These Banks Hike Interest Rates: Investors Eye Increased Returns

Business
Jan 03 2024 05:23 PM
P C Thomas

These Banks Hike Interest Rates: Investors Eye Increased Returns

In the quest for stable returns, investors are turning their attention to traditional avenues. Notably, IDFC First Bank has taken a significant stride by elevating the interest rates on select savings bank accounts to as high as 7 percent. Simultaneously, Bajaj Finance has amplified its interest rates on digital deposits, marking a surge of 25 basis points.

IDFC First Bank's latest adjustment in savings account interest rates is contingent upon the deposited amount within the account. This strategic move seeks to attract depositors by offering varying rates tied to specific account balances, aligning with the bank's commitment to providing competitive returns for their clientele.

IDFC First Bank FD rates:

For 7-14 days, the general FD rate is 3%, while the senior citizen FD rate is 3.5%.
Similarly, for 15-29 days, both the general FD rate and the senior citizen FD rate are 3.5%.
For 30-45 days, the general FD rate is 3%, and the senior citizen FD rate is 3.5%.
In the case of 46-90 days, the general FD rate stands at 4.5%, while the senior citizen FD rate is 5%.
For tenures of 91-180 days, both the general FD rate and the senior citizen FD rate are 4.5%.
Moving forward to 181 days up to less than 1 year, the general FD rate is 5.75%, while the senior citizen FD rate is 6.25%.
For a tenure of 1 year, the general FD rate is 6.5%, and the senior citizen FD rate is 7%.
From 1 year 1 day to 548 days, the general FD rate stands at 7.5%, while the senior citizen FD rate is 8%.
For 549 days up to 2 years, the general FD rate is 7.75%, and the senior citizen FD rate is 8.25%.
In the case of 2 years 1 day up to 3 years, the general FD rate is 7.25%, while the senior citizen FD rate is 7.75%.
For tenures spanning 3 years 1 day up to 5 years, the general FD rate stands at 7%, and the senior citizen FD rate is 7.5%.
Finally, for periods ranging from 5 years 1 day up to 10 years, both the general FD rate and the senior citizen FD rate are 7%.

Bajaj Finance FD rates:

For a tenure of 15 months, the general FD rate stands at 7.45%, while the senior citizen FD rate is 7.7%.
Similarly, for an 18-month tenure, the general FD rate is 7.4%, and the senior citizen FD rate is 7.65%.
Moving to a 22-month tenure, the general FD rate offered is 7.5%, while the senior citizen FD rate is 7.75%.
For a 30-month tenure, the general FD rate remains at 7.45%, and the senior citizen FD rate stays at 7.7%.
Considering a 33-month tenure, the general FD rate increases to 7.75%, and the senior citizen FD rate becomes 8%.
A 42-month tenure offers a general FD rate of 8.6%, while the senior citizen FD rate stands at 8.85%.
Lastly, for a 44-month tenure, the general FD rate is 8.35%, and the senior citizen FD rate is 8.6%.

Increasing interest rates by these banks signal a potential shift in the market, enticing investors with promising returns in fixed investment avenues.

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