Bajaj Finance on Tuesday increased interest rates on its fixed deposits (FDs) by 25 basis points (bps) for tenures between 12 months and 23 months, effective November 22. The revised rates are applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore.
Depositors can earn interest rates of 6.80 per cent for tenures between 12-23 months, while for tenures between 24-35 months the interest rate will remain 7.25 per cent, and the 36-60-month tenures will continue to attract 7.50 per cent. It has also launched a new 39-month FD with an interest rate of 7.60 per cent.
“The FD rate increase is a reinforcement of our commitment to offer our customers the best products. This also is in line with our retail strategy of building granular deposits and the evolving macro-economic situation,” said Ittira Davis, Managing Director and Chief Executive Officer, Ujjivan SFB.
Meanwhile, Federal Bank launched a new scheme for non-resident Indians (NRI) called “Deposit Plus”, offering higher interest rates than the existing NRE fixed deposits. The maximum interest rate offered in this scheme is 7.50 per cent for 700 days.
The interest accrued on this scheme will be added to the principal (re-investment plan) on a quarterly basis, the bank said in a statement on Tuesday.
“We have always been at the forefront in providing the best offers and rates to our customers. The bank is a key player in the NRI segment, holds a market share of close to 7 per cent in NR segment and routes 22 per cent of personal inward remittances to India,” said Shalini Warrier, Executive Director, Federal Bank.