New Delhi: Leading NBFC Sundaram Finance Ltd., which has over 2. 50 lakh depositors, has announced a downward revision in interest rates by 50 basis points for one, two and three year deposits.
The revised interest rates are 9% for one year deposits, 9.50% for two years and 10% for three year deposits. The revised rates are effective from 16August 2007.
The revision is applicable to fresh deposits made and renewals due on and after 16 August 2007. Interest rates on existing deposits will however remain unchanged.
Sundaram Finance has the largest retail base of deposits amongst NBFCs in India with total deposits aggregating over Rs.712 crore. The company has an industry best-in-class deposit renewal rate of more than 70%.
Sundaram Finance has over 230 branches in India.