With effect from December 22, 2022, Bajaj Finance, the lending division of Bajaj Finserv Limited, increased its fixed-deposit (FD) rates by up to 25 basis points for terms of 12 to 24 months. The updated Bajaj Finance FD rates will apply to new deposits as well as renewals of maturing accounts up to Rs 5 crore.
In accordance with the consequences of the RBI’s policy, a number of financial institutions recently altered their FD rates on a few specific maturity periods. For terms between 12 months and 24 months, Bajaj Finance is raising interest rates by up to 25 bps in an effort to entice more investors to choose this alluring investment choice.
A comparison of old and new interest rates for cumulative FD for Non-Senior Citizens is given below:
Some features of the Bajaj Finance Fixed Deposit are listed below:
a. To start investing and meet the minimum investment criterion, start with Rs 15,000. For online clients, the maximum investment is Rs 5 crore; for offline customers, there is no maximum investment.
b. Interest rates up to 7.75 per cent for a 44-month term: Seniors investing for a 44-month term can anticipate FD rates up to 7.75 per cent yearly. Interest rates of up to 7.50 per cent per year are offered to clients under the age of sixty.
c. Tenure between 12 and 60 months: Choose any tenure in this range. Your tenure will determine the interest rate on your investment.
d. Choose the non-cumulative fixed deposit to produce reliable income as a flexible payment option. You have the option of earning interest every month, quarter, half-year, or annually.
e. Special tenure for greater returns: Bajaj Finance offers an Exclusive Tenor with Greater Returns. The unique tenors for each month are 15, 18, 22, 30, 33, 39 and 44. Completely online process: By following a few easy steps, you can begin investing online. Select your investment information, finish your KYC, add further information, and finish your payment.
f. Systematic Deposit Plan: This plan allows you to begin making tiny monthly deposits. Investors can also receive updated interest rates on each monthly deposit.
Depositors over the age of 60 will continue to receive an interest rate on their fixed deposits of up to 7.95 per cent per year under the amended Fixed Deposit Scheme, while non-senior citizens can earn up to 7.70 per cent per year. Additionally, for the newly announced 39-month term from Bajaj Finance, depositors under the age of 60 can still take advantage of the FD interest rate of up to 7.60 per cent annually, while those over 60 can earn up to 7.85 per cent annually.
Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj Finserv Ltd., is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with a significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 62.91 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1 for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB /Positive and a short-term rating of B by S&P Global ratings.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Markets Surge Over 1%, Close At New Record High