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Non-banking finance company Sundaram Finance on Thursday increased deposit interest rates for one-year-tenure by 30 basis points while increasing it by 25 basis points for two-three-year tenures.

The increase will apply for both regular and senior citizens.

The interest rate for regular one-year deposits has been increased from 6.7 per cent per annum to 7 per cent p.a. For two years, it has been increased from 7 per cent to 7.25 per cent, and for three years, it has increased from 7.25 per cent to 7.50 per cent.

For senior citizens,  the interest rate for one-year deposits has been increased from 7.20 per cent to 7.50 per cent. For two years, it has been increased from 7.50 per cent to 7.75 per cent, and for three years, it has increased from 7.75 per cent to 8 per cent.

Sundaram Finance currently has a deposit base of ₹6,088 crore.

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