Bajaj Finance, the lending arm of Bajaj Finserv Limited, has increased its FD rates by up to 25 basis points, for tenures between 12 months to 24 months, with effect from Thursday, 22nd December 2022. The revised rates on Bajaj Finance FDs shall be applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore.
Several financial institutions have revised their FD rates recently on select maturity periods, in line with RBI’s policy outcomes.
Bajaj Finance is increasing interest rate by upto 25 bps for tenures between 12 months to 24 months, attracting more investors to take up this attractive investment option.
Under the revised Fixed Deposit Scheme, for a tenure of 44 months, depositors above 60 years of age will continue to enjoy the FD interest rate of upto 7.95 per cent p.a. while non-senior citizens can earn up to 7.70 per cent p.a. Also, for the new tenure of 39 months introduced recently by Bajaj Finance, depositors below 60 years of can still avail the FD interest rate of up to 7.60 per cent p.a. while senior citizens can earn up to 7.85 per cent p.a.
Banks and non-banking finance companies like Bajaj Finance have been raising interest rates in tandem with the Reserve Bank of India (RBI’s) repo rate hikes.
The central bank in its latest policy review meet on December 7, 2022 further hiked repo rate, the rate at which the banking regulator lends to banks, by 0.35% or 35 basis points to 6.25% from 5.9% earlier.
