Tenor Financial News

Most banks and financial institutions are currently offering interest rates that are higher than what prevailed in the past couple of years. Since May last year, the Reserve Bank of India (RBI) has raised the benchmark interest rate by a total of 250 basis points in a series of successive monetary policy reviews.

HSBC has nearly tripled the size of a syndicated overseas loan to retail non-banking financial company Shriram Finance to $400 million, with international financiers showing firm appetite for lending to the domestic NBFC sector amid a volatile global interest rate outlook. Senior management of HSBC, the sole arranger for the dollar loan, told ET that the facility had been upscaled from the original size of $150 million to $404 million. The deal will be concluded in the next few days. «This deal has several firsts and will surely be counted as a landmark transaction for both the borrower and the sector.

Adani Group said on Friday that it has refinanced part of the debt taken for the acquisition of Ambuja Cements and ACC through a $3.5 billion financing package raised from a clutch of international banks. The loan will have a tenor of three years and will result in an interest cost saving of around $300 million, the Adani Group said, without disclosing the terms of the agreement. This comes at a time when interest rates have significantly gone up globally following rate hikes by the US Federal Reserve. The transaction is being financed by a consortium of 10 international banks including DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank.

₹2 crore. As per both banks' websites, these rates are effective from 16 October. After the latest hike, ICICI Bank is offering an interest rate ranging from 3% to 7.1% on FDs maturing in seven days to ten years to general customers, and 3.5% to 7.65% to senior citizens.

Senior Citizen fixed deposit interest rate hike in October 2023: Several banks have revised their fixed deposit interest rates for general and senior citizens this month. The following is a compilation of FD rates revised by various banks in October.

₹2 crore, with effect from October 9, 2023. It now offers senior citizens an attractive rate of 9.45% p.a. on Fixed Deposits invested for 701 days, whereas general investors will earn 8.95% p.a.

₹2 crore, with effect from October 9, 2023, according to the PSU bank. “We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns.

Bank of Baroda has increased interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors of up to 3 years. In a statement, the bank said these rates are applicable on deposits below Rs 2 crore, with effect from October 9, 2023.

Bank of India has upgraded its savings accounts for all segments which cover salaried employees, households, individuals, youth, etc. “The bank is poised to grow its Savings customer base with these newly upgraded Savings Accounts which are now enriched with the finest features, concessions & insurance cover," said Rajneesh Karnatak, MD & CEO of Bank of India.

Bank of Baroda has hiked interest rates on fixed deposit (FD) rates by up to 50 basis points (bps) across various tenors for up to 3 years. These rates are applicable on deposits below ₹2 crore, with effect from October 9, 2023.

The Reserve Bank of India (RBI) today kept the Repo Rate unchanged at 6.5%. Many experts believe that this decision is good for home loan borrowers and will further boost home sales during the festival season.

After revision, the bank offers interest rate between 3.5 percent and 7.85 percent to regular citizens and 4.25 percent to 8.25 percent to senior citizens. Also read FD interest rate up to 8.25%:These 6 banks have revised fixed deposit interest rates in October 2023

PTI. As per details, 14 states raised ₹22,500 crore through the issuance of state government securities. This was in line with the indicated amount for this weekly auction for the third quarter calendar. Chief economist at Icra Ratings, Aditi Nayar pointed out that the auctions saw a steep surge in the cut-offs across tenors leading to the weighted average cost jumping to a 23-week high of 7.56 percent.

Early 2023 was a relatively unstable period for debt markets fuelled by increasing interest rates, regional US bank failures and rising inflation. As a result, a number of local issuers turned to the US private placement (USPP) market in larger numbers than previous years.

small savings schemes for the October-December 2023 quarter. The interest rates of certain small savings schemes or post office schemes for the quarter ending December 31, 2023 have been increased by the government. The interest rates of all schemes expect the recurring deposit rate have been kept unchanged. The finance ministry made this announcement via a circular issued on September 30, 2023. (One percentage point is equivalent to 100 basis points.) The interest rate of the 5-year post office recurring deposit (RD) has been hiked by 0.2% and will now earn 6.7%. The interest rate on the Public Provident Fund (PPF) has yet again been kept unchanged at 7.1 per cent. Here is a look at the interest rates on various small savings schemes for the third quarter of FY 2023-24.

bonds for the first time, introducing ultra-long maturity debt to cater to the growing demand from insurance and pension funds. The new bond adds to the 30-year and 40-year tenor debt sold, extending the nation’s yield curve, according to a borrowing plan released by the Reserve Bank of India on Tuesday. The nation’s burgeoning life insurance and pension fund industries, driven by an expanding middle class, are changing the landscape for India’s $1 trillion sovereign debt market. The sale reflects their growing heft, and helps Prime Minister Narendra Modi’s government reduce its reliance on purchases by banks to fund record borrowings. “Investor demand has been strong, supported by the expansion of the formal sector, with households allocating a higher share of financial savings in life insurance, pensions and provident funds,” Gaura Sen Gupta, economist at IDFC FIRST Bank wrote in a note. The authorities are trying to increase the tenure of debt sold and expect yields to decline after India’s inclusion in JPMorgan Chase & Co.’s emerging market index, a government official, who didn’t want to be named, told reporters. The government will sell 300 billion rupees ($3.6 billion) of the 50-year bond in the October to February period, which accounts for almost 5% of its total borrowings.

₹6,914 crore in the second tranche of the current fiscal year despite high gold prices. Rising global macro uncertainty and high retail price inflation back home, amid rising crude oil prices, are driving investor demand, according to a banker and a senior broking official.

Long-term Recurring Deposits (RDs) offer several benefits for people looking to save and grow their money over an extended period. They offer a disciplined and predictable way to save and grow your money over an extended period. RD is particularly beneficial for individuals, for example, senior citizens, who want to achieve specific financial goals or prefer low-risk investments with guaranteed returns.

A New York judge has continued arguments over whether an October trial to determine if former President Donald Trump committed fraud will go on as scheduled

Options traders are seeking protection from higher interest rates ahead of Wednesday’s Federal Reserve policy decision. 

yield rose to the highest level since 2007 after hotter-than-anticipated inflation data in Canada and rising oil prices added to global concerns about resurgent price pressures. The five-year Treasury yield rose as much as 5.5 basis points to 4.5044%, exceeding its 2022 high and climbing to the highest since August 2007. Other Treasury tenors approached their 2023 highs, with the 10-year coming within a basis point of its Aug.