FD-Rates-Rise-1Bajaj Finance has on fixed deposit FD interest rate has increased. Customers will now get returns of up to 7.35% on FDs with special interest rates. Bajaj Finance has announced a hike in interest rates for all types of investors and all term FDs. The new rates are effective from today i.e. April 25. New on FDs opened on or after April 25 FD rates Will get interest. FD rates have not increased sharply in recent months. Inflation has further diluted the benefits of FD returns. Although some banks have announced a hike in the FD rate, but considering the inflation, this increase is not enough.

Bajaj Finance is giving 7.35 percent interest to customers under the Special FD Scheme. These rates are higher than that of banks. Customers below 60 years of age will get 6.40 percent interest on FDs of 24-35 months and 6.90 percent on FDs of 36-60 months. Rupee. 25,000 to Rs. Deposits up to Rs 5 crore are earning 5.60 per cent monthly interest over a period of 12-23 months. The monthly interest rate has been fixed at 6.22 percent for a period of 24-35 months. Interest is available at the rate of 5.75 percent per annum on FDs of 12-23 months and 6.40 percent for 24-35 months.

How much interest is getting?

In case of accumulated FDs, the special FD rate on fixed deposits for 15 months is 6% p.a., on FDs for 18 months, 6.1%, on FDs for 22 months, 6.25%, on FDs for 30 months, 6.5%, 33K for 6.65%. Monthly FD and 44-month FD are being offered at 7.1 percent interest. The special FD rates for non-cumulative FDs are 5.84 per cent per month and 6 per cent per annum on 15-month deposits, 5.94 per cent monthly and 6.1 per cent per annum on 18-month deposits, 6.08 per cent per month and 6.25 per cent on deposits of 15 months. , 6.08% monthly and 6.25% p.a. on 22 months deposit, 6.31% monthly and 6.5% p.a. on 30 month FD, 6.46% monthly and 6.65% p.a. on 33 month FD, 6.88% monthly and 7.1% p.a. on 44 month FD on FD. Apart from all these interest rates, an additional compensation of 0.25 percent is being given to senior citizens. Accordingly, it goes up to a maximum of 7.35%.

Banks also increased FD rates

In a recent review meeting, the Reserve Bank of India (RBI) kept the repo rate unchanged after which several banks decided to increase the FD rates. State Bank, HDFC Bank, Bank of Baroda, Kotak Mahindra and Axis Bank have decided to increase interest rates on FDs. Kotak Mahindra Bank has increased the FD rates for various terms for less than Rs 2 crore. According to the website of Kotak Mahindra Bank, the new rates will be effective from 12 April 2022. After the recent hike, the bank is offering an interest rate of 2.50% to 5.60% on deposits maturing in 7 days to 10 years.

According to private bank HDFC Bank, interest rates on FDs below Rs 2 crore have been hiked over time. The new FD rates will be effective from 6 April 2022. HDFC Bank offers an interest rate of 2.50% to 5.60% for the general public on deposits maturing in 7 days to 10 years. Bank of Baroda (BoB) has increased interest rates on FDs for deposits below Rs 2 crore with effect from March 22. Post the change, Bank of Baroda’s new FD interest rates range from 2.80 per cent to 5.55 per cent for maturities between 7 days to 10 years.

Source