Non-banking financial company, Sundaram Finance Ltd. (SF) has slashed interest rates on various term deposit products by up to 50 to 100 basis points.
The new rates came into effect from July 1.
With this downward revision, the applicable interest rates on the fixed and cumulative deposit schemes of 12 months is 7.5 percent as against the previous rate of 8.5 percent.
The revised rate of deposit on maturities with tenure of 24-months is 8.50 percent (previous 9 percent) and on deposits with a tenure of 3-years is 9 percent (9.5 percent).
Incorporated in 1954, Sundaram Finance Ltd. offers various financial products and services like fixed deposits, mutual funds, commercial vehicle finance, home loans, insurance, car financing, software solutions, tyre finance, fleet cards, business process outsourcing and logistics services. The company has a base of 2.31 lakh depositors, with total deposits of over Rs 756 Cr and a renewal rate of more than 78 percent.
The company is `MAAA' rated by credit rating agency ICRA (Indian Credit Rating Agency).