NEW DELHI: Bajaj Finance, the lending arm of Bajaj Finserv Ltd., has increased its fixed deposit (FD) rate by up to 25 basis points (bps), for maturities from 12 months to 24 months. The new rates are effective from December 22.
The revised rates for Bajaj Finance FDs will be applied to new deposits and renewals of deposits maturing up to $5 crore, according to a press release issued by the company.
Recently, a number of financial institutions have adjusted their FD rates to selected maturities, in line with the Reserve Bank of India (RBI) increase in key policy rates.
Under the revised Fixed Deposit Scheme, for a period of 44 months, depositors over the age of 60 will continue to enjoy interest rates up to 7.95%, while non-seniors can Earn up to 7.70%.
Also, for the new 39-month term recently introduced by Bajaj Finance, depositors under 60 can still avail FD interest up to 7.60%, while seniors can earn up to 7 ,85%.
Earlier this month, the RBI raised the main repo rate by 35 basis points (bps) to 6.25%, as widely expected, for the fifth consecutive increase and vowed not to give up the fight to contain high inflation.
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