Bajaj Finance increases interest rates on fixed deposits and offers up to 7.05%

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Business Wire India

STRONG POINTS:

  • New interest rates apply on term deposits up to Rs. 5 crore for tenors up to 60 months
  • Revised interest rates apply to new deposits and renewals of maturing deposits

Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, increased fixed deposit (FD) rate of 0.30% for tenors between 24 and 60 months.

Investors can now get up to 7.05% interest rate on all deposits up to Rs. 5 crore made on or after December 1, 2021. These interest rates apply to new deposits and renewal deposits maturing.

Comparison of old and revised interest rates for cumulative FDs for seniors:

Tenor (months) Past interest rates New interest rates
(Wednesday, December 1, 2021)
12-23 5.90% 5.90%
24-35 6.35% 6.65%
36-60 6.75% 7.05%

As the table suggests, there is a 0.30% increase for FD between 24 and 60 months. An elderly person investing Rs. 2,000,000 for 60 months can generate returns of up to Rs. 2,83,652 at maturity.

Comparison of old and revised interest rates for cumulative FDs for citizens under the age of 60:

Tenor (months) Past interest rates New interest rates
(Wednesday, December 1, 2021)
12-23 5.65% 5.65%
24-35 6.10% 6.40%
36-60 6.50% 6.80%

For the same tenor and same deposit amount, citizens under 60 receive up to Rs. 2.80.188 on their deposit regardless of their mode of investment.

Here is a detailed look at the revised version FD interest rate offered by Bajaj Finance Limited.

Tariff advantages (wed December 1, 2021) for seniors:

Tenor in months Minimum deposit (in Rs.) Accumulation Not combinable
Monthly Quarterly Biannual Annual
12 – 23 25,000 5.90 5.75 12 – 23 25,000 5.90
24 – 35 6.65 6.46 24 – 35 6.30 6.65
36 – 60 7.05 6.83 36 – 60 6.69 7.05

Tariff services (wef December 1, 2021) for citizens under the age of 60:

Tenor in months Minimum deposit (in Rs.) Accumulation Not combinable
Monthly Quarterly Biannual Annual
12 – 23 25,000 5.65 5.51 5.53 5.57 5.65
24 – 35 6.40 6.22 6.25 6.30 6.40
36 – 60 6.80 6.60 6.63 6.69 6.80

Invest online with Bajaj Finance Fixed Deposit

With Bajaj Finance, individuals can choose to start their investing journey anywhere, anytime, with an end-to-end paperless online process that allows investors to invest from the comfort of their own homes. With this online FD process, booking an FD only takes a few minutes and investors can easily take advantage of these lucrative interest rates.


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