Bajaj Finance increases interest rates on fixed deposits by up to 35 basis points

6 Mar 2023 , 10:58 AM

Bajaj Finance has announced increase in the interest rate on its fixed deposits (FD) on March 4. The company has hiked FD rates by up to 35 basis points, for tenures between 15 months to 23 months.

After hike in Bajaj Finance’s interest rates, senior citizens will be able to accrue an interest of 8.20% per annum, for a tenure of 44 months, according to a release by the non-banking financial company.

As per the news release, depositors below the age of 60 years can earn up to 7.95% per annum. For the special tenure of 33 months introduced last year by Bajaj Finance, non-senior citizens will be able to avail FD interest rates of up to 7.75% per annum while senior citizens can earn up to 8.00% per annum.

Sachin Sikka the Executive Vice President – Fixed Deposits & Investments, Bajaj Finance Ltd said “The current interest rate environment allows investors to make the most of Fixed Deposits. Our revised interest rates on Fixed Deposits in the 44-month bucket are as high as 8.20%, enabling investors to gain from inflation-beating rates and liquidity.’

He added, “Booking an FD with Bajaj Finance is completely digitised and paperless, making it a simple and secure process for investors.”