Bajaj Finance raises rate on FDs by 25 bps

23 Nov 2022 , 10:45 AM

With effect from November 22, Bajaj Finance has hiked the interest rates on its fixed deposits (FDs) by 25 basis points (bps) for terms of 12 to 23 months. New deposits and renewals of maturing deposits up to Rs 5 crore are both subject to enhanced rates.

For tenures between 12 and 23 months, depositors can earn interest rates of 6.80 %; for tenures between 24 and 35 months, the interest rate will stay 7.25 %; and for tenures between 36 and 60 months, the interest rate will remain 7.50 %. Additionally, a new 39-month fixed-rate loan with an interest rate of 7.60% has been introduced. Ujjivan Small Finance, situated in Bengaluru, has also raised interest rates on its FD programs by up to 80 basis points. For a 560-day term, it is offering a peak interest rate of 8%.

In the meantime, Federal Bank introduced “Deposit Plus,” a new NRI program that offers better interest rates than the NRE fixed deposits now available. The maximum interest rate available under this plan is 7.50% for 700 days. According to a statement released by the bank on Tuesday, the interest accumulated under this plan would be added to the principal (re-investment plan) every quarter.

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