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Monday, May 23, 2022

Bajaj Finserv: Good News! Bajaj Finance hikes interest rates on deposits, know how much interest you will get on FD

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Bajaj Finserv: Bajaj Finance, the lending and investment arm of Bajaj Finserv, has increased the interest rates on its fixed deposits (FDs) by up to 10 basis points, or 0.10 per cent, for tenures ranging between 36 and 60 months.

A statement said that the revised rates on FDs of Bajaj Finance up to Rs 5 crore are effective from Wednesday i.e. today, May 11 and will be applicable on renewal of fresh deposits and renewal deposits. Post revision, the cumulative return on deposits between 36 and 60 months would be up to 7 per cent.

Interest rate reached up to 7.45 percent
The change in rate also affects senior citizens, who can now earn up to 7.25 per cent per annum for a period of 36-60 months and 6.65 per cent per annum for a period of 24-35 months, the statement said. Senior citizens can avail 0.25 per cent higher FD rates, which will provide an assured return of 7.45 per cent for 44 months.

Rates increased for the second time in a month
This is the second time in a month for this non-banking finance company that it has increased the interest rates of deposits. Earlier, Bajaj Finance had strongly increased the interest rates of its deposits by 0.60 per cent or 60 basis points at the end of April 2022 as well.

The minimum deposit rate of the company has also been reduced.
Bajaj Finance has also changed its minimum deposit amount and has reduced it from 25 thousand to 15 thousand, on the basis of which now more and more customers can deposit in this company. Bajaj Finance is headquartered in Pune and serves 50 million or more than 50 million customers across the country.

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