The FD interest rate has been raised for all types of investors and tenures, resulting in faster investment growth.
The deposit rates at Bajaj Finance, India’s second-largest non-banking finance company, have been raised by 60 basis points and ten basis points. The most significant rise is for the 22-month period, where an investor who previously earned 5.65 percent per year will no longer be able to earn 6.50 per cent per year. It will now pay 7.45 per cent p.a. for a 44-month deposit, up from 6.8 per cent p.a. previously.
Senior citizens receive a 0.25 per cent interest rate increase over the standard rates. The new fixed deposit rates apply to all fixed deposit investments made after May 10, 2022.
The FD interest rate has been raised for all types of investors and tenures, resulting in faster investment growth. The new interest rate will apply to all deposits made on or after May 10, 2022.
Take a look at the benefits of investing in a Bajaj Finance Fixed Deposit:
1. Increased FD rates
Fixed deposits have been viewed as a relatively slow investment in recent years. It is not the case with Bajaj Finance Fixed Deposits, though. With an FD rate of 7.45 per cent, Bajaj Finance provides a greater return than most other banks. Customers under the age of 60 can earn 6.40 per cent for 24 to 35 months and 7.00 per cent for 36 to 60 months.
The rate adjustment affects senior adults, who can now earn up to 7.25 percent p.a. for 36-60 months and 6.65 percent p.a. for 24-35 months.
2. Exceptional FD interest rates
All Bajaj Finance Fixed Deposit customers will benefit from special interest rates. Special interest rates allow you to select certain tenors and receive interest rates as high as 7.45 per cent per annum. Customers under the age of 60 can earn 7.20 per cent per year for a 44-month term, while senior persons can earn up to 7.45 per cent per year.
3. Invest safely
While alternative types of investments may offer higher returns, they are subject to market swings. On the other hand, a fixed deposit is a very safe way to invest. Bajaj Finance also has a high safety rating from CRISIL and ICRA, with FAAA and MAAA certifications.
4. 100% online application
Bajaj Finance’s online FD has an entirely online application process. The 5-step procedure takes less than 10 minutes to complete and may be done on laptops, smartphones, or tablets. While existing customers need to verify their information, prospective clients can save time by completing the KYC procedure online. Following that, payments can be made via net banking or UPI.
5. Periodic payouts
Bajaj Finance offers the option of receiving monthly interest payments. Monthly, quarterly, half-yearly, or yearly payouts are available to investors. This feature is quite beneficial to senior persons who want finances regularly.
6. Periodic savings
Bajaj Finance offers a Systematic Deposit Plan (SDP) for those who want to save little, regular amounts to attain more significant financial goals; Bajaj Finance offers a Systematic Deposit Plan (SDP). A Systematic Deposit Plan is also available from Bajaj Finance (SDP). Unlike a traditional fixed deposit, which requires a lump sum investment, an SDP allows consistent monthly savings. Customers can invest as little as $5,000 per month for 6 to 48 months.
Bajaj Finance Limited, the lending arm of the Bajaj Finserv group, is one of the most diversified non-banking financial companies in India, with over 44 million customers. Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities, and Rural Finance, which includes Gold Loans and Vehicle Refinancing Loans as well as Fixed Deposits, are among the company’s product offerings. Bajaj Finance Limited is proud to have the highest credit rating of any NBFC in the country, FAAA/Stable.
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