Bajaj Finance Hikes FD Rates After RBI Repo Rate Increase; Senior Citizens Can Earn Up To 8.25%
Bajaj Finance on Wednesday increased fixed deposit (FD) interest rates by 15-40 basis points across tenures ranging from 12 to 60 months, with the revised rates taking effect from Oct 7. The revision follows the Reserve Bank of India's (RBI) Monetary Policy Committee raising the repo rate by 25 basis points to 5.50% from 5.25% and shifting its policy stance to calibrated tightening. Following the…
Bajaj Finance raised fixed deposit interest rates by 15-40 basis points on Wednesday, effective October 7, after the Reserve Bank of India increased the repo rate by 25 basis points to 5.50%. Senior citizens can now earn up to 8.25% annually on tenures of 31-60 months, compared to 7.75% previously. Regular customers can earn up to 7.85% annually on the same tenures, compared to 7.75% previously.
The bank shifted its policy stance to 'calibrated tightening'. Bajaj Finance offers higher rates on longer tenures, with the 31-60 month rate increasing by 40 basis points to 8.15%. Senior citizens receive an additional 40 basis points over regular deposit rates. Renewing maturing deposits pushes the maximum interest rate to 8.25% for senior citizens on 31-60 month deposits.
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