Bajaj Finance raises deposit rates up to 20 bps on various tenors

Bajaj Finance Ltd, the lending arm of Bajaj Finserv, on Monday said it has raised fixed deposit interest rates on various tenors -- 24-60 months -- by up to 20 basis points (0.20 per cent).

This will not include deposits of 44 months tenor, it added.

The revised rates on Bajaj Finance FDs of up to 20 basis points are effective from June 14, 2022, and shall be applicable to fresh deposits and renewals of maturing deposits, the lender said in a release.

With this, the depositors will earn 7.20 per cent cumulative return on deposits between 36 months to 60 months.

Senior citizens can reap the benefit of up to 0.25 per cent higher FD rates, which will offer assured returns of 7.45 per cent for 36 months to 60 months, the company said.

The non-banking finance company (NBFC) said it has also included special interest rates for all customers.

"With special interest rate, one can now choose specific tenors to enjoy interest rates up to 7.35 per cent per annum."

For a tenor of 44 months customers below 60 years of age can enjoy FD interest rate of 7.35 per cent per annum, while senior citizens can earn up to 7.60 per cent per annum, it said.

The company said customers can make investments from their homes with an end-to-end online process.