As per the website, a person can open a fixed deposit account with a minimum amount of ₹15,000, while the systematic deposit plan starts at ₹5,000. An investor can get maximum returns on special tenures like 15 months, 18 months, 22 months, 33 months, and 44 months. While senior citizens get an additional 0.25% rate benefit on their FDs.
There is a stability rating of CRISIL 'AAA' and ICRA 'AAA' on the FD program. It is the highest safety rating of the two agencies.
The company's FD rates on certain tenures are higher from the inflation rate. India's consumer price index stands at 6.71% in July from 7.01% in June month. Inflation continues to stay above RBI's comfort zone of 6% for the seventh consecutive month.
Senior citizens:
For non-cumulative FDs, Bajaj Finance offers 6.65% annually on 15 months tenure, while the rate is 6.75% and 6.90% per annum on 18 months and 22 months tenure.
An elderly can earn a 7.39% and 7.40% rate on 30 months and 33 months tenure. The highest rate is 7.75% offered on 44 months of tenure.
Non-senior citizens:
For a regular depositor, the bank offers a 6.40% and 6.50% interest rate on FDs maturing 15 months and 18 months respectively on an annual basis. The rate is 6.65% on 22 months, 7.05% on 30 months, 7.15% on 33 months, and 7.50% on 44 months.
Systematic Deposit Plan (SDP):
SDP is quick and easy at Bajaj Finance. Any resident Indian citizen above the age of 18 years can start investing in SDP.
For general category investors, Bajaj Finance offers a 6.20% rate on 12-23 months, while an investor can earn 6.95% and 7.40% on 24-35 months and 36-60 months respectively.
For senior citizens, the NBFC gives a 6.45% rate on tenures between 12-23 months, the rate is 7.20% and 7.65% annually on 24-35 months and 36-60 months respectively.
There are also special rates offered by the company under SDP. A cumulative 6.40% rate per annum is offered on 15 months, 6.50% on 18 months, 6.65% on 22 months, 7.05% on 30 months, 7.15% on 33 months, and 7.50% on 44 months.
