HomeFinance"Bajaj Finance's 40 bps FD rate hike offers up to 8.6% returns...

“Bajaj Finance’s 40 bps FD rate hike offers up to 8.6% returns for senior citizens”

Bajaj Finance Increases Fixed Deposit Rates by 40 bps

Bajaj Finance Limited, one of India’s leading non-banking finance companies, has increased its fixed deposit rates for select tenures by up to 40 basis points. The new rates are eligible for deposits made from February 16th, 2021. This move is welcomed by senior citizens, who will receive a higher interest rate of up to 8.6% per annum.

The new fixed deposit rates range between 4.15% and 6.65% per annum, depending on the tenure and type of deposit. As per the company, the new rates are 40 basis points higher than the previous rates for select tenors. These deposits will offer periodic payouts, making them ideal for senior citizens who depend on regular income streams. Additionally, Bajaj Finance also offers cumulative payout options, benefiting customers who wish to invest for long-term goals.

Bajaj Finance has made significant strides in the fixed deposit market. Its increased deposits worth Rs. 24,000 crores during the third quarter of the fiscal year 2021 compared to the same quarter in the previous year. With the prevailing economic instability, many investors are turning towards fixed deposits a safe and reliable investment option. In recent times, fixed deposits have also emerged as a popular investment option for retired individuals who depend solely on their savings for income.

We’ll delve into the new interest rates, tenure, and deposit options provided by Bajaj Finance:

Fixed Deposit Types:

Bajaj Finance Limited offers two types of fixed deposits- cumulative and non-cumulative. The cumulative fixed deposit focuses on long-term investment growth, as the interest is compounded annually and paid out at maturity. On the other hand, non-cumulative deposits provide periodic payouts, making them ideal for senior citizens who depend on regular income flows.

Tenure and Interest Rates:

Bajaj Finance offers fixed deposits for various tenures, ranging from 12 months to 60 months, with interest rates varying on each tenure and deposit type. The new rates for non-cumulative fixed deposits are as follows:

Tenure (Months) Non-cumulative Deposit Rates (% per annum)
12 to 23 4.15
24 to 35 5.15
36 to 60 6.10

The rates for cumulative fixed deposits are as below:

Tenure (Months) Cumulative Deposit Rates (% per annum)
12 to 23 4.22
24 to 35 5.27
36 to 60 6.22

Benefits of Investing in Bajaj Finance Fixed Deposits:

Bajaj Finance is renowned for its reliable investment options and efficient services. Here are a few reasons to invest in Bajaj Finance’s fixed deposits:

1. High Returns: Bajaj Finance Fixed Deposits offer competitive interest rates to help investors achieve their financial goals. Senior citizens can enjoy a higher interest rate of up to 8.6% per annum.

2. Safety and Security: Bajaj Finance is a highly regulated institution, and its deposits are rated as high safety investment options by rating agencies like CRISIL and ICRA.

3. Easy Application Process: Investors can apply for Bajaj Finance fixed deposits online, reducing the hassle of submitting physical documents.

4. Flexible Deposit Tenures: Bajaj Finance offers flexible tenures ranging from 12 months to 60 months, providing investors the freedom to choose the tenure that fits their financial goals.

5. Overdraft Facility: Bajaj Finance also provides an overdraft facility to its fixed deposit customers, allowing them to take a loan up to 75% of their deposit amount.

With Bajaj Finance Limited’s recent hike in fixed deposit rates, investors can enjoy competitive interest rates and a reliable investment option. With its safety, flexibility, and adaptability, Bajaj Finance has emerged as one of India’s most sought-after non-banking finance institutions.

Sara Marcus
Sara Marcushttps://unlistednews.com
Meet Sara Marcus, our newest addition to the Unlisted News team! Sara is a talented author and cultural critic, whose work has appeared in a variety of publications. Sara's writing style is characterized by its incisiveness and thought-provoking nature, and her insightful commentary on music, politics, and social justice is sure to captivate our readers. We are thrilled to have her join our team and look forward to sharing her work with our readers.


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