Bajaj Finance, the lending arm of Bajaj Finserv Ltd., on Saturday announced an increase in interest rates on fixed deposits, taking it up to 8.20 percent per annum for senior citizens. The company has hiked FD rates by up to 35 basis points, for tenures between 15 months to 23 months, with effect from March 4, 2023.
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Depositors below 60 years can earn up to 7.95 percent per annum. For the special tenure of 33 months introduced last year by Bajaj Finance, non-senior citizens can avail FD interest rates of up to 7.75 pe cent per annum while senior citizens can earn up to 8.00 percent per annum, the bank said.
Bajaj Finance FD Rates (% per annum) for Non-Senior Citizens, w.e.f. 04 March 2023
A. Regular Period
| Period (months) | Cumulative | Non-Cumulative | ||||
| At Maturity | Monthly | Quarterly | Half Yearly | Annual | ||
| 12 - 14 months | 7.40 | 7.16 | 7.20 | 7.27 | 7.40 | |
| >15 - 23 months | 7.50 | 7.25 | 7.30 | 7.36 | 7.50 | |
| 24 months | 7.55 | 7.30 | 7.35 | 7.41 | 7.55 | |
| 25 - 35 months | 7.35 | 7.11 | 7.16 | 7.22 | 7.35 | |
| 36 - 60 months | 7.65 | 7.39 | 7.44 | 7.51 | 7.65 | |
B. Special Period
| Period (months) | Cumulative | Non-Cumulative | ||||
| At Maturity | Monthly | Quarterly | Half Yearly | Annual | ||
| 15 months | 7.45 | 7.21 | 7.25 | 7.32 | 7.45 | |
| 18 months | 7.40 | 7.16 | 7.20 | 7.27 | 7.40 | |
| 22 months | 7.50 | 7.25 | 7.30 | 7.36 | 7.50 | |
| 30 months | 7.45 | 7.21 | 7.25 | 7.32 | 7.45 | |
| 33 months | 7.75 | 7.49 | 7.53 | 7.61 | 7.75 | |
| 44 months | 7.95 | 7.67 | 7.72 | 7.80 | 7.95 | |
2. Bajaj Finance FD Rates (% per annum) for Senior Citizens, w.e.f. 04 March 2023
A. Regular Period
| Period (months) | Cumulative | Non-Cumulative | ||||
| At Maturity | Monthly | Quarterly | Half Yearly | Annual | ||
| 12 - 14 months | 7.65 | 7.39 | 7.44 | 7.51 | 7.65 | |
| >15 - 23 months | 7.75 | 7.49 | 7.53 | 7.61 | 7.75 | |
| 24 months | 7.80 | 7.53 | 7.58 | 7.65 | 7.80 | |
| 25 - 35 months | 7.60 | 7.35 | 7.39 | 7.46 | 7.60 | |
| 36 - 60 months | 7.90 | 7.63 | 7.68 | 7.75 | 7.90 | |
Special Period
| Period (months) | Cumulative | Non-Cumulative | ||||
| At Maturity | Monthly | Quarterly | Half Yearly | Annual | ||
| 15 months | 7.70 | 7.44 | 7.49 | 7.56 | 7.70 | |
| 18 months | 7.65 | 7.39 | 7.44 | 7.51 | 7.65 | |
| 22 months | 7.75 | 7.49 | 7.53 | 7.61 | 7.75 | |
| 30 months | 7.70 | 7.44 | 7.49 | 7.56 | 7.70 | |
| 33 months | 8.00 | 7.72 | 7.77 | 7.85 | 8.00 | |
| 44 months | 8.20 | 7.91 | 7.96 | 8.04 | 8.20 | |
A comparison of old and new interest rates for cumulative FD for Non-Senior Citizens, is given below:
| Period (months) | Previous Interest Rates (w.e.f. 20 Jan 2023) | New Interest Rates (w.e.f. 04 Mar 2023) |
| 12 - 14 | 7.15% | 7.40% |
| 15 | 7.30% | 7.45% |
| >15 - 23 | 7.15% | 7.50% |
| 18 | 7.15% | 7.40% |
| 22 | 7.45% | 7.50% |
| 24 | 7.50% | 7.55% |
| 25 - 35 | 7.30% | 7.35% |
| 30 | 7.40% | 7.45% |
| 33 | 7.70% | 7.75% |
| 36 - 60 | 7.60% | 7.65% |
| 44 | 7.85% | 7.95% |
With the online FD process, investors can book an FD in few minutes and can reap the benefit of the lucrative interest rates. Bajaj Finance Fixed Deposit has the highest stability ratings with CRISIL’s AAA/Stable rating and AAA(Stable) rating offering one of the safest investment options for investors, as per the release.
(Edited by : Anshul)
First Published: Mar 4, 2023 1:42 PM IST
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