The country’s second largest non-banking financial company (NBFC) Bajaj Finance has announced a hike in interest rates on various deposits by up to 60 basis points.
It has been announced by the company to give one-fourth percent ie 0.25 percent more interest to senior citizens. The new rates of this NBFC of Bajaj Group have become effective from April 25.
Fixed Deposit (FD) is considered to be the safest investment in terms of investment. Many public and private sector banks have increased FD interest rates. In this episode, finance company Bajaj Finance has also announced an increase in FD interest rates.
The country’s second largest non-banking financial company (NBFC) Bajaj Finance has announced a hike in interest rates on various deposits by up to 60 basis points. It has been announced by the company to give one-fourth percent ie 0.25 percent more interest to senior citizens. The new rates of this NBFC of Bajaj Group have become effective from April 25.
The highest increase of up to 60 basis points has been made by Bajaj Finance on deposits of 22 months. Interest is now being offered at the rate of 6.25 per cent instead of 5.65 per cent on deposits of this period. That is, it has increased by 60 basis points.
Whereas 7.1 percent interest is being given on 44 months deposit as compared to 6.8 percent. Interest is now being offered at the rate of 6.4 per cent on deposits of 24-35 months and 6.9 per cent on deposits with maturity of 36-60 months. Senior citizens will now get 6.65 per cent and 7.15 per cent interest on deposits of these tenors, respectively.
7.35 percent interest on special FD
Bajaj Finance is also offering a special rate for all customers. Under this, interest up to 7.35 percent is being given on some selected period deposits. Interest is being given at the rate of 7.1 percent for citizens up to 60 years and 7.35 percent for senior citizens on deposits with a maturity of 44 months.
This is the highest in comparison to public and private banks. The country’s largest bank SBI is currently giving the highest interest up to 6.3 percent on FD. This interest is being given to senior citizens. In comparison, Bajaj Finance’s special FD rate is 0.95 percent higher.
Bajaj Finance also offers the option of regular payment of the interest earned on the FD. Investors can choose any one of the four payment options. These are monthly, quarterly, half-yearly or yearly. This facility is more beneficial for senior citizens.
