Bajaj Finance FD Rates Hiked From Today: Seniors Can Now Earn Up To 8.15%; Check New Rates

Good News For depositors as Bajaj Finance has increased interest rates on its fixed deposits (FDs) by 15 to 40 bps across tenures of 12 to 60 months, with the new rates effective October 7.

The NBFC announced this decision aftre the Reserve Bank of India's Monetary Policy Committee raised the repo rate by 25 bps to 5.50% from 5.25% and shifted its stance to calibrated tightening.

Who Will Gain From Bajaj Finance FD Hike?

The biggest gains are in the longer tenures. As per the company declaration, For regular depositors, the rate on 12 to 17 month deposits goes up by 20 bps to 6.80%, while the 18 to 30 month bracket rises by 15 bps to 7.00%. The 31 to 60 month tenure has jumped with the rate rising 35 bps to 7.75% from 7.40% earlier.

Senior citizens get a higher benefit. The extra interest over regular rates has been increased to 40 bps from 35 bps, taking senior citizen rates to 7.20% for 12 to 17 months, 7.40% for 18 to 30 months, and 8.15% for 31 to 60 months. The top rate for seniors was 7.75% before the revision.

Existing customers renewing a maturing deposit get an additional 10 bps. That lifts the maximum rate to 7.85% for regular depositors and 8.25% for senior citizens in the 31 to 60 month tenure.

The revised rates apply to both fresh deposits and renewals, and depositors can choose between cumulative deposits, where interest is paid at maturity, or non-cumulative options with monthly, quarterly, half-yearly or annual payouts.

Bajaj Finance Shares

Bajaj Finance shares were trading in the green on Wednesday despite a decline in the benchmark Sensex and Nifty indices. At the time of writing, Bajaj Finance shares were trading at Rs 967.00, up Rs 3.90 or 0.40% from the previous close