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Sundaram Finance to raise interest rates on deposits by 25 bps

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Sundaram Finance, a non-banking financial company, on Wednesday said it would raise its interest rates on deposits by 25 basis points (bps) from October 19.

Sundaram Finance to raise interest rates on deposits by 25 bps

Sundaram Finance, a non-banking financial company, on Wednesday said it would raise its interest rates on deposits by 25 basis points (bps) from October 19.

One basis point is a hundredth of a percentage point.

The rates will be raised to 7.75 percent from 7.50 percent for deposits and renewals for a tenure of 12 and 18 months, the company said in a statement.

For deposits of 24 and 36 months, the rates would be increased to 8 percent from 7.75 percent, the release said.

For senior citizens, the rates would be hiked to 8.25 percent from 8 percent for 12 and 18 months, it said.

 

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