CHENNAI: Sundaram Home Finance has revised upwards the interest rates on deposits effective this Friday July 1. This is the second upward revision in the space of a month.

On four and five year deposits, both senior citizens as well as trusts will now get 7.50% pa (6.55%), while individuals other than senior citizens will get 7% (6.05%).

On one year deposits, individuals and trusts will get 6% pa (5.50%) while senior citizens will get 6.50% (6%).

On deposits for 24 months, individuals and trusts will get 6.30% pa (5.90%) while senior citizens will get 6.80% (6.40%).

On three year deposits, senior citizens and trusts will get 7.15% pa (6.55%), while individuals will get 6.55% pa (6.05%).

Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said, “The second upward revision in our deposit rate is in line with the current interest rate scenario. We saw a sizeable inflow in our deposits after our previous rate hike on June 1.”

Deposit base increased to Rs 1,941 cr, a net accretion of Rs 131 cr in FY22. The company achieved an 84% rise in its disbursements at Rs 2,311 cr on a profit of Rs 168 cr for the year ended 31 March 2022.

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