Bajaj Finance Offers Higher Returns on FDs With 40 Basis Points Rise

The fixed deposit (FD) rates of Bajaj Finance, the lending division of Bajaj Finserv, increased by up to 40 basis points on Wednesday, May 10.

The Plan

After the increase, a unique 44-month tenure for older people will carry an interest rate of 8.60% annually.

On deposits with maturities ranging from 36 to 60 months, the new rates are increased by 40 basis points. Depositors under 60 can earn up to 8.05 percent annually, while depositors over 60 can earn up to 8.30 percent annually.

About Bajaj Finance

Bajaj Finserv Limited is a non-banking financial services firm based in Pune, India. Lending, asset management, wealth management, and insurance are its main areas of concentration. Bajaj Finance was founded in 1987 as Bajaj Auto Finance. Afterward, the focus shifted to finance for businesses and properties.

The company operates consumer credit operations, life insurance, and general insurance; it has over 20,154 workers across 1,409 sites. It is also involved in wind energy generating, having a total installed capacity of 65.2 MW. The company’s board of directors has recently authorized the split of its equity shares at a ratio of 1:5 in the quarterly results for June 2022.

Bajaj Housing Finance Limited and Bajaj Financial Securities Limited are wholly owned subsidiaries of Bajaj Finance. Bajaj Finance Limited has the country’s highest credit rating for an NBFC. It is also the sole NBFC in India to have received the worldwide BBB rating from S&P Global Rating with a stable long-term outlook.

As per CNBCTV18, the modified rates on Bajaj Finance FDs will apply to new deposits and renewals of maturing accounts up to Rs 5 crore.

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