Chennai: Sundaram BNP Paribas Home Finance today announced a 25 basis points cut in deposit rates.
Fixed/Cumulative deposits for non-senior citizens for 12, 18, 48 and 60 months will now fetch an interest rate of 8% per annum (previously 8.25% p.a) and 24 and 36 month deposits will now fetch 8.25% per annum (previously 8.50% p.a) .
Correspondingly, the interest rates on deposits placed by senior citizens will now fetch 0.50% per annum above the rate applicable to non-senior citizens.
The interest rate for trust deposits for a 12 and 18 month deposits stands reduced to 8% per annum (previously 8.25% p.a), 24-month deposits at 8.25% per annum (previously 8.50%), 36 month deposits at 8.75% per annum (previously 9.00% p.a) and 48 and 60 month deposits at 8.50% per annum (previously 8.75% p.a).
Sundaram Home Finance accepts longer term deposits up to five years including from trusts.
Srinivas Acharya, managing director, Sundaram Home Finance said that deposits consittue around 15% of its total borrowings. Its deposit base was Rs 958 crore at the end of September 2015.
The company had earlier this month reduced its prime lending rate (PLR) on home loans by 25 basis points.
Sundaram BNP Paribas Home Finance is a 50.1-49.9% joint venture between Sundaram Finance and BNP Paribas.
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