Thursday, 6 April 2017

Bajaj Finance lowers cap for FDs, offers higher Returns

Bajaj Finance, the lending and investment arm of Bajaj Finserv, has lowered the minimum cap for fixed deposits to Rs 25,000 to attract retail investors, reported PTI. The company will offer an annual cumulative interest rate of 8.05 per cent for a tenor of 36-60 months on the reduced amount, Bajaj Finance said in a statement. 

Earlier, for depositors in the National Capital Region and Greater Mumbai, the minimum deposit amount was Rs 75,000 and for rest of India was Rs 50,000, it said. The new minimum cap of Rs 25,000 will be applicable across the country with immediate effect, it added. 

This will also address the saving needs of mass retail category that are looking for assured returns with a credible savings instrument, it said. This will also allow small depositors to generate higher returns through traditional savings product, it said.

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