For deposits below Rs 5 crore for non-senior citizens, Bajaj Finance is now offering a return of 6.8 per cent on fixed deposits with a maturity period of 12-14 months.
In line with RBI’s hike in repo rate and increase in fixed deposit rates by several private and public sector lenders, the non-banking finance company (NBGC) Bajaj Finance also raised its fixed deposit interest rates by up to 25 bps. The NBFC also introduced a new FD tenure of 39 months for the general public and senior citizens. The hike in the rate came into effect today. Senior citizens can now earn up to 7.95 per cent return while non-senior citizens will get a maximum of 7.70 per cent.
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For deposits below Rs 5 crore for non-senior citizens, Bajaj Finance is now offering a return of 6.8 per cent on fixed deposits with a maturity period of 12-14 months, 6.95 per cent for 15 months, 6.8 per cent for 16-17 months, 7 per cent for 18 months, 6.8 per cent for 19-21 months, 7.1 per cent for 22 months, 6.8 per cent for 23 months, 7.25 per cent for 24-29 months, 7.3 per cent for 30 months, 7.25 per cent for 31-32 months, 7.3 per cent for 33 months, 7.25 per cent for 34-35 months, 7.5 per cent for 36-38 months, 7.6 per cent for 39 months, 7.5 per cent for 40-43 months, 7.7 per cent for 44 months and 7.5 per cent for 45-60 months tenure.
For deposits below Rs 5 crore for senior citizens, the NBFC is offering a return of 7.05 per cent on fixed deposits with a maturity period of 12-14 months, 7.2 per cent for 15 months, 7.05 per cent for 16-17 months, 7.25 per cent for 18 months, 7.05 per cent for 19-21 months, 7.35 per cent for 22 months, 7.05 per cent for 23 months, 7.5 per cent for 24-29 months, 7.55 per cent for 30 months, 7.5 per cent for 31-32 months, 7.55 per cent for 33 months, 7.5 per cent for 34-35 months, 7.75 per cent for 36-38 months, 7.85 per cent for 39 months, 7.75 per cent for 40-43 months, 7.95 per cent for 44 months and 7.75 per cent for 45-60 months tenure.
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The average size of fixed deposits with Bajaj Finance is Rs 3.5 lakh per depositor. According to the company, it has a base of 4.25 lakh fixed depositors with more than 1 million FDs.
Bajaj Finance FD Calculator 2022
Suppose a senior citizen invests Rs 3.5 lakh in Bajaj Finance’s 44-month FD plan, he will earn Rs 1,17,114 interest at the rate of 7.95 per cent and the maturity amount will be Rs 4,67,114. However, if a non-senior citizen invests for 44 months, she will get Rs 1,12,933 as interest and the maturity amount will be Rs 4,62,933.
