Sundaram Home Finance, the subsidiary of city-based non-banking finance company Sundaram Finance, has said it would revise interest rates from May 1, 2020.
The interest rates on fresh deposits for senior citizens would be revised to 7 percent per annum for 12 and 18 months from the existing 7.50 percent while for 24, 36, 48 and 60 months, it would be revised to 7.25 percent from 7.75 percent, said a press release from the company.
For individuals, the interest rate has been revised to 6.75 per cent from 7 percent for tenure of 12 to 18 months and 7 percent from 7.25 per cent for tenure of 24, 48 and 60 months, the release said.
The company said it also accepts deposits from trusts and the interest rate for trusts has been revised to 6.75 percent for 12 and 18 months, 7 percent for 24 months, 7.25 percent for 36, 48 and 60 months.
The company said its deposits registered a growth of over 35 percent to Rs 1,605 crore as on March 31, 2020.
"Fixed deposits continue to be an important part of our resource mobilisation programme. Last year, we saw a strong growth in deposits with a net accretion of over Rs 430 crore," company MD Lakshminarayanan Duraiswamy said.
"Even during the lockdown period, we have been receiving renewal applications as well as deposit enquiries," he said. He expected a muted growth for retail home loans in the near term.
Sundaram Home Finance currently has 115 branches across the country.