Bajaj Finance Now Offering Interest Rates of Up To 8.1% On Special FDs

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Last Updated: January 23, 2023, 12:20 IST

The non-banking financing corporation (NBFC) updated a 44-month special tenor FD program with a rate of 8.1% for older residents.

The non-banking financing corporation (NBFC) updated a 44-month special tenor FD program with a rate of 8.1% for older residents.

A 12–14-month cumulative fixed-term investment (FD) for elderly adults will earn 7.4%, and a 15–month special FD will earn 7.55%.

Since Bajaj Finance Ltd. has increased the interest rates on its FD plans, risk-averse depositors can now receive a maximum interest rate of 8.10% per annum on their fixed deposits. With effect from Friday, the non-banking financing corporation (NBFC) updated a 44-month special tenor FD program with a rate of 8.1% for older residents. The FD rate for all other consumer groups is 7.85%.

Crisil and Icra have assigned the FDs a AAA rating. Since important policy rates have been rising steadily due to an increase in inflation, experts think that the FD rates can still go up. On the exceptional tenure of 15, 18, 22, 30, 39, and 44 months, the corporation is providing FD prices.

A 12–14-month cumulative fixed-term investment (FD) for elderly adults will earn 7.4%, a 15–month special FD will earn 7.55%, and a 22–month special FD would earn 7.7% returns annually. The company allows you to begin FDs with terms of 12 to 60 months. If you want to take advantage of the revised interest rates, you can deposit an amount between Rs. 15,000 and Rs. 5 crore. However, keeping a journal might be beneficial.

For instance, the costs associated with early FD termination are higher for NBFCs compared to banks. Additionally, the Deposit Insurance and Credit Guarantee Corporation’s 5-lakh guarantee does not apply to NBFCs (DICGC).

However, risk-averse depositors should wait for additional rate increases before making an FD investment. Shorter FD deposit tenures are an option. This way, if interest rates continue to rise, you can reinvest the maturity funds at higher rates. You can reserve the FDs online. After the money has been invested, the FDR (fixed deposit receipts), interest certificate, statement of accounts, and other pertinent documents can all be downloaded.

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