The Reserve Bank of India (RBI) has suddenly increased the repo rate. Now the repo rate has been reduced to 4.40 percent. Amidst this decision, non-banking financial company (NBFC) Sundaram Finance Limited has increased the interest rate on deposits.
Sundaram Finance Limited said that it will revise interest rates on deposits of two and three years from May 9. According to the company, the interest rate on two-year deposits will be increased from 5.90 per cent to 5.65 per cent and on three-year deposits from 5.80 per cent to 6.05 per cent.
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The Chennai-based company said in a statement that it has increased the interest rates offered to senior citizens from 6.15 per cent to 6.40 per cent on two-year deposits, and decided to increase it from 6.30 per cent to 6.55 per cent for three-year deposits. has done. The total deposits of the company as on March 31, 2022 were Rs 4,103 crore.