Bajaj Finance hikes deposit rates, yet again
Premium- Bajaj Finance had also raised interest rates in May. Following the latest hike, interest rates are up 30-45 basis points across deposits of varied tenures from May
NEW DELHI: With inflation concerns looming large, the Reserve Bank of India hiked repo rate by 90 basis points to 4.9% in a short span of around two months. This has set off a series of deposit rate hikes by banks and NBFCs (non-banking finance companies).
The latest one to do so is Bajaj Finance. The NBFC has raised the rates that it offers on deposits of up to ₹5 crore, across different tenures, effective July 1. It had also raised interest rates in May. Following the latest hike, interest rates are up 30-45 basis points across deposits of varied tenures from May.
Bajaj Finance FDs are rated AAA/Stable by CRISIL, and AAA (Stable) by ICRA.
The interest rate on 12-23 months cumulative FD will go up from 5.75% to 6.2%. The rates on the non-cumulative FDs, too, have been raised – quarterly, half-yearly and annual interest pay-out options, for example, will now offer 6.06% (earlier 5.63%), 6.11% (earlier 5.67%) and 6.20% (earlier 5.75%), respectively.
Likewise, the 15-month special cumulative FD rate has been raised to 6.4% from 6% and that on the non-cumulative FD with quarterly, half-yearly and annual interest pay-out options has been raised to 6.25% (earlier 5.87%), 6.3% (earlier 5.91%) and 6.4% (earlier 6%), respectively.
Among Bajaj Finance’s cumulative FDs, the 44-month deposit offers the highest rate of 7.5%, up from the 7.2%. The 44-month non-cumulative FD with annual interest pay-out option also offers 7.5%, up from 7.2%.
Senior citizens enjoy higher rates on all FDs. They can earn 6.45% on the 12–23-month cumulative FD. This is up from the 6% that is being offered currently. The 44-month cumulative special FD offers the highest rate of interest of 7.75%, up from the earlier 7.45%.