Bajaj Finance Hikes Interest Rates On Fixed Deposit Once Again: Highest Offering is 7.75%

The Reserve Bank of India's six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das hiked the rape rate by 50 bps to 4.90 earlier this month on June 8 in an effort to control the surging inflation. Soon after the repo rate hike by RBI, several leading private, public lenders, and Non-Banking Financial Companies (NBFCs) raised interest rates on fixed deposits.

Now Bajaj Finance has hiked interest rates on its fixed deposits that will become effective from July 1, 2022. Bajaj Finance Limited is the lending arm of Bajaj Finserv Limited. It is one of the most diversified NBFCs has been catering to over 50 millions customers all over India.

It has a credit rating of FAAA/Stable and MAAA(Stable) for its FD program so your deposits are safe.

The leading NBFC has hiked interest rates on deposits of up to Rs 5 crore. According to the information available, citizens can fetch a minimum 6.20% interest rates for deposits for the tenor 12 to 23 months meanwhile the highest interest rate is 7.40% for the period of 36-60 months. Meanwhile, senior citizens can now fetch a minimum interest rate of 6.45% for the tenor of 12-23 months meanwhile the maximum interest rate is 7.65% for the period of 36 to 60 months.

For deposits for the tenor of 15 months the minimum interest rate is 6.40% and maximum interest rate is 7.50% for 44 months. Meanwhile, for senior citizens, the minimum interest rate is 6.65 for 15 months and maximum interest rate is 7.75% for 44 months tenor.

Check the table below for latest interest rates:

For General Citizens:

		NEW CUSTOMERS
		TABLE 1
	cumulative		Non-cumulative
Period (except table 2)	at maturity(%p.a)	Monthly(%p.a)	Quarterly(%p.a)	Half Yearly(%p.a)	Annual(%p.a)
12- 23 months	6.20	6.03	6.06	6.1	6.20
24 - 35 months	6.95	6.74	6.78	6.83	6.95
36 - 60 months	7.40	7.16	7.20	7.27	7.40

		New Customers
		Table 2
	cumulative		Non-cumulative
Period (except table 4)	at maturity(%p.a)	Monthly(%p.a)	Quarterly(%p.a)	Half Yearly(%p.a)	Annual(%p.a)
15 months	6.40	6.22	6.25	6.30	6.40
18 months	6.50	6.31	6.35	6.40	6.50
22 months	6.65	6.46	6.49	6.54	6.65
30 months	7.05	6.83	6.87	6.93	7.05
33 months	7.15	6.93	6.97	7.03	7.15
44 months	7.50	7.25	7.30	7.36	7.50

For Senior Citizens:

		Sr.citizen
		Table 3
	cumulative		Non-cumulative
Period	at maturity(%p.a)	Monthly(%p.a)	Quarterly(%p.a)	Half Yearly(%p.a)	Annual(%p.a)
12- 23 months	6.45	6.27	6.30	6.4	6.45
24 - 35 months	7.20	6.97	7.01	7.08	7.20
36 - 60 months	7.65	7.39	7.44	7.51	7.65

		Sr.citizen
		Table 4
	cumulative		Non-cumulative
Period	at maturity(%p.a)	Monthly(%p.a)	Quarterly(%p.a)	Half Yearly(%p.a)	Annual(%p.a)
15 months	6.65	6.46	6.49	6.54	6.65
18 months	6.75	6.55	6.59	6 64	6.75
22 months	6.90	6.69	6.73	679	6 90
30 months	7.30	7.07	7.11	7 17	7.30
33 months	7 40	7.16	7.20	7 27	7 40
44 months	7.75	7.49	7.53	7.61	7.75