Finance

interest rates: Sundaram Home Finance revises interest rates on deposits

Sundaram Home Finance has revised the interest rates on its deposits with effect from June 1, for various tenures offered to individuals, trusts and senior citizens, Accordingly, the rate on two year deposits for individuals has been hiked to 5.90 per cent as against 5.65 per cent earlier while for deposits of three to five years it has been increased to 6.05 per cent per annum as against 5.80 per cent, the company said in a statement on Tuesday.

The company said for trusts, it will pay 6.55 per cent per annum on three year deposits. On deposits with a tenure of two years, the interest rates have been revised to 5.90 per cent, against 5.65 per cent while for deposits of four and five years, the rates have been revised to 6.55 per cent from the earlier 6.30 per cent.

Senior citizens will be offered 6.40 per cent per annum as against 6.15 per cent for two year deposits, and 6.55 per cent per annum from the earlier 6.30 per cent on deposits of three to five years.

On deposits with a tenure of 12 months, the company said it remained unchanged at 5.50 per cent per annum offered to individuals, trusts and 6 per cent for senior citizens.

In FY2022, the company said the deposit base increased to Rs 1,941 crore with a net accretion of Rs 131 crore.

For the year ending March 31, 2022 the company made disbursements of Rs 2,311 crore on a profit of Rs 168 crore, the statement added.

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