CHENNAI: Sundaram Finance would revise its interest rates on deposits for two and three years with effect from May 9, the company said on Wednesday.
Accordingly, the interest rates would be 5.90 per cent as against 5.65 per cent on two year deposits and 6.05 per cent as against 5.80 per cent on three year deposits.
The Chennai-based company, in a statement here said it has increased the interest rates offered to senior citizens to 6.40 per cent from 6.15 per cent on two year deposits, and 6.55 per cent as against 6.30 per cent on deposits with a tenure of three years.
Meanwhile, the company has retained the interest rates on deposits for 12 months which remains at 5.50 per cent for regular and 6 per cent for senior citizens.
As on March 31, 2022 the company's deposit balance was at Rs 4,103 crore, the statement added.