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Business News/ Money / Personal Finance/  Bajaj Finance hikes FD rates by 40 bps, senior citizens earn as high as 8.6%; check new interest rates here
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Bajaj Finance hikes FD rates by 40 bps, senior citizens earn as high as 8.6%; check new interest rates here

Best FD rates: The NBFC player has hiked FD rates on several tenures with senior citizens being the biggest beneficiary. Depositors below 60 years age can earn up to 8.35%, while elderlies can earn as high as 8.6%.

These new interest rates are applicable on fresh deposits and renewals of maturing deposits of up to ₹5 crore. (iStock)Premium
These new interest rates are applicable on fresh deposits and renewals of maturing deposits of up to 5 crore. (iStock)

NBFC giant, Bajaj Finance has hiked fixed deposit interest rates by 40% on several tenures ranging from 36 months to 60 months with effect from May 10, 2023. Senior citizens can earn as high as 8.60% on a special tenure of 44 months. These new interest rates are inflation-beating!

At Bajaj Finance, depositors below 60 years can earn up to 8.05% per annum, while senior citizens can earn up to 8.30% per annum.

On special tenure of 44 months, the NBFC player is offering as high as 8.35% to the general category and 8.60% to senior citizens.

These new interest rates are applicable on fresh deposits and renewals of maturing deposits of up to 5 crore.

Sachin Sikka, Executive Vice President - Fixed Deposits & Investments, Bajaj Finance Ltd., said, “The transmission of interest rate hikes to FDs have made them a preferred investment option. Bajaj Finance’s inflation-beating interest rates on FDs offers customers a safe investment option while enabling them to earn higher returns on deposits. Depositors can place FD in few minutes through our digital journey. The digital and paperless process makes placing FDs extremely convenient and fast."

Read here: Suryoday SFB hikes FD rates, senior citizens get maximum 9.60%; here's how interest rates will be calculated

Check out the latest interest rates on FDs:

Non-Senior Citizens:

Depositors below the age of 60 years, can earn 7.40% on a tenure of 12 - 23 months; 7.50% on a maturity period of over 15 months to 23 months; 7.55% on 24 months tenure; 7.35% on a 25 - 35 months period; and 8.05% on 36 - 60 months tenure.

Under special period, these depositors can earn 7.45% on a tenure of 15 months, 7.40% on 18 months, 7.50% on 22 months, 7.45% on 30 months, 7.75% on 33 months, and 8.35% on 44 months.

Senior citizens:

An elderly can earn 7.65% on a maturity period ranging from 12 months to 23 months; 7.75% on the tenure of over 15-23 months, 7.80% on 24 months; 7.60% on 25 - 35 months period; and 8.30% on 36 - 60 months tenure.

Senior citizens also have special FD rates on special tenures. They can earn up to 7.70% on 15 months, 7.65% on 18 months, 7.75% on 22 months, 7.70% on 30 months, 8% on 33 months, and 44 months on 8.60%.

Read here: 10 things to remember while investing in tax saving fixed deposits (FDs)

Bajaj Finance offers one of the superior rates among large financial institutions in the country. Its digital journeys offer investors a secure and simplified route to set aside and grow savings.

As part of its omnichannel strategy, the company offers multi-channel options to customers to place FDs through its app, web, branches, and distributors in 4000 locations across the country.

Also, Bajaj Finance also offers access to all mutual funds in the country through its Investment Marketplace app, offering investors a wide array of investment options to choose from.

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Published: 10 May 2023, 11:12 PM IST
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