Bajaj Finance has increased the interest rate by 40% on fixed deposits on several tenures for a time period of 36 months to 60 months starting May 10, 2023.
Employees above the age of 60 can earn 8.60% as high interest on a special tenure for 44 months. While those under 60 years old earn up to 8.05% per year at an average rate, they earn 8.30% per year.
For a special tenure of 44 months, NBFC players offer 8.35% to the general category and 8.60% to senior citizens. This amendment is applicable for new applications on fresh deposits and renewals up to deposits of Rs 5 core.
Executive vice president of Bajaj Finance LTD, Sachin Sikka, said in a statement that the change in the interest rate of FD prefers the investment option for customers to higher returns on deposits.
For non-senior citizens
Depositors below 60 can gain 7.40% for 12-23 months of tenure, 7.50% for maturity periods above 15–22 months, 7.55% for 24 months, 7.35% for 25–35 months, and 8.05% for 36–60 months.
For special periods, 7.45% for 15 months, 7.40% for 18 months, 7.50% for 22 months, 7.45% for 30 months, 7.35% for 33 months, 8.35% for 44 months, 7.70% for 15 months, 7.65% for 18 months, 7.75% for 22 months, 7.70% for 30 months, 8% for 33 months, and 8.60% for 44 months
Bajaj offers the highest rate among large financial institutions because of its offer of a secure and simple route to grow savings. The company also offers multi-channels for customers to place FD through its web, branches, and 4000 sites across the whole country. They also provide the option of investing across a wide array of mutual funds.