FD Rates Hike: There is good news for those who keep their hard earned money in FD. Actually, there is a chance to earn more interest with Bajaj Finance. This private sector bank has increased the interest rates of FD.
New Delhi. The Reserve Bank (RBI) recently increased the repo rate. The effect of increasing the repo rate is also visible on the interest rate of banks and NBFCs. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. In this episode, Bajaj Finance has increased the rates of interest on fixed deposits i.e. FD.
New rates effective from August 26, 2022
Bajaj Finance has increased the interest rates on FDs ranging from Rs 15,000 to Rs 5 crore. Extended for a period of 12 to 23 months, 15 months, 18 months and 22 months. The interest rate has been increased from 6.20 per cent per annum to 6.35 per cent per annum for the tenure of 12-23 months and for customers below 60 years of age. The rates for senior citizens have been increased from 6.45% per annum to 6.60%. The new rates have become effective from August 26, 2022.
Change in the rate for customers below 60 years of age for 22 months tenure has been increased from 6.65% p.a. to 6.80% p.a. while for senior citizens from 6.90% to 7.05% p.a. Now investors will get a maximum interest rate of up to 7.75% per annum.
Recently, RBI had increased the repo rate by 0.5 percent to 5.4 percent.
Significantly, recently the Reserve Bank of India increased the repo rate by 0.5 percent to 5.4 percent. RBI has increased the policy rate repo by 1.40 percent in the last 3 monetary policy reviews.
It is worth mentioning that recently Punjab National Bank, Federal Bank, HDFC Bank, Karud
Vysya Bank, IndusInd Bank, ICICI Bank, etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
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