Last updated: Mar 04, 2023, 2:56 PM IST
Bajaj Finance is the lending arm of Bajaj Finserv.
Bajaj Finance has raised interest rates on fixed deposits by up to 35 basis points for maturities from 15 months to 23 months
Bajaj Finance, the lender of Bajaj Finserv Ltd, on Saturday announced an increase in interest rates on fixed deposits of up to 35 basis points for maturities ranging from 15 months to 23 months, effective Saturday, March 4. citizens can receive up to 8.20 percent per year for a 44-month term of office.
Depositors under the age of 60 can earn up to 7.95 percent per annum. For the 33-month special tenure introduced by Bajaj Finance last year, nonseniors can take advantage of FD interest rates of up to 7.75 percent per annum, while seniors can earn up to 8.00 percent per annum, Bajaj Finance said in a statement. declaration .
Sachin Sikka, executive vice president (fixed deposits and investments) of Bajaj Finance Ltd., said: “The current interest rate environment allows investors to make the most of fixed deposits. Our revised interest rates on fixed deposits in the 44-month segment are a whopping 8.20 percent, allowing investors to take advantage of inflation-beating interest rates and liquidity. Booking an FD with Bajaj Finance is completely digitized and paperless, making it a simple and safe process for investors.”
Recently, Suryoday Small Finance Bank (SSFB) and Equitas Small Finance Bank (ESFB) have also revised their Fixed Deposit (FD) interest rates, effective March 1, 2023. Interest rates for Suryoday Small Finance Bank for five to ten year maturities were revised by 75-125 basis points (bps). The bank also revised interest rates on savings accounts to 200 basis points (bps). The raise by Equitas Small Finance Bank will allow FD clients to earn 8.20 percent interest on an investment of less than Rs 2 crore over a tenure of 888 days.
The RBI last month raised the repo rate by 25 basis points to 6.50 percent, the sixth consecutive increase since May 2022, to keep inflation in check.
According to the latest available data, India’s retail inflation rate rose to 6.52 percent in January 2023 for expensive food and fuel. In December 2022, consumer price index (CPI)-based inflation had declined to 5.72 percent. By November 2022, it had dropped to 5.88 percent. Retail inflation fell below the RBI’s 2-6 percent band at 5.88 percent in November after staying above it for 10 straight months.
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