Last Updated: March 04, 2023, 14:50 IST
Bajaj Finance is the lending arm of Bajaj Finserv.
Bajaj Finance has hiked rates of interest on fastened deposits by as much as 35 foundation factors for tenures between 15 months and 23 months
Bajaj Finance, the lending arm of Bajaj Finserv Ltd, on Saturday introduced a rise in rates of interest on fastened deposits by as much as 35 foundation factors for tenures between 15 months and 23 months, efficient from Saturday, March 4. After the most recent hike, senior residents can obtain as much as 8.20 per cent every year on a tenure of 44 months.
Depositors beneath 60 years can earn as much as 7.95 per cent every year. For the particular tenure of 33 months launched final yr by Bajaj Finance, non-senior residents can avail FD rates of interest of as much as 7.75 per cent every year whereas senior residents can earn as much as 8.00 per cent every year, Bajaj Finance stated in a press release.
Sachin Sikka, government vice-president (fastened deposits and investments) of Bajaj Finance Ltd., stated, “The present rate of interest surroundings permits traders to benefit from fastened deposits. Our revised rates of interest on Fixed Deposits within the 44-month bucket are as excessive as 8.20 per cent, enabling traders to achieve from inflation-beating charges and liquidity. Booking an FD with Bajaj Finance is totally digitised and paperless, making it a easy and safe course of for traders.”
Recently, Suryoday Small Finance Bank (SSFB) and Equitas Small Finance Bank (ESFB) also revised their interest rates on fixed deposits (FD), effective from March 1, 2023. Interest rates for Suryoday Small Finance Bank in five to 10-year tenures were revised by 75-125 basis points (bps). The bank also revised interest rates on savings accounts up to 200 basis points (bps). The hike by Equitas Small Finance Bank will allow FD customers to earn 8.20 per cent interest on investing less than Rs 2 crore for a tenure of 888 days.
The RBI last month raised the repo rate by 25 basis points to 6.50 per cent, which was the sixth hike in a row since May 2022, in order to control inflation.
According to the latest data available, India’s retail inflation in January 2023 rose to 6.52 per cent on costly food items and fuel. In December 2022, the Consumer Price Index (CPI)-based inflation had eased to 5.72 per cent. In November 2022, it had fallen to 5.88 per cent. The retail inflation came under the RBI’s 2-6 per cent band in November with 5.88 per cent rate after remaining beyond it for 10 months consecutively.
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