Sundaram Finance To Hike Interest Rates From March 16

Non-banking finance company Sundaram Finance Ltd. is revising the interest rates on various term deposits with effect from Mar. 16, the company said on Tuesday.

The interest rate on 12-month deposits has been increased to 7.45% for the general public from the earlier 7.20%. For deposits of 24 and 36 months, the interest rate for the general public has been revised to 7.75% from the existing 7.50%, Sundaram Finance, which is headquartered in the city, said in a statement.

For senior citizens, the interest rate on deposits of up to 12 months has been increased to 7.95% from the earlier 7.70%.

For term deposits with tenures of 24 and 36 months, the interest rate has been hiked to 8.25% from the current 8%, the company said.