Fixed deposits are the easiest and safest form of savings scheme to grow your income. They are risk-free and come with guaranteed returns. Senior citizens are the biggest beneficiaries of having FDs. Banks, NBFCs, and other financial institutions do offer fixed deposits scheme with attractive interest rates. Notably, NBFC major Bajaj Finance offers special FDs which give a 7.2% rate to citizens below the age of 60 years and 7.45% to senior citizens above 60 years of age.
On its website, Bajaj Finance said, "Bajaj Finance offers attractive fixed deposit interest rates up to 7.20% per annum for citizens aged below 60 and 7.45% per annum for senior citizens."
"Senior citizens get an additional fixed deposit rate benefit up to 0.25% per annum on their deposits," Bajaj Finance added.
Under the special FD scheme for cumulative deposits, on an annual basis, Bajaj Finance offers a 6% rate on 15 months tenure, 6.10% on 18 months, 6.25% on 22 months, 6.50% on 30 months, 6.75% on 33 months, and 7.20% on 44 months tenure.
Further, under the scheme, for senior citizens, the NBFC offers 6.25% on 15 months maturity, 6.35% on 18 months, 6.50% on 22 months, 6.75% on 30 months, 7% rate is offered on 33 months, and 7.45% on 44 months maturity.
The annual rate of interest for customers is for deposits from ₹15,000 to ₹5 crore.
In normal FDs, for citizens aged below 60 years, the NBFC offers 5.63% to 5.75% on maturity between 12-23 months, while the interest rate ranges from 6.22% to 6.40% on maturity between 24-35 months, while on maturity period from 36-60 months - the interest rate will range from 6.82% to 7%.
For senior citizens, in the normal FDs, the cumulative interest rate is 6% on maturity from 12-23 months, while the rate was at 6.65% on 24-35 months maturity, and the highest rate was 7.25$ on 36-60 months tenure.
Furthermore, senior citizens aged above 60 years, under the normal FDs, will get non-cumulative interest rates from 5.84% to 6% from 12-23 months, 6.46% to 6.65% for 24-35 months maturity, and 7.02% to 7.25% on 36-60 months maturity.
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