A cumulative FD of 12-23 months will fetch a 6.80% rate while a 15-month FD for a non-senior citizen attracts a 6.95% rate.
The highest rate of interest for senior citizens with 44 months tenure of the scheme pegs at 7.95% unlike general customers with FD rates at 7.70%.
Bajaj Finance Limited, a non-banking finance company, has introduced a new 39 months special tenor fixed deposit scheme, effective from Tuesday. In this scheme, the fixed deposit rate is set at 7.85% for senior citizens, and for general customers stands at 7.60%. However, the highest rate of interest for senior citizens with 44 months tenure of the scheme pegs at 7.95% unlike general customers with FD rates at 7.70%. A cumulative FD of 12-23 months will fetch a 6.80% rate while a 15-month FD for a non-senior citizen attracts a 6.95% rate.
Tenure in months Cumulative FD (general)
12-14 6.80%
15 6.95%
16-17 6.80%
18 7.00%
19-21 6.80%
22 7.10%
24-29 7.25%
30 7.30%
31-32 7.25%
33 7.30%
34-35 7.25%
36-38 7.50%
39 7.60%
40-43 7.50%
44 7.70%
45-60 7.50%
The Executive Vice President of the Fixed Deposits and Investments, Bajaj Finance Ltd. said “Earlier we used to change rates almost once in 6 months, but this year we have changed it more frequently. The reason for the change is the increase in repo rates by RBI and other reasons. However, this time there has been no change in all the schemes. This time with an increase of around 25 basis points, we are also launching the scheme for a new tenure of 39 months.”
During the pandemic, the Reserve Bank of India cut the interest rates on fixed deposits. Despite regulating the interest rates at banks and NBFC, the former was giving better rates. Bajaj Finance FDs are rated with CRISIL AAA and STABLE and ICRA and AAA.
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Source: News18