Sundaram Finance has announced a downward revision in interest rates on deposits. The revised rates will come into effect from October 16. Accordingly, interest rate on deposits for 12 and 18 months is cut to 7.50 per cent from 8 per cent. Interest rate on deposits for 24 and 36 months is reduced to 7.75 per cent from 8 per cent. The interest rates for senior citizens stand reduced to 8 per cent per annum from 8.50 per cent for 12 and 18 months and to 8.25 per cent from 8.50 per cent for 24 and 36 months. Deposits crossed Rs.2,000 crore last year for Sundaram Finance, which has a base of over 2.50 lakh depositors. Deposit renewals stood at well over 80 per cent, according to a release from the company.
