Bajaj Finance Revises Interest Rates On FDs, New Rates Effective From 8 November

Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, has revised the interest rates on their fixed deposit (FD) scheme with effect from November 8, 2022. The new rates will be applicable on Fixed Deposits up to 5 Crore on a minimum deposit of Rs 15,000. It is important to note that this is the 2nd hike by Bajaj Finance after the Reserve Bank of India (RBI) hikes the repo rate 4th time by 50 bps in September. According to Bajaj Finance, customers now will receive an interest rate on deposits up to 7.85%.

The repo rate has been raised by the RBI continuously 4 times this year since May, which encouraged Bajaj Finance to revise its FD rates. There is a chance that FD rates will rise even further in 2023. Given their guaranteed returns, fixed deposits are regarded as one of the safest ways to save. Below are the revised Interest rates on FD by the Bajaj Finance:

Table 1 - Annual Rate of Interest valid for deposits up to Rs 5 crore (except table 2) -w.e.f. 08th November 2022

Cumulative Deposits Plan

Tenors in Months	Interest Rate (p.a.)
12-23	6.55%
24-35	7.25%
36-60	7.50%

Non-Cumulative Deposits Plan

Tenors in Months	Monthly	Quarterly	Half-Yearly	Annual
12-23	6.36%	6.40%	6.45%	6.55%
24-35	7.02%	7.06%	7.12%	7.25%
36-60	7.25%	7.30%	7.36%	7.50%

Table 2 - Annual Rate of Interest valid for deposits up to Rs 5 crore - w.e.f. 08th November 2022

Cumulative Deposits Plan

Tenors in Months	At Maturity
15 months	6.70%
18 months	6.80%
22 months	7.05%
30 months	7.35%
33 months	7.35%
44 months	7.60%

Non-Cumulative Deposits Plan

Tenors in Months	Monthly	Quarterly	Half Yearly	Annual
15 monhs	6.50%	6.54%	6.59%	6.70%
18 months	6.60%	6.30%	6.69%	6.80%
22 months	6.83%	6.87%	6.93%	7.05%
30 months	7.11%	7.17%	7.22%	7.35%
33 months	7.11%	7.17%	7.22%	7.35%
44 months	7.35%	7.39%	7.46%	7.60%

 

Table 3 - Annual Rate of Interest valid for deposits up to Rs 5 crore For Senior Citizens (Except Table 4) - w.e.f. 08th November 2022

Cumulative Deposits Plan

Tenors in Months	At Maturity
12-23	6.80%
24-35	7.50%
36-60	7.75%

Non-Cumulative Deposits Plan

Tenors in Months	Monthly	Quarterly	Half-Yearly	Annual
12-23	6.60%	6.63%	6.69%	6.80%
24-35	7.25%	7.30%	7.36%	7.50%
36-60	7.49%	7.53%	7.61%	7.75%

Table 4 - Annual Rate of Interest valid for deposits up to Rs 5 crore for Senior Citizens -w.e.f. 08th November 2022

Senior-Cumulative Plan

Tenors in Months	At Maturity
15 months	6.95%
18 months	7.05%
22 months	7.30%
30 months	7.60%
33 months	7.60%
44 months	7.85%

Senior Citizens Non-Cumulative Plan

Tenors in Months	Monthly	Quarterly	Half Yearly	Annual
15 months	6.74%	6.78%	6.83%	6.95%
18 months	6.83%	6.87%	6.93%	7.05%
22 months	7.07%	7.11%	7.17%	7.30%
30 months	7.35%	7.39%	7.46%	7.60%
33 months	7.35%	7.39%	7.46%	7.60%
44 months	7.58%	7.63%	7.70%	7.85%