Banking & FinanceFinanceFinanceInFocus

Bajaj Finance Increases its FD Rate by Upto 20 Basis Points

The revised rates on Bajaj Finance FDs of up to 20 basis points are effective from tomorrow, dated June 14, 2022, and shall be applicable to fresh deposits and renewals of maturing deposits. 

Sharing is caring!

Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, has increased the Interest Rates on their Fixed Deposit (FD) programme by up to 20 basis points, for tenor between 24 to 60 months (except 44 months). The revised rates on Bajaj Finance FDs of up to 20 basis points are effective from tomorrow, dated June 14, 2022, and shall be applicable to fresh deposits and renewals of maturing deposits.

Post the revision, deposits between 36 months to 60 months will offer a cumulative return as high as 7.20%.  Senior citizens can reap the benefit of up to 0.25% higher FD rates, which will offer assured returns of 7.45% for 36 months to 60 months.

Bajaj Finance FD Rates for Non-Senior Citizens, w.e.f. June 14, 2022

Period (except table 2)Cumulative Non-Cumulative
At Maturity

(% p.a.)

Monthly

(% p.a.)

Quarterly

(% p.a.)

Half Yearly

(% p.a.)

Annual

(% p.a.)

12 – 23 months5.855.705.735.775.85
24 – 35 months6.606.416.446.496.60
36 – 60 months7.206.977.017.087.20

 

The rate change also impacts the senior citizens, who can now earn up to 6.85% p.a. for a tenor of 24 months to 35 months and 7.45% p.a. for a tenor of 36 months to 60 months. The interest rate table for senior citizens is as mentioned below:

Period (except table 4)Cumulative Non-Cumulative
At Maturity

(% p.a.)

Monthly

(% p.a.)

Quarterly

(% p.a.)

Half Yearly

(% p.a.)

Annual

(% p.a.)

12 – 23 months6.105.945.976.016.10
24 – 35 months6.856.646.686.746.85
36 – 60 months7.457.217.257.327.45

A comparison of old and new interest rates for cumulative FD for non-senior citizens, has been provided below:

Tenor (months)Previous Interest Rates (w.e.f. May 10, 2022)New Interest Rates (w.e.f. June 14, 2022)
12- 235.755.85
24 – 356.406.60
36 – 607.007.20

Bajaj Finance Special FD Interest Rates

Bajaj Finance Fixed Deposits has also included special interest rates for all customers. With special interest rate one can now choose specific tenors to enjoy interest rates up to 7.35% p.a.

For a tenor of 44 months customers below 60 years of age can enjoy FD interest rate of 7.35% p.a. while senior citizens can earn up to 7.60% p.a.

The special interest rate table for customers below 60 years is:

PeriodCumulativeNon-Cumulative
At Maturity

(% p.a.)

Monthly

(% p.a.)

Quarterly

(% p.a.)

Half Yearly

(% p.a.)

Annual

(% p.a.)

15 months6.055.895.925.966.05
18 months6.155.986.016.066.15
22 months6.306.136.166.206.30
30 months6.706.506.546.596.70
33 months6.956.746.786.836.95
44 months7.357.117.167.227.35

 

For senior citizens the applicable special interest rates are:

PeriodCumulativeNon-Cumulative
At Maturity

(% p.a.)

Monthly

(% p.a.)

Quarterly

(% p.a.)

Half Yearly

(% p.a.)

Annual

(% p.a.)

15 months6.306.136.166.206.30
18 months6.406.226.256.306.40
22 months6.556.366.406.456.55
30 months6.956.746.786.836.95
33 months7.206.977.017.087.20
44 months7.607.357.397.467.60

 

Bajaj Finance offers the comfort of investing from home, with an end-to-end online process.

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 FAAA/Stable rating and ICRA’s MAAA (stable) rating offering one of the safest investment options for investors.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

Related Articles

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: