Bajaj Finance, a subsidiary of Bajaj Finserv, has formally announced an increase in fixed deposit (FD) rates for various tenures by up to 60 basis points (bps). This non-banking financial company, which accepts deposits and is regulated by the Reserve Bank of India, has revised its rates for both senior citizens and non-senior citizens, effective from April 3, 2024.
The enhanced FD rates for senior citizens are as follows: an increase of up to 60 basis points in the 25-35-month tenure and 40 basis points in the 18-24-month tenure. On the other hand, rates for non-senior citizens have been raised by up to 45 basis points in the 25-35-month tenure, 40 basis points in the 18-22-month tenures, and 35 basis points in the 30-33 month tenures.
Senior citizens continue to have the option to avail FD rates of up to 8.85 per cent, while non-senior citizens can benefit from rates of up to 8.6 per cent by digitally booking the 42-month tenure. Sachin Sikka, the Head of Fixed Deposits and Investments at Bajaj Finance, has expressed that the company’s increased rates in various investment categories present an appealing opportunity for investors seeking stability.
As of March 31, 2024, Bajaj Finance is proud to be recognised as the largest deposit-taking NBFC in the country, with a deposit book exceeding Rs 60,000 crore. These adjustments in FD rates demonstrate the company’s dedication to providing competitive and advantageous investment opportunities to its customers.
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Source: Business Standard