Sundaram Finance Ltd has announced a 25 basis points cut in deposit rates effective 16th October 2015.
Fixed/cumulative deposits for 12, 18, 24 and 36 months will now fetch an interest rate of 8.25 per cent per annum (previously 8.5 per cent), a press release from the company said.
Correspondingly, the interest rate for senior citizens stands reduced to 8.75 per cent (previously 9 per cent) for all tenors.
The company's public deposits crossed Rs 2,100 crore recently.