MUMBAI: Bajaj Finance has hiked interest rates on its fixed deposits by 25 basis points by introducing a 42-month deposit with an interest rate of 8.6% for the general public and 8.85% for senior citizens. The interest rate on the 42-month deposit compares favourably to the 8.35% offered on 44-month deposits.
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The 42-month scheme termed a ‘digital fixed deposit’ can be booked from the app, online, or through the assisted digital mode at branches.
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The rate increase comes in the wake of RBI asking finance companies to diversify their funding sources.
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