Bajaj Finance Limited has increased the interest rates on Fixed Deposits (FDs) by up to 0.20 percent.
Bajaj Finance Limited has increased the interest rates on Fixed Deposits (FDs) by up to 0.20 percent. The tenors for which the interest rates have been hiked include FDs ranging from 24 months to 60 months, while FDs of 44 months are not included in it.
Bajaj Finance, the lending arm of Bajaj Finserv (Bajaj Finance) Ltd. fixed deposit (FD) But the interest rates have been increased by 0.20 percent. the periods for which the interest rates (Interest Rates) There has been an increase in FDs from 24 months to 60 months. (Fixed Deposit) are included, whereas FD of 44 months is not included in this. The revised rates on Bajaj Finance FDs with an increase of up to 0.20 percent are effective from June 14, 2022, the company said in a statement. These rates will be applicable on renewal of fresh deposits and mature deposits.
According to the new rates, depositors will get 7.20 percent interest on FDs with tenor from 36 months to 60 months. An additional 0.25% interest will be given to senior citizens. The press release said that the interest rate for a period of 44 months will be 7.35 percent.
These banks increased the interest rates on FD
Let us tell you that the Reserve Bank decided to increase the repo rate by 50 basis points, after which many private and public sector banks have increased the loan interest rate for different tenures. Apart from this, it has been decided to increase the interest rate for savings accounts and fixed deposits as well. Singapore’s DBS Bank has increased the interest rate on fixed deposits by 10 to 50 basis points. This increase has been done on FDs of less than 2 crores. Senior citizens will get a separate benefit of 50 basis points in the interest rate. The new interest rate has been announced from June 10. The new interest rate is in the range of 5 to 6 per cent for different tenors.
At the same time, the Central Bank of India has also increased the interest rate on fixed deposits. According to the information available on the bank’s website, now the minimum interest rate on fixed deposits is 2.75 percent and the maximum interest rate is 5.60 percent. For fixed deposits of more than Rs 2 crore, the minimum interest rate has been increased to 3 per cent and the maximum interest rate to 4.30 per cent.
Apart from this, many financial institutions including Punjab and Sind Bank, Central Bank of India, Indian Overseas Bank, Karnataka Bank and RBL Bank have increased the interest rate on savings and fixed deposits.