Bajaj Finance FD rate hiked; Check new interest rates for senior citizens, return calculator, other details

The repo rate was increased by 0.35 percent to 6.25 percent from 5.9 percent during the central bank's most recent policy review meeting on December 7, 2022. In accordance with the consequences of the RBI's policy, a number of financial institutions recently altered their FD rates on a few specific maturity periods. Following suit, the lending division of Bajaj Finserv Limited, Bajaj Finance, has raised its fixed-rate deposits by up to 25 basis points.

For terms between 12 months and 24 months, Bajaj Finance is raising interest rates by up to 25 bps in an effort to entice more investors to choose this alluring investment choice.

The updated Bajaj Finance FD rates will apply to new deposits as well as renewals of maturing accounts up to Rs 5 crore. The new rates will come into effect today, December 22, 2022.

Depositors over the age of 60 will continue to receive an interest rate on their fixed deposits of up to 7.95 percent per year under the amended Fixed Deposit Scheme, while non-senior citizens can earn up to 7.70 percent per year. Additionally, for the newly announced 39-month term from Bajaj Finance, depositors under the age of 60 can still take advantage of the FD interest rate of up to 7.60 percent annually, while those over 60 can earn up to 7.85 percent annually.