HDFC Ltd and Bajaj Finance have hiked interest rates by up to 30 basis points for deposits up to five years, according to Economic Times report. One basis point is 0.01 percent.
The new deposit rates, the report said, will apply immediately, and come ahead of next week's meeting of the Reserve Bank of India's Monetary Policy Committee (MPC).
After the latest revision, HDFC will offer 6.25 percent on 33-month deposits, 6.7 percent on 66-month deposits and 6.8 percent on 99-month deposits. It will continue to offer an additional 0.25 percent for senior citizens and 0.1 percent more for online deposits. These are applicable to fixed-rate deposits for a minimum amount of Rs 20,000 and a maximum of Rs 2 crore, Times Now report said.
Earlier, HDFC was offering interest rate of 6.2 percent on 33-month deposits, 6.6 percent on 66-month deposits and 6.65 percent on deposits for 99 months.
Bajaj Finance, meanwhile, raised interest rates by 30 basis points or 0.30 percent for deposits of duration between two years and five years, for both regular income as well as cumulative options. For deposits of up to Rs 5 crore with a tenure between 24 months and 35 months, it will now pay 6.4 percent per annum under the cumulative option. It will pay 6.8 percent per annum for deposits of between 36 months to 60 months, Times Now report added.
(Edited by : Anshul)
First Published: IST