Bajaj Finance has hiked interest rates on their FDs for senior citizens by up to 60 bps for tenures ranging 25 months to 35 months. Shriram Finance has hiked rates on their FDs by 5 bps to 20 bps to 9.40%.
Two non-bank lenders, Bajaj Finance and Shriram Finance, have recently hiked interest rates by up to 60 basis points (bps) on their fixed deposits (FDs) for various maturity tenures.
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Bajaj Finance FD rates
The non-banking finance company has raised interest rates on their FDs for senior citizens by up to 60 bps for tenures ranging 25 months to 35 months and 40 bps for tenures of 18 months to 24 months, according to a press release.
These rate hikes are effective from April 3, 2024.
For general customers, Bajaj Finance, a subsidiary of Bajaj Finserv, has increased rates by up to 45 bps for tenures ranging from 25 months to 35 months, 40 bps for tenures ranging from 18 months to 22 months, and 35 bps for 30 months to 33 months.
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Senior citizens will continue to avail FD rates of up to 8.85% and non-senior citizens can take benefit of rates of up to 8.6%, by booking digitally in the 42-month tenure, the company said.
“Our enhanced rates across several investment buckets present an attractive proposition for investors seeking stability,” said Sachin Sikka, Head of fixed Deposits and Investments at Bajaj Finance.
Shriram Finance FD rates
The NBFC has raised interest rates on their FDs by 5 bps to 20 bps to 9.40%. The FD rates across tenures would range between 7.85% to 10.50% (cumulative FDs).
In cumulative fixed deposits, investors get the compounded interest paid out along with the principal amount at the time of maturity.
Senior citizens aged 60 years or above at the time of deposit/renewal are eligible to earn an additional 0.50% interest per annum, while women investors can avail an extra 0.10% interest per annum. The company will offer an additional interest of 0.25% per annum on all renewals.
The revised rates are effective April 9, 2024, the NBFC said.
Senior citizens will earn 9.30% interest on fixed deposits for 50 months, 60 months tenure. Regular citizens will earn 8.80% on the same tenure.
Women senior citizens investing for FD tenures ranging from 50 months and 60 months are eligible for a 9.40% interest rate per annum. This includes a 10 bps additional interest rate for women.
For non-cumulative fixed deposits, the company is offering interest rates ranging from 7.85% to 8.80% per annum on tenures spanning 12 months to 60 months.
Under non-cumulative FDs, the interest is paid at regular intervals, such as monthly, quarterly, half-yearly or annually.
