The RBI’s move was its first repo rate hike since February 2023.
For fresh deposits, regular depositors can now earn up to 7.75% per annum on cumulative FDs with a tenure of 31-60 months, compared with 7.40% earlier. For senior citizens, the rate for the same tenure has been raised to 8.15% from 7.75%.
For regular depositors, the rate on 12-17 month deposits has increased to 6.80% from 6.60%, while the rate for 18-30 months has been raised to 7% from 6.85%.
Senior citizens will earn 7.20% on deposits of 12-17 months and 7.40% on 18-30 month deposits, compared with 6.80% and 7%, respectively, earlier. The senior-citizen premium has also been increased to 0.40 percentage points over regular rates from 0.35 percentage points.
Higher rates for FD renewals
Bajaj Finance has also offered an additional 0.10 percentage point on renewal of maturing deposits. Under the revised structure, regular depositors renewing their FDs can earn up to 7.85%, while senior citizens can earn up to 8.25% for 31-60 month deposits.
The revised rates apply to cumulative as well as non-cumulative deposits. Under the non-cumulative option, interest can be paid monthly, quarterly, half-yearly or annually.
The company said deposits can be booked from ₹15,000 up to ₹3 crore under the stated rate structure.
Bajaj Finance’s fixed deposit programme carries CRISIL AAA/Stable and ICRA AAA/Stable ratings, according to the company.
The latest revision comes as the RBI has moved its policy rate higher after a period of rate cuts. The central bank on Wednesday raised the repo rate from 5.25% to 5.50% and shifted its policy stance from neutral to calibrated tightening.