Bajaj Finance announced on Monday that it has increased its fixed deposit rates by up to 40 basis points for tenors of 36 to 60 months. The revised interest rates is valid for deposits of up to ?5 crore and it has been effective from 1 February. The fresh deposits and renewals of maturing deposits will attract the new interest rates.
The new FD customers will get 7% annual cumulative return instead of 6.60% earlier for deposits between 36 months to 60 months. If you are booking your fixed deposit through Bajaj Finance website, you can avail a rate benefit of 0.10%, the lender said. For the same time period, the senior citizens can get 0.25% higher FD rates than the non-senior customers — a return of 7.25%, regardless of their mode of investment.
The investing arm of Bajaj Finserv has also has also revised 5 basis points for FDs between 12 months to 23 months. The FDs between 24 months to 36 months has also witnessed an increase of 30 basis points, the company said.
So new customers will get an interest of 6.15% for FDs with tenors of 12-23 months. The rate was 6.10% earlier. Those who are opening FDs for 24 to 35 months, can avail an interest rates of 6.60%, against the earlier rate of 6.30%.
Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market. At present, it has more than 31 million customers across the country.
News Source:- Livemint.com