Bajaj Finance has hiked interest rates on fixed deposits (FDs) by 20 basis points across tenures. The new rates are effective from 1 July 2022.
After the latest interest rate hike, individuals can invest for a 44-month term and earn up to 7.50% annually.
Bajaj Finance senior citizen FD rates
Senior citizens can now 7.65% per year for 36 to 60 month FDs, and 7.20% per year for tenor of 24 to 35 months.
Bajaj Finance special interest rate FDs
Investors looking for larger returns and longer investment terms may also choose Bajaj Finance's special tenor FD. These special rates are available for terms of 15, 18, 22, 30, 33, and 44 months, according a press release issued by Bajaj Finance.
Small monthly instalments
In addition to fixed deposits, Bajaj Finance offers a Systematic Deposit Plan. Each investment is considered as a separate fixed deposit, with deposits starting at Rs5000 per month.
Housing Development Finance Corporation (or HDFC) has revised its FD interest rates with effect from 27 June 2022. The company offers different types of FDs such as special deposit, premium deposit, regular deposit and green deposit.
According to the HDFC website, CRISIL and ICRA (two of the top credit rating agencies) have given HDFC's deposits scheme AAA ratings. The company offers FDs ranging from 12 to 120 months. On all deposit products, senior citizens are given an extra 0.25% per annum.
HDFC offers options like monthly income plan, quarterly interest plan, annual income plan and cumulative option.
HDFC has introduced Green & Sustainable Deposits, a product that supports United Nations' Sustainable Development Goals (SDGs). Investors have three deposit options under the Green Deposits category: Special, Premium, and Regular deposits.
Investors have three deposit options under the Green Deposits category: Special, Premium, and Regular deposits. HDFC currently offers a maximum interest rate of 6.95% on special deposits under Rs2 crore and a maximum interest rate advantage of 6.75% on premium deposits under Rs2 crore.
Whereas the corporation offers a maximum interest rate benefit of 6.80% on regular deposits.