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Bajaj Finance Ltd. Increases Fixed Deposit Rate of Interest

by businesswireindia.com

Business Wire India
  • Up to 9.10%* rate of interest for Senior Citizens
  • Up to 9.00%* rate of interest for Existing loan and FD customers
  • Up to 8.75%* rate of interest for new customers
Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv, has increased its Fixed Deposits’ (FD) rate of interest. The company has increased its FD rates for existing loan & FD customers to up to 9%* and new customers to up to 8.75%*. For senior citizens the FD rates are increased to up to 9.10%*. These new rates are offered on an annual basis, applicable under the cumulative and non-cumulative payout schemes on a 36-60 months tenor. The annual rate of interest valid for deposits up to Rs. 5 crore (w.e.f 17 October 2018).
For the same schemes and tenor, the new Fixed Deposit customers would get 8.75% instead of 8.50% earlier. The existing loan and FD customers are offered a rate of 9% which previously was 8.75%. The rate of interest, has thus recorded a rise of 0.25% on a tenor of 36-60 months across all customer categories.
For the recently launched special tenor scheme of 15 months with a minimum FD size of Rs. 1 lakh, the FD rate of interest would be up to 8.05% for new customers and 8.40% for senior citizens.
Upon renewal, senior citizens will now earn a higher rate of interest of 9.35% which previously was 9.10% and new customers will be offered rate of interest of 9% compared to 8.75% prior, for a tenor ranging between 36 to 60 months.
  Tenor in months Minimum deposit (in Rs.) Cumulative Renewal
  Existing rates New rates w.e.f 17 Oct 2018
New Customers 12 – 23 25,000 8.00% 8.00% 0.25% extra
24 – 35 8.15% 8.15%
36 – 60 8.50% 8.75%
Special tenor scheme
15 1,00,000 8.05% 8.05%
Senior Citizens 12 – 23 25,000 8.35% 8.35% 0.25% extra
24 – 35 8.50% 8.50%
36 – 60 8.85% 9.10%
Special tenor scheme
15 1,00,000 8.40% 8.40%
Bajaj Group employees/Existing FD or loan customers 12 – 23 25,000 8.25% 8.25% 0.25% extra
24 – 35 8.40% 8.40%
36 – 60 8.75% 9.00%
Special tenor scheme
15 1,00,000 8.30% 8.30%
Bajaj Finance Fixed Deposit has been accredited 'FAAA/Stable' rating by CRISIL and 'MAAA (Stable)' rating by ICRA which indicate highest degree of safety with regard to timely payment of interest and principal on the instrument. Deposit book stood at Rs. 9,427 crore as of 30 June 2018 which was a growth of 85% from Rs. 5,095 crore as of 30 June 2017. Deposits contributed to 14% of the standalone borrowings.
Features and benefits of Fixed Deposit
Higher interest rates for senior citizens
Senior citizens investing in the Bajaj Finance Fixed deposit earn an additional 0.35% rate of interest over and above the card rate.
Minimum deposit and flexible tenor
The customer can start with a minimum deposit of Rs. 25,000 and earn high return. Customers have the flexibility to choose from a tenor ranging between 12 to 60 months, to suit their financial needs.
Online Application Process
Customer can easily invest in FD with an easy online application process
600+ Branches across India
Offered in over 600 branches across the country, to enhance the customer experience
Online Account Management
Online access to Fixed Deposit account, to keep a track of the investment easily
Source: Businesswire