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The fixed deposit interest rates at Bajaj Finance, India's second-largest non-banking finance company, have been raised by 60 basis points. The most significant rise is for the 22-month period, where an investor who previously earned 5.90% p.a. will now be able to earn 6.50% p.a. It will now pay 7.35% p.a. for a 44-month deposit, up from 7.05% p.a. previously.

After April 25, 2022, all FD investments will be subject to the new fixed deposit rates.

For senior citizens, it is essential to prioritise health and family while also paying close attention to their finances. To enjoy their golden years without any stress, one must prepare for them ahead of time. With the latest revised rates, Bajaj Finance Fixed Deposit is a stable option which provides profitable returns. It is when a fixed deposit can be a prudent decision as it is a secured instrument. It can be the most reliable option you need to ensure your post-retirement years.

Let us look at some benefits that make Bajaj Finance an ideal option for senior citizens to invest in their retirement corpus.

1. Increased FD rates: Fixed deposits have been seen as a relatively slow investing strategy. It is not the case with Bajaj Finance Fixed Deposits, though. Bajaj Finance provides a greater return than most other banks, with an FD rate of up to 7.35% p.a. 

Check out this table of senior citizen interest rates for different tenors:
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Check out this table of senior citizen interest rates for different tenors:

2. Special FD interest rates: Apart from the regular interest rate revision, Bajaj Finance Fixed Deposits has also included special interest rates for senior customers. It will help in higher growth and profitable returns on investments. With special interest rates, one can now choose specific tenors to enjoy interest rates up to 7.35% p.a.

Here are special interest rate table for senior citizens
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Here are special interest rate table for senior citizens

3. High FD rates secure your golden years

Retirement is a time to relax and focus on the essential aspects of life. At this stage, your finances should not be a stressor. To ensure that, you can start making well-planned investments and using your savings efficiently. Here, investing in the Bajaj Finance FD can be a wise choice due to its high FD rates. While non-senior citizens get interest rates up to 7.10% p.a., senior citizens get 7.35% p.a. Due to interest compounding, this difference matters and can help you earn generously through the years.

This table shows if you invest Rs. 5 lakh in a Bajaj Finance FD with a tenor of 36 and 44 months, these are the returns you will get on maturity as a senior citizen as per the prevailing rates.
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This table shows if you invest Rs. 5 lakh in a Bajaj Finance FD with a tenor of 36 and 44 months, these are the returns you will get on maturity as a senior citizen as per the prevailing rates.

The above figures are computed using the Fixed Deposit Interest Rate Calculator.

4. Multiple payout options can help you set up a secondary source of income

You can book either cumulative or non-cumulative Bajaj Finance FDs, and the latter can come in handy when you need a steady stream of funds. With this option, you can choose to receive interest payouts at your convenience and create a secondary income stream.

The options include monthly, quarterly, half-yearly, or annual payout modes, and you can pick any based on your needs.

Do note that the interest rate applicable on non-cumulative FDs varies. Ensure to use the fixed deposit interest rate calculator to know the rate applicable and the interest you will earn for the different payout options.

5. Small monthly investments

Bajaj Finance also offers a Systematic Deposit Plan that allows customers to start their investment journey with small monthly instalments as low as Rs. 5,000. These small monthly deposits can create a large corpus over time and help you earn generously through the different tenor options available.

The revised SDP rates for senior citizens
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The revised SDP rates for senior citizens

Bajaj Finance also offers special interest rates for senior citizens on monthly deposits.

Special interest rates for senior citizens on monthly deposits.
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Special interest rates for senior citizens on monthly deposits.

6. 100% online process: Bajaj Finance online FD offers an end-to-end online application process. The 5-step process takes less than 10 minutes and can be completed on laptops, mobile phones, or tablets. While existing customers only need to verify their details, new customers can save considerable time thanks to the online KYC process. Subsequently, payments can also be made using net banking or UPI.

With all these benefits of the Bajaj Finance FD for senior citizens at your disposal, this is an ideal instrument during your golden years. To get started with this FD and avail of some of the best-fixed deposit rates in India, you no longer have to visit a branch physically. All you have to do is invest online in just a few clicks and book the deposit via net banking or UPI. The process is quick, easy, and time-efficient!

Disclaimer: This content is distributed by Bajaj Finserv. No HT journalist is involved in creation of this content. 

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