Bajaj Finance revises special FD rates to up to 8.1%. Know details
1 min read . Updated: 21 Jan 2023, 09:48 AM IST
Premium- Experts believe that the FD rates can still increase since there is a sustained rise in key policy rates due to an increase in inflation.
Risk-averse depositors can now get a maximum interest rate of 8.10% per anum on their fixed deposits as Bajaj Finance Ltd has revised rates on its FD schemes.
The non-banking finance company (NBFC) has revised a 44-month special tenor FD scheme, effective Friday, with the rate set at 8.1% for senior citizens. For other categories of consumers, the FD rate stands at 7.85%.
The FDs are rated AAA by Crisil and Icra. Experts believe that the FD rates can still increase since there is a sustained rise in key policy rates due to an increase in inflation. The company is offering FD rates on the special tenure of 15,18, 22, 30, 39 and 44 months.
On the other hand, a 12-14-month cumulative FD for senior citizens will fetch 7.4%, while a 15-month special FD will get 7.55%, and a 22-month special FD will get 7.7% returns p.a. The firm permits you to start FDs of tenures ranging from 12 to 60 months. You can deposit an amount within the range of ₹15,000 to Rs.5 crore to fetch revised interest rates. However, it would help if you also kept several factors in mind before getting higher returns on your deposits.
For instance, comparing NBFCs with banks, penalties for premature termination of FDs are higher. Besides, NBFCs are also not covered by the ₹5 lakh guarantee provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
However, risk-averse depositors should look for further rate hikes in the current scenario before investing in an FD. You can choose shorter FD deposit tenures. This way, you can reinvest the maturity proceeds at higher rates if interest rates keep rising.
The FDs can be booked online. Once the amount is invested, one can download the FDR (fixed deposit receipts), interest certificate, statement of accounts and other relevant documents.