Fixed Deposits have emerged an attractive investment option for investors in India. Fixed deposits are offered by many leading banks and non-banking financial companies. In FDs, citizens can grow a lump sum over a fixed period and at a fixed interest rate. FDs are highly safe and many citizens opt for them. The rate of interest in FDs remain unaffected by various market fluctuations.
Investors continue to look for FDs that can offer them striking interest rates. One such AAA rated non-banking financial services company is Bajaj Finserv Ltd that has been offering citizens a maximum interest rate of 7.45 percent on their Fixed Deposit.
It is worth noting that if you decide to invest in Bajaj Finance Fixed Deposit, you can get an interest rate of up to 7.20% pa and to get this rate of interest your age should be less than 60 years.
If you are a senior citizen, you can fetch an interest rate of 7.45% p.a. as they are eligible to receive an additional FD rate benefit of .25% p.a. Bajaj Finserv also revised its FD rates soon after Reserve Bank of India (RBI) announced a hike of 40 bps in repo rate in its unscheduled meeting on May 4, 2022. It is also important to note that your investment in Bajaj's FD will remain safe as it is a AAA rated NBFS and your investment will remain unaffected by market volatilities as well.
1. For citizens below 60 years
The annual rate of interest for citizens below 60 years for deposits ranging from Rs 15,000 up to Rs 5 crore has become effective from May 10, 2022. There are 3 tenors namely 12-23 months, 24- 35 months, and 36-60 months. In cumulative deposit, the rate of interest will be 5.75% for 12-13 months and 7% interest rate p.a. for 36-60 months tenor.
2. For senior citizens
The annual rate of interest for senior citizens for deposits from Rs 15,000 up to Rs 5 crore effective has become effective from May 10, 2022. It is divided in cumulative and non-cumulative deposits. If you opt for 12-23 months tenor, you can fetch an interest rate of 6.00% p.a. and it can go up to a maximum of 7.25% at maturity for 36-60 months tenor. For non-cumulative deposits, you can get an interest rate of 6.00% p.a. for 12-13 months tenor while it can go to 7.25% for 36-60 months tenor.
3. Special FD interest rates for cumulative deposits
Citizens can get special FD interest rates for cumulative deposits. For customers below 60 years, the maximum rate of interest for 44 months tenor is 7.20% p.a. while for senior citizens the rate of interest will be 7.45% for 44 months tenor.