Bajaj Finance has recently increased its fixed deposit (FD) rates, providing an opportunity for senior citizens to earn higher returns. With rates going up to 8.60% p.a., it presents an attractive investment option. Here’s all you need to know about the latest FD rates offered by Bajaj Finance.
Increased Rates for Senior Citizens
Following the recent revision, senior citizens can now earn up to 8.60% p.a. on their fixed deposits. This offer is applicable for a tenure of 44 months.
Comparison of Interest Rates
To provide a clear understanding of the changes, here is a comparison of the old and new interest rates for cumulative FDs:
| Tenure (months) | Customers below 60 years of age (Old rates) | Customers below 60 years of age (Revised rates) | Senior citizens (Old rates) | Senior citizens (Revised rates) |
|---|---|---|---|---|
| 12-14 | 7.40% | 7.40% | 7.65% | 7.65% |
| 36 | 7.65% | 8.05% | 7.90% | 8.30% |
| 44 | 7.95% | 8.35% | 8.00% | 8.60% |
| 60 | 7.65% | 8.05% | 7.90% | 8.30% |
Benefits of Bajaj Finance Fixed Deposit
Apart from the higher FD rates, Bajaj Finance offers several advantages that make it an ideal investment option:
1. Maximum Safety of Deposit
Bajaj Finance is a reputed financial institution known for its financial stability. With the highest safety rating of [ICRA]AAA(Stable), it ensures the safety of your funds and minimizes investment risk.
2. FD Calculator
Bajaj Finance provides an online FD calculator on its website. This tool helps you estimate your returns by entering details such as investment amount, tenure, and payout option. The fixed interest rate throughout the chosen tenure makes it easier to predict maturity returns.
3. End-to-End Online Process
Investing in Bajaj Finance FD is a seamless and secure experience, thanks to its fully online process. This ensures the safety of your returns and timely payouts.
4. Flexible Payment Options
Bajaj Finance offers both cumulative and non-cumulative options for fixed deposits. The non-cumulative option is beneficial for those seeking a regular income stream, with interest payouts available at desired frequencies (monthly, quarterly, half-yearly, or annually). It’s important to note that the interest rates for non-cumulative FDs may vary.
5. Small Monthly Deposits
Bajaj Finance also provides a Systematic Deposit Plan, allowing investors to start with affordable monthly payments as low as Rs. 5,000. These small monthly deposits can grow significantly over time and contribute to your overall profits. The plan offers various tenure options to suit individual needs.
With its increased FD rates of up to 8.60% p.a., Bajaj Finance presents an attractive investment opportunity for senior citizens. Along with the higher returns, the institution ensures maximum safety, provides a user-friendly FD calculator, offers an end-to-end online process, and allows flexible payment options.
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