Sundaram Finance cuts interest rates on deposits by 0.5%

Chennai: Non-banking finance company Sundaram Finance has announced 50 basis points downward revision in interest rates on deposits with immediate effect.

As per the revised structure, interest rates have been fixed at 8.5 percent per annum for fixed or cumulative deposits for a period of up to 36 months as compared to earlier nine percent, the Chennai-based company said in a statement.

For senior citizens, the interest rates have been revised to nine percent per annum from 9.5 percent.

Last financial year, the net accretion to public deposits registered the highest ever in the history of the company at Rs 259.15 crore, the statement said.

Shares of the company on Friday closed at Rs 1540.25 apiece on BSE, up by 1.87 percent.