Bajaj Finance hikes FD rates by up to 40 bps, offers up to 8.6%

Bajaj Finance, the lending arm of Bajaj Finserv, on Wednesday hiked its fixed deposit (FD) rates by up to 40 basis points. After the latest hike, its special 44-month tenure for senior citizens will invite an interest rate of 8.60 per cent per annum. The new rates have been revised by over 40 basis points on deposits with maturities ranging from 36 months to 60 months.

Depositors below the age of 60 can earn up to 8.05 per cent per annum, while senior citizens can earn up to 8.30 per cent per annum. The revised rates on Bajaj Finance FDs will be applicable for fresh deposits and renewals of matured deposits of up to Rs 5 crore.

In the last monetary policy review in April 2023, in a surprise move, the RBI decided to keep the repo rate unchanged at 6.50 per cent after consecutive 250 basis point hikes from May 2022. per cent from 5.3 per cent estimated earlier, and raised the FY24 GDP growth forecast to 6.5 per cent from 6.4 per cent.

The reverse repo rate and CRR also remained unchanged at 3.35 per cent and 4.5 per cent, respectively. RBI also kept SDF unchanged at 6.25 per cent and MSF and Bank Rates at 6.75 per cent.

On Monday (May 8, 2023), India’s largest private sector lender HDFC Bank raised its marginal cost of funds based lending rates (MCLR) by 5-15 basis points (bps), with effect from May 8, 2023 Is. HDFC Bank’s website, its benchmark one-year MCLR, which is linked to prime loans like home loan, auto loan and personal loan, has been increased to 9.05 per cent.

The bank’s overnight MCLR is now 7.95 per cent. Its one-month MCLR has been increased to 8.10 per cent, while its three-month MCLR now stands at 8.40 per cent. The lender’s six-month MCLR now stands at 8.80 per cent, besides two-year and three-year MCLR at 9.10 per cent and 9.20 per cent, respectively.

(With PTI inputs)