Senior citizens are getting up to 8.85% interest on FD, understand the calculation on deposit of ₹ 5 lakh

FD Rates 2024: Non-banking financial company (NBFC) Bajaj Finance Limited has announced an increase in interest rates on deposits (FD). The company has increased the interest rates for senior citizens on FDs of 25 to 35 months by 60 basis points and on FDs of 18-24 months by 40 basis points.

For regular customers, interest rates have increased by 45 basis points for FDs of 25 to 35 months tenure, 40 basis points for FDs of 18 and 22 months tenure, 35 basis points for FDs of 30 and 33 months tenure. An increase has been made. This presents an opportunity for regular savers to secure stable and better returns.

According to the company, in its deposit schemes, senior citizens can get interest up to 8.85% through digital booking for 42 months FD. Whereas regular customers are getting interest up to 8.60% on deposits of the same tenure. These interest rates are effective from April 3, 2024, on deposits up to Rs 5 crore. Let us tell you, Bajaj Finance Fixed Deposit Program has received the highest stable rating of AAA/Stable from CRISIL and AAA (Stable) from ICRA.

How much profit is there on deposit of Rs 5 lakh?

According to the NBFC's deposit scheme, if a regular customer deposits Rs 5 lakh for 42 months, he will get Rs 7,65,134 on maturity. That means Rs 2,65,134 will be earned from interest. The interest rate for regular customers is 8.60%.

At the same time, if a senior citizen deposits Rs 5 lakh for 42 months, then on maturity he will get Rs 7,74,551. That means Rs 2,74,551 will be earned from interest. The interest rate for regular customers is 8.85%.