Non-banking finance company Sundaram Finance would revise downward its interest rates on deposits with effect from October 16, the company said today.
The Chennai-based firm in a statement said it will revise the interest rates for deposits of 12 and 18 months to 7.50 per cent against 8 per cent.
Interest rates for deposits of 24 and 36 months will be reduced to 7.75 per cent from existing 8 per cent.
For senior citizens, the interest rates will be revised to 8 per cent, from current 8.50 per cent for deposits of 12 and 18 months.
For deposits of 24 and 36 months, the interest rates will be cut to 8.25 per cent from 8.50 per cent, it said.
The company said the deposits crossed Rs 2,000 crore last year. It has over 2.50 lakh depositors.