Bajaj Finance, HDFC Hike FD Interest Rates

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.
 
 
 
 
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
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  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
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Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder