NEW DELHI: Bajaj Finance, Bajaj Finserv's lending and investment arm, has raised interest rates on its fixed deposit (FD) programme by up to 10 basis points for tenors of 36 to 60 months.

The higher rates on Bajaj Finance's FDs of up to Rs 5 crore go into effect on Wednesday and will apply to new deposits as well as renewals of maturing accounts, according to a statement.

Following the change, deposits held for 36 to 60 months will yield a cumulative return of up to 7 percent.  Senior citizens can benefit from 0.25 percent higher FD rates, which will provide guaranteed returns of 7.45 percent for 44 months, according to the announcement.

Senior adults, who can presently earn up to 7.25 percent per year for a tenor of 36-60 months and 6.65 percent per year for a tenor of 24-35 months, would be affected by the rate change.

Bajaj Finance, headquartered in Pune, serves more than 50 million consumers across the country.

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