new Delhi. Bajaj Finance Limited, the loan and investment arm of Bajaj Finserv, has raised fixed deposit rates to 40 basis points for a time period of 36 to 60 months. The new interest rates will be applicable from February 1, 2021 on deposits below Rs 5 crore. Customers will get the benefit of new interest rates on new deposits and renewals of maturing deposits.
New rates of cumulative FD
|Time period (in months)||Earlier interest rates||New Interest Rates (applicable from February 1, 2021)|
Some changes like this
There is an increase of 5 basis points for FDs between 12 months and 23 months while for FDs between 24 months and 35 months there is an increase of 30 basis points, for FDs between 36 and 60 months. There is an increase of 40 basis points. After the change in interest rates, customers on deposits between 36 months to 60 months will get the highest return of up to 7 per cent, plus non-senior citizens investing online will get an additional benefit of up to 0.10 on investment. For the same period of time, senior citizens can avail 0.25% additional rates on their FDs, and they will get a assured return of 7.25% on any investment.
New rates of non-cumulative cumulative FD
|Time period (in months)||Monthly||Quarter||Half yearly||Annual|
|12 – 23||5.98%||6.01%||6.06%||6.15%|
|24 – 35||6.41%||6.44%||6.49%||6.60%|
|36 – 60||6.79%||6.82%||6.88%||7.00%|
Senior citizens will benefit
Talking about the benefits of interest rates based on the category of customers, senior citizens will get an additional benefit of 0.25 per cent. Note that senior citizens who invest in Bajaj Finance online FD by any means will get a similar benefit (0.25% profit on interest rates). At the same time, for customers booking FD directly through Bajaj Finserv website or app, there will be an additional benefit of 0.10%. According to the information, Bajaj Finance also provides you the facility to invest from home, and this online process does not require paperwork from beginning to end. In this way, investors can invest comfortably by staying at their home. In this process of online FD, FD booking takes place within minutes, and investors can easily take advantage of these attractive interest rates on FD.