Bajaj Finance increases its fixed deposit interest rates

New Delhi: After banks, now non-banking finance companies (NBFCs) have started hiking interest rates on fixed deposits (FDs). Bajaj Finance announced on Wednesday, that it has increased its FD rates for "existing loan and FD customers to up to 9% percent and new customers to up to 8.75 percent." For senior citizens the FD rates have been hiked to up to 9.10%. This is a hike of 0.25 percent and will be applicable for tenors between 36 months and 60 months across all customer categories, according to the company's press release.

These new rates are offered on an annual basis, applicable under the cumulative and non-cumulative payout schemes on 36-60 month tenors. The annual rate of interest is valid for deposits of up to Rs 5 crore and it will effective from October 17, 2018.

For the recently launched special tenor scheme of 15 months with a minimum FD size of Rs 1 lakh, the rate of interest would be up to 8.05 percent for new customers and 8.4 percent for senior citizens.


Bajaj Finance FD interest rates

Source: Company

Upon renewal, senior citizens will now earn a higher rate of interest of 9.35 percent which previously was 9.10 percent and new customers will be offered rate of interest of 9 percent compared to 8.75 percent earlier, for tenors ranging between 36 months and 60 months.

Sundaram Finance too announced on Wednesday, that interest rates on its deposits would be higher from October 19. The increase would be from 7.50 per cent to 7.75 per cent for deposits and renewals for a tenure of 12 and 18 months. The rates would be increased to eight per cent from 7.75 per cent for deposits of 24 and 36 months. For senior citizens, the rates would be hiked to 8.25 per cent from eight per cent for 12 and 18 months.