The new rates will be applicable for fresh deposits as well as on renewal of maturing accounts. Bajaj Finance will offer 7.5% per annum for a tenure of 44 months for citizens below 60 years of age, while senior citizens can earn up to 7.75% per annum on special FDs.
FD Interest Rate Table
Specific FD Interest Rates
FD Interest Rates for Senior Citizens
Special FD Interest Rates
As per a Bajaj Finance press release, “With the online FD process, investors can book FDs in a matter of minutes and avail attractive interest rates. Bajaj Finance Fixed Deposit has the highest stability rating CRISIL AAA/Stable and [ICRA]AAA (stable) rating is one of the safest investment options for investors.”
RBI rate hike
On September 30, 2022, RBI raised its repo rate by 0.5%; This is the fourth straight repo rate hike of the cycle. Investors in fixed deposits who want to earn returns higher than inflation can take advantage of this.
increase in banks FD Rates
including banks Indian Bank, Canara Bank, Kotak Mahindra Bank have already increased their hike fixed deposit interest rates, A large number of small banks have started offering FD rates of 7% to regular residents and 7.5% or more to elderly citizens. For example, elderly residents get returns Bandhan Bank And indusind bank Which is at least 7.5% higher than the highest rate offered to ordinary citizens, which is 7%.
Should you book a long term FD after the current hike?
While the rate hike is good news for depositors, it also presents several challenges. Despite the fact that interest rates have reversed direction, no one knows where rates will eventually go or when they will peak. If you wait longer to book your FD for a higher rate, you will miss out on the already rising rates, and if you book a longer term FD after a few hikes, then the rates will increase in the future. You may suffer losses if the increase continues. ,