HDFC, Bajaj Finance hike rates on long term deposits ahead of RBI meet

In a move that could bring some respite to savers, two of the largest non-banking lenders, HDFC Ltd and Bajaj Finance, have hiked their long-term deposit rates ahead of the Reserve Bank of India’s (RBI) monetary policy meeting, in a sign that the rate cycle may be turning.

India’s largest mortgage lender, HDFC Ltd, hiked its long-term rates by upto 15 basis points (bps). It is now offering an annual return of 6.25 per cent on a 33-month deposit of upto Rs 2 crore. Similarly, a deposit of Rs 2 crore will fetch an annual return of 6.7 per cent