Bajaj Finance increases FD rates across multiple tenures

Hyderabad: Bajaj Finance Ltd., a part of Bajaj Finserv Ltd., has increased Fixed Deposit (FD) rates across various tenures. Effective April 3, 2024, the company raised FD rates for senior citizens by up to 60 basis points in the 25-to-35-month tenure and 40 basis points in the 18-to-24-month tenure. For non-senior citizens, rates were hiked by up to 45 basis points in the 25-to-35-month tenure, 40 basis points in the 18 and 22-month tenures, and 35 basis points in the 30 and 33-month tenures.

This move provides an opportunity for savers to secure stable returns. Senior citizens can avail FD rates of up to 8.85% and non-senior citizens can benefit from rates of up to 8.60 per cent, by booking digitally in the 42-month tenure.

Sachin Sikka, Head of Fixed Deposits & Investments at Bajaj Finance, stated, "Our enhanced rates across several investment buckets offer an attractive proposition for investors seeking stability. Millions of depositors have trusted the Bajaj brand over the years. We are focused on providing them with a better experience, more value, and a safe option for their savings."

As of March 31, 2024, Bajaj Finance's customer franchise stood at approximately 83.64 million. The company has become the largest deposit-taking NBFC in the country with a Deposits book of over Rs. 60,000 crore as of March 31, 2024. The number of users on its App platform was 49.19 million as of December 31, 2023. The Bajaj Finserv App ranks as the 4th most downloaded app in the financial domain on Playstore in India according to data.io report.

Bajaj Finance's Fixed Deposit program has stability ratings of CRISIL’s AAA/Stable and ICRA’s AAA(Stable), making it one of the safest investment options. The company's App also provides an Investment Marketplace where customers can access a wide range of mutual funds.