Bajaj Finance raises FD rates, senior citizens can earn up to 8.15 per cent
The non-banking lender has raised fixed deposit rates by 15 to 40 basis points for tenures of 12 to 60 months, with the new rates effective immediately.
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Bajaj Finance Limited, one of the country's leading non-banking financial companies, has raised the interest rates on its fixed deposits (FDs). The company has increased rates by 15 to 40 basis points across all tenures from 12 to 60 months. The new rates came into effect today. Depositors, especially senior citizens, stand to gain from the increase.
Under the revised rates, general customers can now earn up to 7.75 per cent a year on fresh deposits of 31 to 60 months. The earlier rate was 7.40 per cent.
Senior citizens will get 0.40 per cent more than the base rate on all tenures. On deposits of 31 to 60 months, they can earn the highest return of up to 8.15 per cent.
There is a further benefit. Customers renewing a matured deposit will get an additional 0.10 per cent a year. With this, the rate for senior citizens goes up to 8.25 per cent.
Sachin Sikka, Senior Executive Vice President, Deposits and Wealth Management, Bajaj Finance, said: "For senior citizens seeking assured returns, the fixed deposit has always been an important savings instrument. We have put more emphasis on longer tenures, so that depositors can earn higher returns for up to five years. This triple-A rated deposit can be opened online in just a few minutes."
The deposit carries an 'AAA/Stable' rating from CRISIL and ICRA. It can be opened with a minimum investment of Rs 15,000. Customers can avail of the facility online or through the company's branches.
Overall, the company has raised rates across all tenures from 12 to 60 months, and the highest rates apply to deposits of 31 to 60 months. For general investors this is up to 7.75 per cent, and for senior citizens up to 8.15 per cent. Senior citizens who renew can get up to 8.25 per cent.
