Bajaj Finance hikes FD rates for most tenures by up to 60 bps

New Delhi: Bajaj Finance, part of Bajaj Finserv, has increased fixed deposit (FD) rates for most tenures by up to 60 basis points (bps).

Bajaj Finance is a deposit-taking non-banking financial company registered with the Reserve Bank of India.

Effective April 3, 2024, the company has increased FD rates for senior citizens by up to 60 basis points in the 25-35-month tenure and 40 basis points in the 18-24-month tenure.

For non-senior citizens, rates have been hiked by up to 45 basis points in the 25-35-month tenure, 40 basis points in the 18 and 22-month tenures, and 35 basis points in the 30 and 33-month tenures, the company said in a release.

Senior citizens can continue to avail FD rates of up to 8.85 per cent and non-senior citizens can take benefit of rates of up to 8.6 per cent, by booking digitally in the 42-month tenure, it said.

"Our enhanced rates across several investment buckets present an attractive proposition for investors seeking stability," said Sachin Sikka, Head - Fixed Deposits and Investments at Bajaj Finance.

The company has emerged as the country's largest deposit-taking NBFC with a deposit book of over Rs 60,000 crore as of March 31, 2024, Bajaj Finance said.