Sundaram Home Finance hikes FD interest rates
In a good news to fixed deposit investors, Sundaram Home Finance has gone on to increase the interest rates that are offered to selected tenures.
The finance company went on to hike the FD interest rate for a 12 month and an 18 month tenure. This change will be effective from June 22, 2018. At present, the bank pays at revised rate of 7.00% p.a for a 12-month investment peros and for the dame duration senior citizens will be able to get 7.50% p.a. On the other hand, the interest rate paid for a period of 18 months is 7.25% p.a. and 6.75% for those who are 60 years of age and older. These interest rates are applicable on all quarterly rest deposit plans offered by the home finance company.
It is important to note here that the interest rates that are paid for tenures that range from 2 years to 5 years have not been revised as of now.
21 June 2018
Sundaram Finance FD rating upgrades to FAAA
The ratings of the Sundaram BNP Paribas Home Finance Fixed Deposit (FD) scheme has been upgraded to FAAA by CRISIL. This gives the Sundaram FD a stable outlook.
According to Srinivas Acharya, the rating has been upgraded because the company has seen tremendous growth opportunities and there has also been a good number of loan disbursements. It is expected that the upgraded ratings will help increase Sundaram's deposit base.
As of now, Sundaram has more than Rs.1,000 crore as deposit base and the company is aiming to double this number.
The company saw a 32% growth rate as far as loan disbursements were concerned in the second quarter of the present financial year. There continues to be good traction as far as home loans are concerned.
28 December 2017
Rate of Interest cut on the deposits by Sundaram Finance
An announcement has been made by the Sundaram Finance group that a downward revision will take place in the rates of interest applicable on deposits. The rates after the revision will be in effect on and from October 16, 2016. From that time, the rate of interest associated with deposits of 12 months or 18 months will go down to 7.50% from 8%.The rate of interest associated with fixed deposits of 24 months or 36 months has been brought down to 7.75% from 8%.
In case of senior citizens, , the rate of interest associated with deposits of 12 months or 18 months will go down to 8% from 8.50%. Also, , the rate of interest associated with deposits of 24 months or 36 months will go down to 8.25% from 8.50%. The deposits for Sundaram Finance exceeded a total amount of Rs.2,000 crore. This happened because they had a depositor base of more than 2.50 lakhs. The renewal rate made by the depositors at Sundaram Finance stands at 80%. This information has been released by the company.
14 October 2016
Interest rate revision in NBFC Sundaram Finance
Sundaram Finance, which is a non-banking finance company (NBFC), has slashed the interest rates of its fixed deposits. With effect from April 01, 2016, the rates on deposits will be revised by 25 basis points. Senior citizens fixed deposits interest rates have also been slashed from 8.75% to 8.50% per annum for all terms.
In a statement, a spokesperson of the company said that interest rates for regular deposits with tenures 12, 18, 24, and 36 months have been reduced from 8.25% to 8% per annum. The company also saw an increase in the company’s deposit balance, which crossed Rs 2,200 crore.
1 April 2016
Sundaram Finance to cut its interest rate on deposits
Sundaram Finance will cut their deposit rate by 25 basis points effective from 16th October 2015. Fixed or Cumulative deposits for tenures for different terms like 12, 18, 24, and 36 months, will now have an interest rate of 8.25% as compared to the 8.5% earlier. The rate of interest for even Senior citizens deposits will be lesser from 9% to 8.75% for all tenures. Sundaram Finance has a deposit balance of Rs. 2,100 crore, and the net accretion of deposits are the highest ever in the company's history amounting to Rs. 259.15 crore.
15 October 2015