Bajaj Finance(Bajaj Finance) Interest rate of fixed deposit(FD Interest Rate) Has increased. Customers will now get up to 7.35% return on FD with special interest rate. Bajaj Finance has announced an interest rate hike on all types of investors and all term FDs. The new rates are effective today, April 25. New rates on FDs opened April 25 or later (FD Rates) Will get interest on. FD rates have not risen sharply in recent months. Inflation has further eroded the benefits of FD returns. Although some banks have announced increase in FD rate, this increase is not enough considering inflation.
Bajaj Finance is offering 7.35 per cent interest to customers under the special FD scheme. These rates are higher compared to banks. Customers under the age of 60 will get 6.40 per cent interest on 24-35 months FD and 6.90 per cent interest on 36-60 months fixed deposit. Rs. 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 per cent for a period of 24-35 months. The interest is paid at 5.75 per cent per annum on 12-23 months FD and 6.40 per cent for 24-35 months.
How much interest is being earned?
In case of accumulated FDs, the special FD rate on fixed deposit for 15 months is 6% per annum, 6.1% on FD for 18 months, 6.25% on FD for 22 months, 6.5% on FD for 30 months, 6.65% for 33 months FD and The 44-month FD is being offered at 7.1 per cent interest. 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 monthly and 6.25 per cent. Monthly 6.08% and annual 6.25% on 22 month deposits, 6.31% monthly and 6.5% annually on 30 month FD, 6.46% monthly and 6.65% annual on 33 month FD, 6.88% monthly and 7.1% annual on 44 month FD. In addition to all these interest rates, senior citizens are being given an additional compensation of 0.25 per cent. Accordingly, it goes up to a maximum of 7.35%.
Banks also raised FD rates
In a recent review meeting, the Reserve Bank of India (RBI) kept the repo rate unchanged after which many banks decided to raise FD rates. State Bank, HDFC Bank, Bank of Baroda, Kotak Mahindra and Axis Bank have decided to raise interest rates on FDs. Kotak Mahindra Bank has increased FD rates for various terms for less than Rs 2 crore. According to Kotak Mahindra Bank’s website, the new rates will be effective from April 12, 2022. Following the recent increase, the bank is offering interest rates 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 a period of time. The new FD rates will be effective from 6 April 2022. HDFC Bank offers interest rates of 2.50% to 5.60% for the general public on deposits maturing in 7 days to 10 years. Bank of Baroda (BoB) has hiked interest rates on FDs for deposits of less than Rs 2 crore from March 22. Following the change, Bank of Baroda’s new FD interest rates range from 2.80 per cent to 5.55 per cent for a maturity of between 7 days and 10 years.
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