on its fixed deposits by 25 basis points by introducing a 42-month deposit with an interest rate of 8.6% for the general public and 8.85% for senior citizens. The interest rate on the 42-month deposit compares favourably to the 8.35% offered on 44-month deposits. The 42-month scheme termed a 'digital fixed deposit' can be booked from the app, online, or through the assisted digital mode at branches.
The rate increase comes in the wake of RBI asking finance companies to diversify their funding sources.
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