Effective May 10, Bajaj Finance offers senior citizens Fixed Deposit interest rates of 8.60 per cent per annum for a special tenure of 44 months
by Suman Gupta
Pune, May , 2023: Bajaj Finance, the lending arm of Bajaj Finserv Limited, one of India’s leading and diversified financial services groups, today announced an increase of up to 40 basis points in its Fixed Deposit (FD) rates, taking it to 8.60 per cent per annum for senior citizens, for a special tenure of 44 months.
The new rates, effective May 10, 2023, are revised higher by 40 basis points on deposits with maturities ranging from 36 months to 60 months. Depositors below 60 years can earn up to 8.05 per cent per annum, while senior citizens can earn up to 8.30 per cent per annum. The revised rates on Bajaj Finance FDs shall be applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore.
Sachin Sikka, Executive Vice President – Fixed Deposits & Investments, Bajaj Finance Ltd., said, “The transmission of interest rate hikes to FDs have made them a preferred investment option. Bajaj Finance’s inflation-beating interest rates on FDs offers customers a safe investment option while enabling them to earn higher returns on deposits. Depositors can place FD in few minutes through our digital journey. The digital and paperless process makes placing FDs extremely convenient and fast.”
Bajaj Finance offers one of the superior rates among large financial institutions in the country. Its digital journeys offer investors a secure and simplified route to set aside and grow savings. As part of its omnichannel strategy, BFL offers multi-channel options to customers to place FDs with the Company through its app, web, branches and distributors in 4000 locations across the country. In addition, Bajaj Finance also offers access to all mutual funds in the country through its Investment Marketplace app, offering investors a wide array of investment options to choose from.
- Bajaj Finance FD Rates (% per annum) for Non-Senior Citizens, w.e.f. 10 May 2023
- Regular Period
| Period (months) | Cumulative | Non-Cumulative | ||||
| At Maturity | Monthly | Quarterly | Half Yearly | Annual | ||
| 12 – 23 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 | 8.05 | 7.77 | 7.82 | 7.89 | 8.05 | |
- 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 | 8.35 | 8.05 | 8.10 | 8.18 | 8.35 | |
- Bajaj Finance FD Rates (% per annum) for Senior Citizens, w.e.f. 10 May 2023
- Regular Period
| Period (months) | Cumulative | Non-Cumulative | ||||
| At Maturity | Monthly | Quarterly | Half Yearly | Annual | ||
| 12 – 23 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 | 8.30 | 8.00 | 8.05 | 8.13 | 8.30 | |
- 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 | 8.60 | 8.28 | 8.34 | 8.42 | 8.60 | |
A comparison of old and new interest rates for cumulative FD for Non-Senior Citizens (% per annum), is given below:
|
Period (months) |
Previous Interest Rates (w.e.f. 04 Mar 2023) |
New Interest Rates (w.e.f. 10 May 2023) |
| 12-14 | 7.40 | 7.40 |
| 15 | 7.45 | 7.45 |
| >15 – 23 | 7.50 | 7.50 |
| 18 | 7.40 | 7.40 |
| 22 | 7.50 | 7.50 |
| 24 | 7.55 | 7.55 |
| 25 – 35 | 7.35 | 7.35 |
| 30 | 7.45 | 7.45 |
| 33 | 7.75 | 7.75 |
| 36 – 60 | 7.65 | 8.05 |
| 44 | 7.95 | 8.35 |
Bajaj Finance offers the comfort of investing from home, with an end-to-end digital and paperless 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 AAA/Stable rating and [ICRA]AAA(Stable) rating offering one of the safest investment options for investors.
About Bajaj Finance Limited: Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 69.14 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings. To know more, visit http://www.bajajfinserv.in/
