Business

Bajaj Finance hikes FD interest rate by up to 30 bps

Bajaj Finance on Thursday said it has increased interest rates on Fixed Deposits (FDs) by up to 30 basis points for tenor between 24 and 30 months. The new rates are applicable to fresh and renewals of maturing deposits of up to 5 crore and will come into effect from October 7, 2022.

For tenor of 44 months, customers below 60 years of age can enjoy special FD interest rate of 7.50% p.a., while senior citizens can earn up to 7.75% p.a.

Bajaj Finance has also announced some special rates across five tenures.

For cumulative FD with maturity of 30 months and 33 months, customers below 60 years of age will earn 30 bps and 20 bps, respectively, more at 7.35%. Tenures of 15-months, 18-months and 22-months have also increased to 6.7%, 6.8% and 7.05%, respectively.

Interest rate for the 44 months bucket has remained unchanged at 7.50%.

Bajaj Finance FD has ratings with Crisil AAA/stable and Icra/AAA (stable).

Bank and non-banking finance companies are increasing FD rates in tandem with the Reserve Bank of India raising key lending rates. The RBI increased its repo rate by 0.5% on September 30, and this is the current cycle’s fourth consecutive increase in the repo rate.

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