FD Rates Rise After RBI Hike: Shriram Finance 7.85% From 11 October, Bajaj 8.15%, SBI Unchanged
Will your FD rates go up now that RBI has raised the repo rate? From today, Sunday 11 October, some already have. Shriram Finance’s revised fixed deposit table took effect today: 7.00% for 12 months, 7.50% for 24 to 35 months and 7.85% for 36 to 60 months, before any add-ons for senior citizens. Bajaj Finance now advertises up to 7.75% for regular depositors and 8.15% for senior citizens. Neither is a bank, and that difference matters more than the extra interest.
India’s biggest bank has not moved yet. SBI’s retail FD page still shows rates “w.e.f. 15/12/2025”: 6.25% for one to two years, 6.40% for two to three years and 6.30% for three to five years.
FD rates after the repo hike: who has changed what
| Lender (type) | 1 year | 2–3 years | 3–5 years | Effective from |
|---|---|---|---|---|
| Shriram Finance (NBFC), cumulative | 7.00% | 7.50% (24–35 months) | 7.85% (36–60 months) | 11 Oct 2026 (Shriram’s site) |
| Bajaj Finance (NBFC) | “Up to 7.75%” for regular, “up to 8.15%” for senior citizens; tenure-wise table not read | 7 Oct 2026 (reported) | ||
| SBI (bank), general public | 6.25% | 6.40% | 6.30% | 15 Dec 2025, unchanged |
Shriram also offers a 15-month digital-only deposit at 7.50%. Its non-cumulative options pay slightly less, because interest comes out earlier: on the 36 to 60 month bucket, 7.58% with monthly payouts, 7.63% quarterly, 7.70% half-yearly and 7.85% yearly. Shriram’s page says it adds extra interest for senior citizens (60 or over on the date of deposit), women depositors and renewals. The page did not show those add-on figures when we read it. Mint reported the senior add-on as 0.50 percentage point, so treat that number as reported, not confirmed.
The size of the hike is also reported, not official. Mint and BusinessLine describe Shriram’s move as up to 40 basis points, and The Economic Times reports that Bajaj raised rates by up to 40 basis points after the 7 October hike. Neither lender’s page shows its old table next to the new one.
Why NBFCs moved first
RBI raised the repo rate by 25 basis points to 5.50% on 7 October. Deposit-taking NBFCs compete for retail money and often reprice quickly. Banks have a different problem. RBI’s weekly statistical supplement of 9 October shows bank credit up 19.4% from a year earlier as of 30 September, and deposits up 17.8%. When loans grow faster than deposits for long enough, banks have to pay more to raise money. That makes bank FD hikes more likely in the coming weeks, but none had been announced by SBI when we checked.
The same data show aggregate deposits at about ₹283.96 lakh crore and bank credit at about ₹229.95 lakh crore. For context on why RBI is tightening, see our October MPC decision explainer.
What the gap is worth
On ₹5 lakh for two years, simple yearly interest at Shriram’s 7.50% comes to ₹75,000. At SBI’s 6.40% it is ₹64,000. The ₹11,000 difference (₹5,500 a year) is the price of the extra risk you take on. Kept for three years at 7.85% with yearly compounding, ₹5 lakh grows to ₹6,27,235. Both FD rates’ interest is taxable at your slab.
The risk you are being paid for
- No DICGC cover. Deposit insurance of up to ₹5 lakh per depositor per bank applies to banks only. NBFC deposits are not covered. Our DICGC explainer sets out what is insured.
- The rating is the safety net. Bajaj’s FD page says its deposits are rated AAA by CRISIL and ICRA; Shriram’s rating field did not load when we read its page. A rating can be cut, and it is an opinion, not a promise.
- Breaking it early has its own rules. NBFC deposits carry their own premature-withdrawal terms, separate from any bank’s. We did not verify them for either lender, so read them before you sign.
- Minimums differ. Shriram’s page shows a ₹5,000 minimum and tenures of 12 to 60 months. Bajaj’s shows ₹15,000.
Check that any NBFC you deposit with is still registered with RBI; we covered how RBI cancels registrations in our NBFC registration post.
Who it may suit, and who should wait
A higher NBFC rate may suit someone who already holds bank FDs up to the insured limit, can leave the money untouched for the full term, and wants a fixed return for three years. Senior citizens who rely on interest income should compare the post-tax figure, not just the headline rate. If you might need the money early, or if the deposit would be most of your savings, a bank FD within the DICGC limit is the lower-risk choice. If you can wait a few weeks, it may also be worth seeing whether banks follow the repo hike.
One practical step before booking: the rate you get is the rate on the day the deposit is made. A table that is “w.e.f. 11 October” does not change existing deposits.
Short answers to the questions readers ask most follow.
FAQs
Will my existing FD earn the new rate?
No. Revised tables apply to fresh deposits and renewals from the effective date.
Are senior citizens paid more at Shriram Finance?
Yes, Shriram’s page says senior citizens get extra interest, but the figure did not load on the page we read. Mint reports 0.50 percentage point.
Has SBI raised FD rates after the repo hike?
Not as of 11 October. Its page still shows rates effective 15 December 2025.
Is an NBFC FD insured?
No. DICGC insures bank deposits only.
Takeaway: FD rates are rising first at NBFCs; compare the extra 0.75 to 1.55 percentage points over SBI against the loss of deposit insurance before you move money.
Sources checked: Shriram Finance FD page (rate table w.e.f. 11 Oct 2026) · Bajaj Finance FD page (headline rates, minimum) · SBI retail term deposit rates · RBI Weekly Statistical Supplement, 9 Oct 2026, table 4 · Reported only: Mint and BusinessLine (Shriram hike size, senior add-on), The Economic Times (Bajaj hike). Partly verified, 11 Oct 2026, 3:20 PM IST. Checked: Shriram Finance FD table (w.e.f. 11 Oct 2026), Bajaj Finance FD page headline rates and minimum, SBI retail term deposit rates, RBI Weekly Statistical Supplement of 9 Oct. Not verified: Shriram’s senior-citizen, women and renewal add-ons (figures did not load), Bajaj’s tenure-wise table and effective date, and the size of both hikes (reported by Mint, BusinessLine and The Economic Times).
