Bajaj Finance Ltd, the lending and investment arm of Bajaj Finserv, has increased the rate of interest of its fixed deposits, with effect from October 17, 2018.
Bajaj Finance Ltd, the lending and investment arm of Bajaj Finserv, has increased the rate of interest of its fixed deposits, with effect from October 17, 2018. For the existing loan and FD customers, the interest rates have been hiked up to 9% and for new customers, up to 8.75%. Similarly, for senior citizens, the rates have been increased up to 9.10%. The new rates, valid for deposits up to Rs 5 crore, are offered on an annual basis, applicable under the cumulative and non-cumulative payout schemes on a 36-60 months’ tenor.
For the same schemes and tenor, the new fixed deposit customers will get 8.75% instead of 8.50% earlier. The existing loan and FD customers are offered a rate of 9%, which previously was 8.75%. The rate of interest has, thus, recorded a rise of 0.25% on a tenor of 36-60 months across all customer categories.
For the recently-launched special tenor scheme of 15 months with a minimum FD size of Rs 1 lakh, the FD rate of interest would be up to 8.05% for new customers and 8.40% for senior citizens, according to a press release.
Upon renewal, senior citizens will now earn a higher rate of interest of 9.35% as against 9.10% earlier and new customers will be offered 9% compared to 8.75% earlier, for a tenor ranging between 36 and 60 months.
Bajaj Finance Fixed Deposits have been accredited ‘FAAA/Stable’ rating by CRISIL, and ‘MAAA (Stable)’ rating by ICRA, which indicate highest degree of safety with regard to timely payment of interest and principal on the instrument. Its deposit book stood at Rs 9,427 crore as of 30 June 2018, which was a growth of 85% from Rs 5,095 crore as of 30 June 2017. Deposits contributed to 14% of the standalone borrowings.
The customers can start with a minimum deposit of Rs 25,000 and earn high return. Customers have the flexibility to choose a tenor ranging between 12 and 60 months, to suit their financial needs.