This AAA rated NBFC Hikes Interest Rates On FDs From June 14, Highest Offering Is 7.60%

Bajaj Finance Ltd. has hiked its interest rates across all tenors for citizens and senior citizens. Now citizens can fetch an interest rate of 7.35% p.a. for citizens and 7.60% p.a. for senior citizens. Now senior citizens can avail an additional interest of .25% on their deposit. The new rates have become effective starting June 14, 2022.

The annual rate of interest for customers below 60 years for deposits from 15000 to up to Rs 5 crore have also changed starting June 14, 2022. there are three tenors, 12-23 months, 24-35 months, and 36-60 months.

For deposits, citizens can fetch the highest interest rate of 7.20% p.a. for deposits maturing in 36-60 months. The minimum interest rate is 5.70% p.a. for deposits maturing in 12-23 months tenor.

The annual rate of interest for senior citizens for deposits from Rs 15,000 up to Rs 5 crore has been revised with effect from June 14, 2022. There are cumulative and non-cumulative deposits. For cumulative deposits the minimum interest rate is 6.10% p.a. for 12-23 months while the maximum interest rate is 7.45% for 36-60 months tenor. For non-cumulative deposits, the minimum interest rate is 5.94% for 12-23 months and maximum interest rate is 7.45% for 36-60 months tenor.

There is special fd interest rates for cumulative deposits. For customers below 60 years, the minimum interest rate is 6.05% for 15 months and maximum interest rate is 7.35% for 44 months. For senior citizens, the minimum interest rate is 6.30 % p.a. and maximum interest rate is 7.60% for 44 months tenor.

For non-cumulative deposit special fd interest rate for customers below 60 years, the minimum interest rate is 5.89% p.a. and the maximum interest rate is 7.35% p.a. for 44 months tenor.

For non-cumulative deposit special fd interest rate for senior citizens, the minimum interest rate is 6.13% p.a. for senior citizens for 15 months tenor and the maximum interest rate is 7.60% p.a. for 44 months.

It is important to note that Bajaj Finance Ltd has been assigned a high rating of FAAA/Stable by CRISIL which indicates a high credit quality and the FDs carry lowest credit risk for depositors.