Sundaram Finance increases FD rates by 150 bps
Leading NBFC Sundaram Finance Ltd., which has over 2.5 lakh depositers, has announced that it has increased the interest rates by 150 basis points for 2 and 3 year Fixed Deposits (FD). The interest rates on 1 year FDs are up 100 basis points.
The revised interest rates are 9.5% for 1 year deposits, 10% for 2 years and 10.5% for 3 year Fixed Deposits. The new revised rates are effective 1st May 2007.
Sundaram Finance has the largest retail base of deposits amongst NBFCs in India with total deposits aggregating over Rs.650 crores. The company has an industry best-in-class deposit renewal rate of more than 60%. Sundaram Finance has over 170 branches in India.
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