Pune, Maharashtra, India (NewsVoir) Highlights: • Revised interest rates are applicable to fresh deposits and renewals of maturing deposits • The revised rates are applicable on Fixed Deposits of less than Rs. 5 crores for tenors of 36 to 60 months Bajaj Finance Limited (BFL), the lending and investing arm of Bajaj Finserv, has increased fixed deposit (FD) rates by up to 40 basis points, for tenors of 36 to 60 months. These revised Bajaj Finance interest rates on deposits of less than Rs. 5 crores are effective from February 1, 2021. These revised interest rates shall be made applicable to fresh deposits and renewals of maturing deposits.
A comparison of old and new interest rates for cumulative FD for non-senior citizens, has been provided below: Tenor (months) Previous Interest Rates New Interest Rates (w.e.f. 01 Feb 2021) 12-23 6.10% 6.15% 24-35 6.30% 6.60% 36-60 6.60% 7.00% As per the above table, there’s been an increase of 5 basis points for FDs between 12 months to 23 months, and an increase of 30 basis points for FDs between 24 months to 36 months. There’s been an increase of 40 basis points, for tenors between 36 and 60 months.
After the latest revision, deposits between 36 months to 60 months will offer high returns of 7%, with rate benefit of 0.10% on online investments, for non-senior citizens. For the same time period, senior citizens can reap the benefit of 0.25% higher FD rates, which will offer assured returns of 7.25%, regardless of their mode of investment.
Here’s a look at the revised FD interest rates offered by Bajaj Finance Limited.
Bajaj Finance FD Rates for Non-Senior Citizens, w.e.f. February 1, 2021 Tenor (months) Cumulative Non-Cumulative Monthly Quarterly Half Yearly Annual 12 – 23 6.15% 5.98% 6.01% 6.06% 6.15% 24 – 35 6.60% 6.41% 6.44% 6.49% 6.60% 36 - 60 7.00% 6.79% 6.82% 6.88% 7.00% Rate benefits basis customer category (w.e.f. 01 Feb 2021): + 0.25% for senior citizens + 0.10% for direct customers booking FD through Bajaj Finserv website or app Note: Senior citizens investing in a Bajaj Finance online FD will only receive one benefit (rate benefit of 0.25%), regardless of mode of investment Invest online with Bajaj Finance Fixed Deposit Bajaj Finance also offers the comfort of investing from home, with an end-to-end paperless online process that enables investors to invest from the comfort of their home. With this online FD process, it takes a few minutes to book FD, and investors can reap the benefit of these lucrative FD interest rates easily.
About Bajaj Finance Limited Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Lifecare Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.