RBI is going to announce bi-monthly loan policy next week. Meanwhile, good news has come out for those who earn their hard earned money in the form of Fixed Deposit (FD).
Let us inform that some non-banking financial institutions have decided to increase the interest rates on their fixed deposit schemes. Which was implemented from 1 December 2021.
Higher interest rates on FDs
Housing finance company HDFC has increased the interest rates on its fixed deposits by 10 basic points or 0.10 percent. Let us tell you that instead of 6.40 percent, HDFC will now pay 6.50% interest on 60 months fixed deposit. The same 36-month FD will get 6.10% interest instead of 6.05%. Also, investment in these FDs of senior citizens will get 25 basic points more interest than the fixed interest rate. Not only HDFC, but Bajaj Finance has also decided to increase the interest rates on fixed deposits.
Bajaj Finance has decided to increase interest rates by 30 basis points. Let us tell you that on FD of 24 months in Bajaj Finance, now 6.40% interest will be available, whereas earlier 6.10% interest was being available. The same 36-month FD will get 6.80% interest, earlier 6.5% interest was getting. It is being speculated that due to rising inflation, interest rates may increase further in the coming days. RBI will announce bi-monthly loan policy on December 8. In which a decision will be taken regarding the interest rates, but even before that the process of increasing interest rates on deposits has started.