Sundaram Finance Revises Interest Rates on Deposits

Chennai, Jul 1 (PTI) Non-banking finance company Sundaram Finance Ltd has revised its interest rates on deposits with immediate effect, the company said on Tuesday.

The revised rates for senior citizens is 7.2 per cent for 12 months, 7.5 per cent for 24 and 36 months.

For others, the interest rates have been revised to 6.70 per cent for deposits with a tenure of 12 months and 7 per cent for 24 and 36 months, the city-based company said in a press release.

The revision in the interest rates follows the Reserve Bank of India decision to cut in the repo rates in June.

The adjustments reflect Sundaram Finance's measured response to broader economic conditions and market dynamics and part of the company's financial strategy to align with current economic trends, the company said.

Meanwhile, in another development, Sundaram Finance said it recently introduced a Digital Deposit facility making savings simpler, safer and more accessible. Customers would be able to conveniently invest and manage their deposits through a seamless and secure process, it said.