Bajaj Finance hikes deposit rates
India’s second largest non-banking finance company Bajaj Finance has increased the deposit rate by 10 basis points. The increase in the deposit rate of Bajaj Finance has also come into effect from May 10.
India’s second largest non-banking finance company Bajaj Finance (Bajaj Finance) has increased the deposit rate by 10 basis points. The increase in the deposit rate of Bajaj Finance has also come into effect from May 10. Let us tell you that this non-banking finance company has done this for the second time within a month. deposit rate (Deposit Rate) has increased in . Earlier, Bajaj Finance had hiked its deposit rates by a whopping 60 basis points at the end of April 2022. Along with this, the company has set a minimum deposit capital of Rs. (Minimum Deposit Size) From 25 thousand rupees to 15 thousand rupees so that more and more people can join with Bajaj Finance.
Interest up to 7.45 percent will be available on the period from 33 to 44 months
After the latest increase in the deposit rate of Bajaj Finance, now customers will get 6.75 percent to 7.45 percent interest on depositing cash in the account. Customers of Bajaj Finance will get 6.75 percent interest on tenure of 33 months, 7 percent on tenure of 36 to 40 months and 7.20 percent on tenure of 44 months. Whereas, senior citizens will get an additional benefit of 25 basis points. Senior citizens running an account with Bajaj Finance will get an interest of 7.45 per cent for a tenure of 44 months.
Finance companies pay more interest than banks
Let us tell you that in India, finance companies offer 100 to 150 basis points more on deposits than banks. The country’s largest private bank HDFC Bank gives a maximum interest of 5.6 percent on deposits. However, investors investing in HDFC Bank can earn an interest of 7.2 percent by depositing money in corporate fixed deposits.
Then the repo rate can be increased
Let us inform that just after the change in the policy rates by the Reserve Bank of India, Bajaj Finance has increased the deposit rate. Explain that to keep inflation under control, the Reserve Bank of India increases the repo rate. RBI had recently increased the repo rate by 0.40 percent, after which it increased from 4 percent to 4.40 percent. Not only this, the Reserve Bank of India has also indicated that if inflation does not come under control in the coming times, then the repo rate will be increased further.