Bajaj Finance hikes FD interest rate by up to 25 basis points; offers 7.95% return to senior citizens

The lending division of Bajaj Financial Services, Bajaj Finance, has revised the interest rates for its Fixed deposits (FD). Following the recent announcement, the lender has increased the interest rates by as much as 25 basis points. The new rates came into effect on 22 November 2022. According to a press release from the firm, apart from new deposits, the updated rates on Bajaj Finance FDs will also be applicable on renewals of maturing FDs of up to Rs 5 crore.

As stated in Bajaj Finance’s press release, the term deposit rates have increased by 25 basis points for FDs maturing between 12 and 23 months. On term deposits with a maturity period of 44 months, senior citizens can receive an interest rate of 7.95 per cent annually, while the regular public can get up to 7.70 per cent interest rate per year.

While speaking about the new FD rates, Sachin Sikka, executive vice president of Fixed Deposits & Investments at Bajaj Finance Limited explained that the company has altered rates more frequently this year (though not necessarily across the card) than they did in the past. He stated that the reason for this was the Reserve Bank of India’s increase in repo rates and other major factors.

Additionally, Bajaj Finance has launched a new 39-month special tenure fixed deposit (FD) scheme which came into effect on 22 November. The interest rate is fixed at 7.85 per cent for senior citizens, while the general public can earn 7.60 per cent.

A 12 to 23-month cumulative FD will give at least 6.80 per cent interest to individuals, while a 15-month special FD will offer 6.95 per cent. Under the new Fixed Deposit Scheme, depositors who keep their money for 24 to 35 months can receive a cumulative return of up to 7.25 per cent. Senior citizens are guaranteed at least 7.75 per cent interest for term deposits between 36 and 60 months.

Considering CRISIL AAA/STABLE and [ICRA>AAA(Stable) ratings, Bajaj Finance Fixed Deposit has the greatest stability scores. It is regarded as one of the safest investment options available in the market by investors.

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