(PTI) With effect from December 22, 2022, Bajaj Finance, the lending division of Bajaj Finserv Limited, increased its fixed-rate (FD) rates by up to 25 basis points for terms of 12 to 24 months. The updated Bajaj Finance FD rates will apply to new deposits as well as renewals of maturing accounts up to Rs. 5 crore.
In accordance with the RBI's policy, a number of financial institutions recently altered their FD rates on a few specific maturity periods.
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. November 22, 2022)||New Interest Rates (w.e.f. December 22, 2022)|
|12 - 23 months||6.80%||7.05%|
Some features of the Bajaj Finance Fixed Deposit are listed below:
a. To start investing and meet the minimum investment criterion, start with Rs. 15,000. For online clients, the maximum investment is Rs. 5 crore; for offline customers, there is no maximum investment.
b. Interest rates up to 7.75% for a 44-month term: Seniors investing for a 44-month term can anticipate FD rates up to 7.75% yearly. Interest rates of up to 7.50% per year are offered to clients under the age of sixty.
c. Tenure between 12 and 60 months: Choose any tenure in this range. Your tenure will determine the interest rate on your investment.
d. Choose the non-cumulative fixed deposit to produce reliable income as a flexible payment option. You have the option of earning interest every month, quarter, half-year, or annually.
e. Special tenure for greater returns: The unique tenors for each month are 15, 18, 22, 30, 33, 39 and 44.
f. Online process: By following a few easy steps, one can begin investing online. Select your investment information, finish your KYC, add further information, and finish your payment.
Depositors over the age of 60 will continue to receive an interest rate on their fixed deposits of up to 7.95% per year under the amended Fixed Deposit Scheme, while non-senior citizens can earn up to 7.70% per year.
Additionally, for the newly announced 39-month term from Bajaj Finance, depositors under the age of 60 can still take advantage of the FD interest rate of up to 7.60% annually, while those over 60 can earn up to 7.85% annually.