Bajaj Finance Limited (BFL), the lending and investing conglomerate of Bajaj Finserv, has hiked fixed deposit (FD) rates by up to 40 basis points, for tenors of 36 to 60 months.
These revised Bajaj Finance interest rates on deposits of less than Rs. 5 crores are effective from February 1, 2021. These revised interest rates shall be made applicable to fresh deposits and renewals of maturing deposits.
A comparison of old and new interest rates for cumulative fixed deposit for non-senior citizens, has been provided below:
Tenor (months)Previous Interest Rates New Interest Rates (w.e.f. 01 Feb 2021)12-236.10%,6.15%,24-356.30%,,6.60%,36-606.60%,7.00%, As per the above table, there’s been an increase of 5 basis points for FDs between 12 months to 23 months, and an increase of 30 basis points for FDs between 24 months to 36 months. There’s been an increase of 40 basis points, for tenors between 36 and 60 months.
After the latest revision, deposits between 36 months to 60 months will offer high returns of 7%, with rate benefit of 0.10% on online investments, for non-senior citizens. For the same time period, senior citizens can reap the benefit of 0.25% higher FD rates, which will offer assured returns of 7.25%, regardless of their mode of investment.
Shares of Bajaj Finance Limited on Tuesday closed at Rs.5172 per share higher by 2.24 percent as compared to the previous close of Rs. 5,058.60 on the National Stock Exchange (NSE).
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