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FD Rates: Corporates paying more interest than banks on fixed deposits, know details

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Corporate FD Rates: After the decision of RBI to increase the repo rate, banks have increased the interest rates on their Fixed Deposits, while the interest rates on Corporate Deposits have also increased. From housing finance companies to non-banking financial companies (NBFCs) have also started increasing interest rates on their deposits. HDFC, Bajaj Finance, PNB Housing Finance, Shriram Transport have decided to increase the interest rates in their deposit schemes by 10-25 basis points.

Increased interest rates on corporate deposits
Although the process of increasing interest rates has just started, so it is believed that interest rates can be increased further in the future. HDFC has increased the interest rates on fixed deposits of 12 to 36 months by 20 basis points and on FDs of 36 to 120 months by 10 basis points, which has come into effect from June 15. Bajaj Finance has increased the interest rates by 25 basis points on FDs with tenures of 1 to 5 years. At the same time, PNB Housing Finance has increased the interest rates by 10 basis points on FDs of 48 to 59 months. Although these financial institutions have increased the interest rates less, yet they are paying more interest than the banks.

Corporate FDs have higher returns than bank FDs
For example, while Bajaj Finance is giving 7.35 percent interest on FDs with tenure of 3 to 5 years, HDFC Bank is giving only 5.70 percent. That means 1.65 percent more return. Bajaj Finance is paying 7.35 per cent interest for the 44-month deposit scheme, while housing finance company HDFC Ltd is paying only 61.5 per cent interest. Shriram Transport is giving 7.9 percent interest on 60-month FD, while 48-month FD is getting 7.8 percent interest.

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