Bajaj Finance said it will offer 8.10% on fixed deposits to senior citizens, making it among the highest interest rates offered on fixed deposits in the country. For others, it will be 7.85% per year.
The non-banking finance company claims to have the highest credit ranking in the sector in India.
It is the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market with over 19 million customers.
Headquartered in Pune, the company’s product offering includes Consumer Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Loan against Securities and Rural Finance which includes Gold Loans and vehicle re-financing Loans.
The move follows the government’s recent announcement that it will offer a fixed 8 percent returns on 10-year bank deposits of up to Rs 7.5 lakh.
“Following the same principal, Bajaj Finance Ltd is offering a higher rate of interest for senior citizens for an amount as low as Rs. 25000,” the company said.
Customers can select the customer according to their need. Existing customer of Bajaj Finance will enjoy an extra 0.10% on fresh deposits.
The Indian Fixed Deposits market is estimated to be Rs.110,00,000 crore of which the corporates FDs is approximately 50%.
Bajaj Finance Ltd’s FD portfolio has grown at an average of 137% per year in last 3 years. FD asset under management stood at 5,521 crore as August 31 2017.
The investment can be done via the company’s offices in over 200 cities for tenors from 12 to 60 months.
