Home/ Money / Personal Finance/  Bajaj Finance hikes FD rate by up to 25 bps; senior citizens can earn up to 7.95%

NEW DELHI: Bajaj Finance, the lending arm of Bajaj Finserv Ltd., has raised fixed deposit (FD) rates by up to 25 basis points (bps), for tenures of 12 months to 24 months. The new rates are effective 22 December.

The revised rates on Bajaj Finance FDs shall be applicable on fresh deposits and renewals of maturing deposits of up to 5 crore, as per a press release issued by the company.

Several financial institutions have revised their FD rates recently on select maturity periods, in line with hike in key policy rates by the Reserve Bank of India (RBI).

Under the revised Fixed Deposit Scheme, for a tenure of 44 months, depositors above 60 years of age will continue to enjoy an interest rate of up to 7.95%, while non-senior citizens can earn up to 7.70%.

Also, for new tenure of 39 months introduced recently by Bajaj Finance, depositors below 60 years can still avail the FD interest rate of up to 7.60%, while senior citizens can earn up to 7.85%.

Earlier this month, the RBI raised the key repo rate by 35 basis points (bps) to 6.25%, as widely expected, in its fifth straight increase, and vowed there will be no let up in its fight to tame high inflation.

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Updated: 22 Dec 2022, 02:17 PM IST
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