Last Update: March 04, 2023, 14:56 IST
Bajaj Finance is the lending arm of Bajaj Finserv.
Bajaj Finance has increased interest rates on fixed deposits by up to 35 basis points for tenors between 15 months and 23 months.
Bajaj Finance, the lending arm of Bajaj Finserv Limited, announced an increase of up to 35 basis points in interest rates on fixed deposits for tenures between 15 months to 23 months, effective from Saturday, March 4. After the latest hike, senior citizens can get up to 8.20 per cent per annum over a tenure of 44 months.
Depositors below the age of 60 can earn up to 7.95 per cent per annum. For a special tenure of 33 months that Bajaj Finance introduced last year, non-senior citizens can avail FD interest rates of up to 7.75 per cent per annum, while senior citizens can earn up to 8.00 per cent per annum, Bajaj Finance said in a statement.
Sachin Sikka, Executive Vice President (Fixed Deposits & Investments), Bajaj Finance Ltd. said, “The current interest rate environment allows investors to make the most of fixed deposits. Our revised interest rates on Fixed Deposits in the 44-month bucket are 8.20 per cent, helping investors to benefit from inflation-beating rates and liquidity.Booking an FD with Bajaj Finance is completely digitized and paperless, making it a simple and secure process for investors Is.”
Recently, Suryoday Small Finance Bank (SSFB) and Equitas Small Finance Bank (ESFB) also revised their interest rates on Fixed Deposits (FD) with effect from March 1, 2023. Interest rates for Suryoday Small Finance Bank for tenors of five to 10 years were revised by 75-125 basis points (bps). The bank also revised interest rates on savings accounts by up to 200 basis points (bps). The hike by Equitas Small Finance Bank will allow FD customers to earn 8.20 per cent interest on investments of less than Rs 2 crore for a tenure of 888 days.
The RBI last month raised the repo rate by 25 basis points to 6.50 per cent to control inflation, its sixth consecutive hike since May 2022.
India’s retail inflation rose to 6.52 per cent in January 2023 on costlier food items and fuel, according to the latest data available. In December 2022, the consumer price index (CPI) based inflation came down to 5.72 per cent. In November 2022, it had come down to 5.88 per cent. Retail inflation came in November after remaining under the RBI’s 2-6 per cent band at 5.88 per cent for 10 consecutive months.
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