deposits with effect from January 1, the city-based firm said on Saturday.

Accordingly, the rate on 12-month deposit would be increased to 7.20 per cent, 7.50 per cent for a tenure of 24 months and for 36 months it would be 7.50 per cent.

For senior citizens, the rate of interest would be 7.70 per cent for 12-month deposits, 8 per cent for 24 and 36 months, the city-based Sundaram Finance said in a statement here.

The company said its deposit base stood at Rs 4,461 crore.