Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv, has increased its Fixed Deposit (FD) rate of interest.
The company has increased FD rates for senior citizens to up to 8.85 per cent, existing loan & FD customers to up to 8.75 per cent and new customers to up to 8.50 per cent. These new rates 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 tenure, the new Fixed Deposit customers would get 8.50 per cent instead of 8.40 per cent earlier. The existing loan and FD customers are offered a rate of 8.75 per cent which previously was 8.65 per cent. The rate of interest has thus recorded a rise of 0.10 per cent on a tenor of 36-60 months across all customer categories.
For the recently launched special tenor scheme of 15 months and minimum FD size of Rs 1 lakh, the FD rate of interest would be up to 8.05 per cent for new customers and 8.40 per cent for senior citizens.
Upon renewal, senior citizens will now earn a higher rate of interest of 9.10 per cent which previously was 9.00 per cent and new customers will be offered rate of interest of 8.75 per cent compared to 8.65 per cent prior, for a tenor ranging between 36 to 60 months.
Bajaj Finance Fixed Deposit has been accredited ‘FAAA/Stable’ rating by CRISIL and ‘MAAA (Stable)’ rating by ICRA which indicate the highest degree of safety with regard to timely payment of interest and principal on the instrument. Deposit book stood at Rs 9,427 crore as of 30 June 2018 which was a growth of 85 per cent from Rs 5,095 crore as of 30 June 2017. Deposits contributed to 14 per cent of the standalone borrowings. (Annual rate of interest, applicable on a cumulative scheme tenor of 36-60 months. Other T&C apply)
Features and benefits of Fixed Deposit:
Higher interest rates for senior citizens
Senior citizens investing in the Bajaj Finance Fixed deposit earn an additional 0.35 per cent rate of interest over and above the card rate.
Minimum deposit and flexible tenor
The customer can start with a minimum deposit of Rs. 25,000 and earn high return. Customers have the flexibility to choose from a tenor ranging between 12 to 60 months, to suit their financial needs.
Online Application Process
Customer can easily invest in FD with an easy online application process
600+ Branches across India
Offered in over 600 branches across the country, to enhance the customer experience
Online Account Management
Online access to Fixed Deposit account, to keep a track of the investment easily.