After the Reserve Bank of India (RBI), on August 5, hiked the repo rate (by 50 basis points to 5.4%), several non-financial banking companies (NFBCs) also hiked their respective interest rates on fixed deposit (FDs). These companies have raised regular rates for customers, as well as those for senior citizens.
Here’s a list of some companies that have, in recent days, announced a hike in their FD interest rates:
(1.) Shriram Transport Finance: On August 10, five days after the RBI’s monetary policy announcement, Shriram Transport Finance revised its fixed deposit rates. The company is now offering FD at a regular rate of 8.25%, while, for senior citizens, the rate is 8.75%. However, these rates are being offered on FDs that will mature after 5 years.
(2.) Utkarsh Small Finance Bank: A week after the central bank’s announcement, Utkarsh Small Finance Bank hiked interest rate on fixed deposits. The revised regular rate is 7.50%, while the rate for senior citizens is 8.25%.
These are applicable to deposits with maturity account of up to ₹2 crore, and period of 700 days to five years.
(3.) Jana Small Finance Bank: For FDs with a tenure of 3 days to 5 years, Jana Small Finance Bank is offering interest at a regular rate of 7.35% and at 8.15% for senior citizens.