Bajaj Finance Limited has increased the Interest Rates on their Fixed Deposit (FD) by up to 30 basis points for tenors between 24 to 30 months and revised its interest rate today.

Bajaj Finance Fixed Deposit has the highest stability ratings from ‘AAA/STABLE’ from CRISIL. Meanwhile, the Marginal Cost of Funds Based Lending Rates (MCLR) increased by 20 basis points across tenors. The one-year MCLR will be 8.70 basis points. 

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On September 30, 2022, the RBI raised its repo rate by 0.5 per cent; this is the cycle’s fourth straight repo rate increase. Kotak Mahindra Bank, Indian Bank, Canara Bank have already revised their FD interest rate. 

Many small banks have begun to offer FD rates of 7 per cent to regular residents and 7.5 per cent or higher to senior citizens.  Senior citizens receive returns from IndusInd Bank, and Bandhan Bank at least 7.5 per cent which is more than the highest rate offered to common citizens, which is 7 per cent.