Sundaram Home Finance Company has revised the interest rate on Fixed Deposit Funds (FDs) held with them.
A press release issued by the company said:
The interest rate on fixed deposits has been hiked for the fifth time this fiscal.
Accordingly, the interest rate on Senior Citizens’ 2-year Fixed Deposit Fund has been increased by 0.50 per cent from 7.50 per cent to 8.00 per cent. The interest rate for their fixed deposits for 1 and 3 years is increased to 7.70 percent and 8 percent respectively.
The interest rate is calculated as 7.20 per cent, 7.50 per cent and 8.00 per cent respectively for 1, 2 and 3 year fixed deposits made by trusts.
The rate of interest on individual fixed deposits for one year is increased to 7.20 per cent and on fixed deposits for 2 and 3 years to 7.50 per cent.
The interest rate hike will be effective from the 1st of next month, the press release said.