Chennai, Nov 1 (PTI) Sundaram Home Finance, the subsidiary of Sundaram Finance has revised the interest rates on deposits with effect from Tuesday, the company said.

For senior citizens and trusts, the company would pay eight per cent interest rates as compared to earlier 7.50 per cent on deposits of five years while interest rates for three and four years has been increased to 7.65 per cent (from 7.15 per cent) and 7.90 per cent (7.50 per cent), respectively.

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On deposits for one year, the interest rates has been increased to 7 per cent as compared to 6.50 per cent for senior citizens and 6.65 per cent for trusts compared to the earlier 6 per cent.

For senior citizens, the company has revised the interest rates to 7.35 per cent for two year deposits (earlier 6.80 per cent) and 7 per cent for trusts as compared to the earlier 6.30 per cent for two year period.

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For individuals, the interest rates has been revised to 7.55 per cent (as compared to earlier 7 per cent) on four year deposits and 7.65 per cent on five year deposits as compared to 7 per cent earlier.

For deposits for one year, interest rates has been revised to 6.65 per cent (earlier 6 per cent) for two years 7 per cent as compared to 6.30 per cent and 7.30 per cent for three year deposits as compared to the earlier 6.65 per cent.

The deposit base stood at Rs 1,950 crore as on September 30,2022.

The rise in the interest rates was the third upward revision in the recent months, the company said.

"The earlier two upward revisions that we effected in June and July received positive response from the depositors and we mobilised fresh deposits of Rs 183 crore during the first half of the year," company MD Lakshminarayanan Duraiswamy said.

"With this third upward revision, the rates have gone up this financial year by nearly two per cent on three year plus deposits," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)