Senior Citizen Fixed Deposit interest rate increased to 8.6% by Bajaj Finance; check details

Bajaj Finance has increased its fixed deposit rates by up to 40 basis points, taking it to 8.60 per cent per annum for senior citizens, for a special tenure of 44 months, the company said in a statement today.

Bajaj Finance has also revised FD rates by 40 basis points on deposits with maturities ranging from 36 months to 60 months. The new rates will be effective from May 10, 2023.

The company said that 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 on deposits of 36 months to 60 months.

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The revised rates on Bajaj Finance FDs will be applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore.

Also Read: Senior Citizen Fixed Deposit interest rate hiked to 9.6% by SSFB, 9.1% for others – check details 

Investors should note that FDs offered by Bajaj Finance come with CRISIL’s AAA/Stable rating and [ICRA]AAA(Stable) rating. These are not covered by RBI’s DICGC rules.

FD rates of Bajaj Finance

• 12-23 months FD: 7.4% for general citizens and 7.65% for senior citizens.
• 15-23 months FD: 7.5% for general citizens and 7.75% for senior citizens.
• 24 months FD: 7.55% for general citizens and 7.8% for senior citizens.
• 25-35 months FD: 7.6% for general citizens and 7.65% for senior citizens.
• 36-60 months FD: 8.05% for general citizens and 8.3% for senior citizens.

Bajaj Finance Special FD interest rates

• 15 months FD: 7.45% for general citizens and 7.7% for senior citizens.
• 18 months FD: 7.4% for general citizens and 7.65% for senior citizens.
• 22 months FD: 7.5% for general citizens and 7.75% for senior citizens.
• 30 months FD: 7.45% for general citizens and 7.7% for senior citizens.
• 33 months FD: 7.75% for general citizens and 8% for senior citizens.
• 44 months FD: 8.35% for general citizens and 8.60% for senior citizens.

Also Read: Fixed Deposit calculator: Senior Citizens can turn Rs 3 lakh into guaranteed Rs 4.8 lakh in 5 years

“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,” said Sachin Sikka, Executive Vice President – Fixed Deposits & Investments, Bajaj Finance Ltd.