Company is also offering an interest rate of 8.10 percent to its existing customer on cumulative FD for the same tenure.
Bajaj Finserv Fixed Deposit has received 'FAAA/Stable' rating by CRISIL and 'MAAA (Stable)' rating by ICRA indicate the highest degree of safety with regard to timely payment of interest and principal on the instrument.
The fixed deposit book size of the company stands at Rs. 6,458 crore as on December 31, 2017.
For a fixed deposit ranging from one to five years, senior citizens will get an additional interest of 0.35 percent and the existing customers of Bajaj Finance Ltd will get additional 0.25 percent.
Bajaj Finserv has further announced an exclusive renewal benefit for senior citizens and existing customer wherein investor will get additional 0.25 percent on the renewal of FDs.
An existing investor renewing the FD will earn an interest of 8.35 percent and senior citizen will earn an interest of 8.45 percent on the renewal of cumulative FD.
These interest rates are applicable for tenure of 60 months.
Senior citizen planning to invest in safe financial instrument can earn higher return for an amount as low as Rs. 25,000 through Bajaj Finserv fixed deposit.
Features and benefits of fixed deposit
A fixed deposit guarantees a fixed, pre-decided rate of interest on your investment, which is credited to your account at the end of the tenure.
Higher interest rates for senior citizens
Senior citizens can benefit greatly from investing their life savings in a fixed deposit, as they are eligible for an additional rate of interest.
Unlike high-risk investments that have to go through one or multiple rounds of approvals, you don't need anybody to sign off on a fixed deposit and you are free to make one when you like.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)