The term deposits of this NBFC are rated AAA by Crisil, ICRA. Check the latest interest rates

Amid volatile market conditions due to macroeconomic uncertainties, investors needed an investment pool that was risk-free and could provide guaranteed returns. In the market risk scenario, fixed deposit systems have emerged as a sensible option as hikes in repo rates over the past three policies have prompted banks and NBFCs to raise their FD rates. That said, there is one NBFC in particular whose term deposits are rated “AAA/Stable” by major rating agencies like CRISIL and ICRA. This Bajaj Group-backed financial services provider offers FD rates as high as 7.75%, which is anti-inflation. At the same time, the company also offers a systematic deposit plan from 5,000, with the highest rate being 7.65%. Seniors earn extra interest rates on their FDs compared to others.

According to 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 terms such as 15 months, 18 months, 22 months, 33 months and 44 months. While seniors benefit from an additional tariff advantage of 0.25% on their DF.

There is a CRISIL ‘AAA’ and ICRA ‘AAA’ stability rating on the FD program. This is the highest security rating of the two agencies.

The company’s FD rates on some warrants are higher than the rate of inflation. India’s consumer price index rose to 6.71% in July from 7.01% in June. Inflation continues to stay above the RBI comfort zone of 6% for the seventh consecutive month.

The elderly:

For non-cumulative FDs, Bajaj Finance offers 6.65% per annum over 15 months tenure, while the rate is 6.75% and 6.90% per annum over 18 months and 22 months tenure.

A senior can earn a rate of 7.39% and 7.40% over 30 months and 33 months of occupancy. The highest rate is 7.75% offered over 44 months of seniority.

Non-senior citizens:

For a regular depositor, the bank offers an interest rate of 6.40% and 6.50% on FDs with respective maturities of 15 months and 18 months on an annual basis. The rate is 6.65% over 22 months, 7.05% over 30 months, 7.15% over 33 months and 7.50% over 44 months.

Systematic Deposit Plan (PDS):

SDP is quick and easy at Bajaj Finance. Any resident Indian citizen above the age of 18 can start investing in SDP.

For general category investors, Bajaj Finance offers a rate of 6.20% over 12-23 months, while an investor can earn 6.95% and 7.40% over 24-35 months and 36-60 months respectively.

For seniors, the NBFC gives a rate of 6.45% 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 rate of 6.40% per year is offered over 15 months, 6.50% over 18 months, 6.65% over 22 months, 7.05% over 30 months, 7.15% over 33 months and 7, 50% over 44 months.

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