INSUBCONTINENT EXCLUSIVE:
MUMBAI: Savers have enough reason to rejoice after the Reserve Bank of India (RBI) effected the first rate increase in more than four years,
pointing to a commensurate rise in rates for corporate deposits.
Although commercial banks did not raise rates in bulks, at least four
rates by 10-60 basis points
On renewals, most of them now offer 15-25 basis points extra.
Senior citizens can earn about quarter to half a percentage points more in
Transport have declared loyalty rewards
managing director of Synergee Capital Services
lender HDFC Ltd too may raise its corporate deposit rates this week across maturities
The top-rated company now pays 7.55 per cent with one- to five-year maturities, which is below the market average.
Dewan Housing Finance,
another toprated company, raised rate by 55 basis points to offer 8.45 per cent for three-year maturity deposits
Another triple-A rated company, Bajaj Finance, has raised rates by 30 basis to offer 8.40 per cent for similar maturity.
Shriram Transport
total debt portfolio in single company deposit, said experts.
Depositor should not go for any deposit rated lower than AA+.
Bank deposits
offer about 150-200 basis points lower than corporate deposits now
But, they are perceived to be bearing no default risk
Also, one can redeem bank fixed deposits before maturity unlike in corporate ones, which do not offer any income tax incentives.
