Mumbai: Those investing large sums of money in corporate fixed deposits are disappointed. Many companies have reduced their FD rates by 20-45 basis points. He has taken this step after the FD rate was cut by the country’s largest bank SBI.
Bajaj Finance is going to reduce its FD rate by 25-40 basis points in the first week of March. Mahindra Finance and PNB Housing Finance have reduced their FD rates by 15-45 bps this month. 100 basis points is equal to one percentage point.
After reducing the FD rate, Bajaj Finance’s maximum FD rate has come down to 7.80% while Mahindra Finance will now pay 8.1% and PNB Housing Finance 7.95% interest on FD. They are paying 25 bps extra interest to senior citizens. All of them have decided to cut the FD rate after SBI decided to reduce the rate. SBI is now offering a maximum FD rate of 6%. Legendary lenders like HDFC Bank are offering a maximum of 6.4% on FD.
