Bajaj Finance hikes FD rates for most tenures by up to 60 bps; highest rate continues at 8.85%

• FD rate for senior citizens is the highest at 8.85% for 42-month tenure
• Rates for senior citizens have been raised by up to 60 basis points across select buckets
• Bajaj Finance’s highest rated FD program is a secure, high-yield and stable option for depositors

PUNE, India and MUMBAI, India, April 8, 2024 /PRNewswire/ — Bajaj Finance Ltd., part of Bajaj Finserv Ltd., one of the country’s largest financial services groups, has announced hikes in Fixed Deposits (FDs) rates across most tenures.

Effective April 3, 2024, the company has increased FD rates for senior citizens by up to 60 basis points in the 25-to-35-month tenure and 40 basis points in the 18-to-24-month tenure.

For non-senior citizens, rates have been hiked by up to 45 basis points in the 25-to-35-month tenure, 40 basis points in the 18 and 22 month tenures, and 35 basis points in the 30 and 33-month tenures.

The move presents an opportunity for savers to secure stable and better returns in prevailing market conditions.

Senior citizens can continue to avail FD rates of up to 8.85% and non-senior citizens can take benefit of rates of up to 8.60%, by booking digitally in the 42 months tenure.

Sachin Sikka, Head – Fixed Deposits & Investments at Bajaj Finance, said, “Our enhanced rates across several investment buckets present an attractive proposition for investors seeking stability. Over the years, millions of depositors have placed their trust in the Bajaj brand. We continue to stay focused on offering them a better experience, more value and a safe option for their savings.”

Bajaj Finance’s customer franchise stood at approximately 83.64 MM as of March 31, 2024. The company has emerged as the country’s largest deposit-taking NBFC with a Deposits book of over Rs. 60,000 crore as of March 31, 2024.

Net users on its App platform were 49.19 million as on December 31, 2023. The Bajaj Finserv App is the 4^th most downloaded app in the financial domain on Playstore in India as per data.io report.

The Bajaj Finance Fixed Deposit program has the highest stability ratings with CRISIL’s AAA/Stable and ICRA’s AAA (Stable), offering one of the safest investment options for investors. The company’s App also offers an Investment Marketplace where customers can access a wide array of mutual funds.

1.  Bajaj Finance FD Rates (% per annum) for Non-Senior Citizens, w.e.f. 03 April 2024

2.  Bajaj Finance FD Rates (% per annum) for Senior Citizens, w.e.f. 02 January 2024

About Bajaj Finance Limited

Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj Finserv Ltd., is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-six-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 80.41 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BBB-/Stable a and a short-term rating of A-3 by S&P Global ratings. To know more, visit www.bajajfinserv.in/

 

 

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