The customers who have FD in the bank have got a big gift of increasing interest rate. NBFC Bajaj Finance has increased the interest rate by 25 basis points.
The new interest rates have come into effect from December 22 on FDs with a tenure of 12 months to 24 months. According to the information available on the company’s website
, the new interest rate is applicable on FDs ranging from Rs 15,000 to Rs 5 crore.
For non-senior citizens, the interest rate on FD for 15 months is 7.20 percent, 7.25 percent for 18 months, 7.35 percent for 22 months, 7.30 percent for 30 months, 7.30 percent for 33 months, 7.60 percent for 39 months and Will be 7.70 percent for 44 months.
Rates of interest on different tenures
This is a cumulative interest rate, which means that the interest will be paid simultaneously on maturity. Apart from this, the interest rate on FD for 12-23 months is 7.05 percent, 7.50 percent for 24 months, 7.25 percent for 25-35 months and 7.50 percent for 36-60 months.
At the same time, senior citizens i.e. senior citizens above 60 years of age will get 7.45% on FD for 15 months, 7.50% for 18 months, 7.60% for 22 months, 7.55% for 30 months, 7.55% for 33 months, 7.85 percent interest is being given for 39 months and 7.95 percent for 44 months . Senior citizens will get 7.30 per cent interest on term deposits of 12-23 months, 7.75 per cent for 24 months, 7.50 per cent for 25-35 months and 7.75 per cent for 36-60 months.
Understand the calculation of interest on FD of 5 lakhs
If a senior citizen makes an FD of 5 lakh rupees for 44 months, then on completion of the fixed deposit period, he will get a total of 6.62 lakhs including interest. The share of interest in this will be Rs 1.62 lakh. While non-senior citizens will get a total of Rs 6.56 lakh on an FD of Rs 5 lakh in the same period. The amount of interest in this will be Rs 1.56 lakh.
Let us tell you that bank FD is a popular and safe option for investment in India. Every person wishes for a safe investment through bank fixed deposits. Due to continuous increase in interest rates by RBI in the last few months, banks and NBFCs have also increased the interest rate on savings schemes.
