Bajaj Finance, the biggest non-banking financial company (NBFC) accepting deposits, has cut deposit rates for the third time since the beginning of 2025. It has slashed deposit rates by 60 basis points, reduced the extra benefits for senior citizens to 35 basis points from 50 basis points and done away with the special tenures of 18-month and 33-month deposits.
A basis point is a hundredth of a percentage point.
“Deposit rates are going down in line with the monetary policy announcement, where the RBI (Reserve Bank of India) cut repo cuts by 50 basis points,” said Anup Bhaiya, managing director and CEO, Money Honey Financial Services.
While Bajaj Finance is the first to announce the rate cuts, other NBFCs too are expected to reduce rates in the coming days.
After the rate cut, investors can now earn a maximum of 6.95% on their fixed deposits for a 24-60 month period. For a 12-14 month deposit they earn 6.60% while for a 15-23 month deposit they earn 6.75%. This is 40 basis points more than a State Bank of India fixed deposit for three to five years that pays 6.55%.
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